They have developed an array of ground-breaking Orders, which must bestudied very carefully.  I have used some of these Orders during the chal-lenge and found them to be extremely valuable.  For this, I am taking thetime to  illustrate how these features work.
Discretionary Orders via the ARCA ECN
This new and powerful feature allows you place an order with a discretion-ary range (for example to BUY  1000 PIICM at a limit price of 70 9/16 witha discretionary price of 70  3/4).  Your order is  displayed  at your specifiedlimit price, not discretionary price. When a bid or offer appears at or withinyour discretionary price  range,  your order will  be  matched  in ARCA  orrouted to the NASDAQ Market Participant(s) at their quoted price using the
SmartBook logic (SmartBook proprietary software utilizes an exclusive pref-erencing  algorithm  to  find  the  best price  available  internally and/or  exter-nally by routing the order directly to the market participant(s) displaying thebest price and order execution/ratio based on % fill history, time and sizeshown). We think this powerful feature will help you with your trading,however, please keep in mind that a stock can trade ahead of you becauseyour discretionary price does not necessarily make you the best bid or offer
Stop Limit Orders via the ARCA ECN  '
Stop  Loss  Orders  via  the ARCA ECN
This type of order allows traders to protect themselves from market  fluctua-tions while maintaining the comfort that their order is safely stored on theARCA ECN. Unlike other trading firms which hold such orders "client"sided, these orders are held on a confidential  ECN server which activates theorder automatically, whether your MBTrader™ is online or not.
This new  feature will  allow a trader to place a  "trigger price"  which activatesa Limit order. For example, you buy  1,000 PHCM at 71  1/8 but want to cutyour losses and close the position if the price falls below 69 7/8. YOU are ac-tively trading many other stocks and don't have time to keep an eye onPHCM. You can enter a Stop Limit order to sell PHCM at 67 (or better) ifPHCM  trades  at or below  69  7/8.
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Conditional  Orders
Change Orders via the ARCA ECN
Imagine the commission savings you will receive by having the ability tochange your order's price or volume without incurring any additionalcharges. Unlike other providers, there are no 5 minute rules or share size lim-its to contend with... just right click on the live order and modify the price,volume or order type.  It couldn't be  easier!
Reserve  Orders  via  the  ARCA  ECN
This function will grow as you grow. Now you can place a programmed or-der and the MBTradcr™ will "work" it for you.  Imagine the possibilities oftelling your MBTradcr™ to buy a stock at its 50-day Moving Average pricelevel and sell it at its 200-day Moving Average price level when theNASDAQ crosses a particular point.  Not only will you get that type of flexi-bility, but imagine telling your MBTrader™ to buy 1000 PMCS at a particu-lar price when DELL crosses its 52-week high. You won't be encumbered bysetting conditional orders to activate just one stock.
As seen above, an order to buy PHCM at 70 9/16 should the Nasdaq go over4500.
This is one of my favorite new features.  What is a Reserve Order? It's thekind of order Market Makers use when  they show  only  100  shares,  but thenproceed to fill 50-  100-share blocks repeatedly (called  "auto-refreshing").  Areserve order allows you to place an order for a certain number of shares, butonly "show" a fraction of your actual size on Level II. Someone that tradeslarger sizes  may find this very useful.  It provides a terrific way to keep costsdown because you are only charged one commission  for up  to  10,000  shareson NASDAQ securities, and you have the benefit and advantage of hidingyour "true" order size. In the above example, I am about to enter an order tobuy  1,500 PHCM at 70 9/16 on ARCA showing only  100 shares.  That'svery powerful, because I get to hide my true intentions.
Once the challenge was officially over, I spoke with the owners of MB Trad-ing and told them how impressed I was by both their software and customerservice.  I thought that it would be great if we could add a CD Rom to thisbook, which will feature the trading platform I used for the challenge.  MBTrading has agreed to assume the cost of producing a CD ROM and provideit as an additional learning tool for the readers.  I want to take this opportu-nity and thank them for that.
Disclaimer:
Goldman Brown Business Media Inc. has agreed to attach the CD Rom tothe back cover of this book per Tony Oz's request.  We felt that it would bebeneficial for the reader to sec the actual platform Tony used for all his trad-ing in this book.  However, neither Goldman Brown Business Media Inc. orTony Oz are endorsing MB Trading products and services.  The CD Rom isprovided  for informational  purpose only and without warantee of any kind.Neither Tony Oz or Goldman Brown Business Media Inc. are owners or em-ployees of MB Trading.
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APPENDIX
Resources for the  Active Trader
www.stockjunkie. com
We have created www.stockjunkie.com for the active trader.  Our goal is tobe the leader in traders resources and education.  Feel free to visit usanytime.  Please join our e-mail list to receive our newsletter and updates.
www. briefing, com
www. daytradingstocks. com
www. best returns, com
www. hardrigh ledge, com
www. mbtrading. com
www.traderslibrary.com
www.cnbc.com
www. nasdaqtrader. com
www.nasdaq.com
www.cnnfn.com
www. thestreet. com
www.tradingmarkets.com
quote.yahoo.com
www. bigeasyin vestor. com
www. traderspress. com
vtnvw.  onlinetradingexpo.  com
www. daytradersitsa. com
www. marketma vens. com
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GLOSSARY
Accumulation:  The first phase in a bull market when investors buy sharesfrom  other  investors who are uncertain about the stock market.  Volume  isincreasing slightly during rallies.
Advance/Decline:  Each day's total number of declining stocks is subtractedfrom advancing stocks.  The Ratio is added to the last number if positive andsubtracted  if negative.
After-Hours Trading:  Trading activity in a stock after the market closed.
Arbitrage Activity:  Traders  who  try to profit  from buying  and selling  tworelated securities, at the same time.
Ascending Triangle:  A bullish continuation pattern in an uptrending stock.Drawing a line over the price tops and a line under the bottoms creates aright-angle triangle, where the slope is rising (from left to right.)  Successfulpenetration of the horizontal line (over the tops) can indicate a continuationof the trend and generates a buy signal.
Ask:  The lowest price sellers are willing to sell a stock.
Average Daily Volume:  The number of shares  traded  over a period of days,then divided by that same period.
Back Testing:  Using historical data to test a strategy.
Basket Trades:  Trading  a number of different stocks  at the  same  time,  usu-ally all  from  the  same  sector,  or having  similar  characteristics.
Basing  Pattern:  A stock that is  trading  in  a  relatively narrow  range over aperiod  of time.
Bear:  An investor who believes  the market or a stock will  go  down.
Bear Market:  A period  of time  in  which  stock prices  decline  20%  or morefrom  the  top.
Beta:  A measurement of the sensitivity a stock has to the movement of thebroader market.  High beta stocks rise more in price or decline more in price
in direct relationship to the broader market.  Low beta stocks do not rise ordecline as much as  the  broader market does.  Negative beta stocks move  ininverse relationship  to the broader market.  They can decline when the mar-ket goes  up  or rise  when  the broader market goes down.
Bid:  The highest price buyers are willing to pay for a stock.
Block Trade:  A transaction reflecting a large quantity of stock, normally10,000 shares or more,  bought or sold as one unit.
Bottom:  The lowest trading price a stock traded at, over a period of time.
Breadth:  The difference between advancing issues and declining issues inthe market.  If there are more advancing issues then breadth is positive, ifthere are more declining issues then breadth is negative.
Breakout:  When  a stock successfully penetrates through support or resis-tance, or any technical pattern.
Bull:  An investor who believes the market or a slock will go up.
existing trend such as ascending and descending triangles.
Consolidation:  A period of time in which a stock is changing hands with noreal direction.  Normally, it is indecision time between bulls and bears.
Correction:  A reversal price movement from the ongoing trend which  isnot significant enough to reverse the over all trend.  Corrections are alsocalled a pullback in bull markets or rallies in bear markets.
Daily Range:  Difference between the high and  low prices during one day oftrading.
Day Order:  A trade order to buy or sell a security during the market hoursin a trading day.
Depth:  The number of shares on the bid or ask that can be purchased or soldwithout dramatically changing the price of a security.
Declining Trcndlinc:  A trcndline drawn over the top prices a securitytraded in and is sloping downward.
Bull/Bear Ratio:  Published by Investor's  Intelligence, shows the ratio be-tween  those  investment advisors who  feel  positive or negative about the mar-ket. We look for extremes at one end or the other as a contrary indicator.
Declining Trading Channel:  A stock that trades in a pattern  in whichdrawing straight lines under the bottoms and over the  tops  result two down-ward-sloping parallel lines.
Bull market:  A period of time in which stock prices rise 20% or more fromthe  bottom.
Channel Pattern:  A stock that trades in a pattern in which drawing straightlines under the bottoms and over the tops result two parallel lines.
Chart:  The display of price data over a period of time  in a chart format.Price is on the Y axis and time  is on the X axis.
Confirmation:  When a technical indicator agrees with a certain price move-ment.
Confirmation of Trend:  Using multiple indicators and/or indexes to verifya trend or change in trend.
Congestion:  Consecutive periods with no real progress  in price.
Continuation Pattern:  A technical pattern that suggest a continuation of an
Descending Triangle:  A bearish continuation pattern in a downtrendingstock.  Drawing a line over the price tops and a line under the bottoms cre-ates a right-angle triangle, where the slope is declining (from left to right.)Successful penetration of the horizontal line (under the bottoms) can indicatea continuation of the trend and generates a sell signal.
Distribution  Phase:  This  takes place near market tops, or at the end of abull  market,  when  lucky  investors  sell  their shares  to  bag-holding  investors.In this phase,  rallies normally occur on lower volume.
Divergence:  When a technical indicator disagrees with a certain pricemovement.
Dividend:  Distribution of profits by a corporation to  its  stockholders.
Dollar  Cost Averaging:  A popular investment approach  which consists  ofinvesting the same amount of money at regular time intervals.
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Double Bottom:  A reversal technical pattern where one bottom is formedon high volume followed by a rally.  The stock then declines in price to testthe bottom and forms a second bottom, normally on lower volume than thefirst  bottom.  If the second bottom holds successfully, followed by a rallythat  rises  over the  tops of the rally  from  the  first  bottom,  a reversal  is  takingplace.  This generates a buy signal.
Double Top:  A reversal technical pattern where one top is formed on highvolume followed by a correction.  The stock then rallies to test the high andforms a second top, normally, on lower volume than the first top.  If the sec-ond top is not penetrated successfully followed by another correction inwhich price declines lower than the lows of the correction from the first top,a reversal is taking place and a sell signal is generated.
Dow Jones  Industrial Average:  A price weighted average of 30  industrialstocks.
DovVntick:  On NYSE, a trade taking place at a lower price than the previoustrade.  On NASDAQ, a lowering in price of the best bid.
Drawdown:  Reduction in account equity as a result of losing trades, usuallyreferred to in the context of trading a system or methodology. Even follow-ing your mlcs  may result  in drawdown at times,  with  the expectation  thatover time, your rules will produce more winners than losers.
Earnings  per  Share  (EPS):  Net company  income  divided by  outstandingshares.
Earning Surprise:  When analysts expect one number and a company re-leases a different number. The surprise could be higher than expected orlower,  each having potential affect on  the stock price.
ECN:  Electronic Communications Network.  It matches orders from buyersand sellers together, and executes them against each other, at lightningspeed. This order execution vehicle  is available to subscribers of the ECNonly,  or via  SelectNet preference  orders.  Examples  are:  INCA,  ISLD,REDI,  BTRD,  ARCA,  ATTN,  STRK,  NTRD,  and  BRUT.
Ex-Dividend:  The  day the dividend  is  subtracted  from  the price  of a stock,it is now trading without its dividend.
Exponential Moving Average (EMA):  Calculated by applying a percent-age of today's closing price to yesterday's moving average, placing more
weight on recent prices than  older prices.
Fading:  Selling as the market is rising or buying as the market is selling.
Fill:  An order that gets executed and placed into your account.
Float:  Number of shares available for trading.  A company can have  10 mil-lion shares outstanding and only 1 million float.
Fundamental  Analysis:  Analyzing a company's performance  based  on  fi-nancial data related to sales, earnings, growth potential, balance sheet, man-agement, new products, R&D etc.
Gap Open:  The difference between a closing price and the next trading ses-sion's opening price.  The gap is the price range in which no shares weretraded during market hours.  A gap up occurs when the opening price ishigher than previous day's closing price.  A gap down occurs when the open-ing price  is  lower than previous  day's closing  price.
Horizontal Trading Channel:  A stock that trades in a pattern in whichdrawing straight lines under the bottoms and over the tops result in two hori-zontal parallel lines.
Index:  Average! price of a group of stocks used to study the overall  market,industry,  sector,  etc.  Famous  indexes are  the  Dow 30,  S&P  500,  NASDAQComposite, Dow Transport,  Dow Utility.
Inside Market:  The highest bid and lowest offer make the  inside market.
Insider:  Someone with at  least  10% ownership  in a company,  an officer,  ora director.
Insider  Trading:  1.  Company  officers buying  and  selling  stock for  theirown portfolios. 2. Investors buying and selling a company's stock based onknowledge the general public does not have, which is illegal.
Instinct:  An ECN that allows subscribers to display quotes and trade dur-ing,  before,  and  after market hours.
Institutional Ownership:  Shares owned in bulk by mutual funds, banks,40IK,  etc.
ISLD  (Island):  An  ECN  that  allows  subscribers  to display quotes  and  tradeduring, before and after market hours.
Oversold:  A  stock that has been  declining  in price and  is considered under-valued  at this point  of time.
Limit Order:  An order to  buy or sell  a stock at a specific price.
Margin:  Extended credit granted by a broker to an investor which is gov-erned  by  the NASD.
Market Maker:  A participating firm publishing a quote for a NASDAQ se-curity.  Market Makers are required to honor their quote should they receivean order to buy or sell at their published quote price.  Market Makers areonly required to honor orders up to the size they are quoting.  The size can beseen on a level 11 quote screen.
Market Order:  An  order to buy or sell a stock at the current market price.
Market Timing:  Using various analysis methods for attempting to deter-mine changes  in  market direction,  in advance of when they actually happen.
Market Value:  Determined by multiplying the stock price by shares out-standing.
Money Flow:  Technical Analysis indicator that tracks the money flowing inand out of a stock. Multiply volume by the averaged price.
NASD:  National Association of Securities Dealers which is responsible forthe operations and regulations of the NASDAQ.
Noise:  Price movements that jerk up and down contrary to the trend, provid-ing temporarily false direction, and often causing doubt or confusion in thetrader's  mind.
Odd Lot:  A transaction of less than  100 shares.
Open  Order:  An order to buy or sell a security which remains open until itis filled or cancelled by the customer.
Order Flow:  Orders  sent by brokers  to  Market Makers  to  buy or sell a secu-rity.
Overbought:  A slock  that has been rising in price and is considered over-valued at this point of time.
Panic Selling:  A situation where sellers are in abundance, rushing to selltheir stocks, causing sharp decline in stock prices.
PE  Ratio:  Price-to-earnings  ratio  is  calculated  by dividing  the  price  of astock by its  annual  earnings per share.  It is  normally calculated based  onearnings from the latest fiscal year.  However,  earnings estimates  for the nextfiscal year can be plotted into the formula as well, often referred to as  for-ward  PE  ratio.
Penetration:  The  point at which  a stock  price  penetrates  through  support,resistance or technical pattern lines.
Program  Trading:  Computerized  trading  decision  based  on  a  particularformula sent to the market electronically.
Range:  The difference between the high price and the low price for thestudied period of time.
Resistance:  A price level which a stock has difficulty rising over due to theforces  of supply and  demand.
Reversal Pattern:  A  technical pattern suggesting that the existing trend  ischanging.  Examples:  Head and Shoulders,  Reverse Head and Shoulders,Double  Bottom,  Double Top, Triple  Bottom,  Triple Top,  Rounding Bottoms,Rounding Tops, Falling Wedges  in downtrending stocks, Rising Wedges  inuptrending  stocks,  etc.
Rising  Trading  Channel:  A  stock  that  trades  in  a  pattern  in  which  drawingstraight lines under the bottoms and over the tops result two upward-slopingparallel lines.
Rounding Bottom:  If you draw a line under the lows it will  form a concaveshape similar to a saucer.  It is important for the volume bars to form a simi-lar pattern as volume declined as  the stock moved lower,  to the lowest point,and started rising as the stock price move higher from its  lowest point.
Rounding Top:  If you draw a  line over the  tops  it will  form a convex  shapepattern similar to a pitcher mound.  It is important for the volume bars toform a concave pattern as volume declined as the stock moved higher,  to  thehighest point, and started rising as the stock price decline from its highest
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point.
SEC:  Security and  Exchange Commission.  It  is  a governing agency whichdeals with protecting the public (as much as they can) from fraud and stockmanipulation.
Section (area)  Pattern:  A time period in which a stock forms a technicalpattern such as continuation or reversal patterns, triangles, wedges, roundtop,  etc.
ScIcctNct:  This is an automated service which  is employed by NASDAQexclusively.  It allows traders to route orders to market makers in which theycan negotiate terms and prices and execute trades electronically.  It elimi-nates all human contact from the trade, which is different from NYSE tradesrouting.
Sentiment: The emotional and psychological attitudes of analysts, investors,and traders toward the market, whether bullish or bearish.
Short Sale:  Selling a stock which is not owned.  This is done with anticipa-tion that the stock price is to decline in the future at which time an investorcan buy the stock back cheaper and profit  from it.  It is  done by borrowingthe stock from a broker (if he has it) and selling it.  This opens a short posi-tion.  To close the position, a purchase of a stock takes place and the stock isreturned to the lending broker.  A profit or a loss will be the difference be-tween the sale price and the purchase price.  You may only short sell a stockon an uptick.
Short Interest:  The total  number of shares  that will have to be bought toclose all short positions in a stock.  It is the total number of shares reflectingshort open positions by investors.
Specialist:  An exchange market member who deals in one or more stocks inwhich all trades pass through him.
Spread:  The difference between  the bid and  the ask.
sideways  movement,  followed  by  an  upswing  followed  by  sideways  move-ment and so on.  In a downtrending stock, it presents itself by a downswingfollowed by sideways movement followed by downswing followed by side-ways  movement and so on.
Stock Split:  A company which increases the number of shares outstandingby  issuing more stock.  It is  also  looked at as  a slock dividend,  where  shareholders will receive additional shares without changing the existing owner-ship ratios of the company.  A 2-for-l  Stock Split, means  that each share-holder will receive an  additional share of stock  for each share he owns now.The  price  of the  stock will be adjusted  accordingly.  If John had  100  sharesof XYZ Corp at $10 a share the day of the split,  after the market closes, hewill receive an additional  100 shares and the price of the stock will be ad-justed to $5  a share.  100 X  10 =  1,000 = 200 X 5.  There  is no monetarygain.
Stop  Orders:  These are orders that have  an activation price which  is out ofthe current  inside  market.  They arc  most oflcn  used  lo  limit losses.  StopBuy is an order is to buy a stock once it reached a certain price which isabove the current market price.  Stop  Sell  is an order to sell a stock once itreached a certain price which is below the current market price.
Support:  A price level in which quantity demanded is greater than quantitysupplied,  preventing  the  stock  from  going  lower.  This  can  change,  but untilit does, this price level will be considered support.
Symmetrical Triangle:  A period  of sideways  congestion  where  the  latesttops fail to reach previous tops and latest bottoms  fail to reach previous bot-toms, causing the range to narrow down.  Eventually a breakout should oc-cur.
Technical  Analysis  (TA):  Analysis  of stock prices  over a period  of time.
Technical  Indicators  (Studies):  These  are derived by applying  mathemati-cal  formulas  to  historical  price  and  volume data.  Examples  include:  MovingAverages,  RSI,  etc.
SOES:  Small Order Execution System.  It is an automated order executionsystem  of up  to  1,000  shares  of stock offered  by  the  NASDAQ  stock  market.It was implemented after the  1987 crash.
Time and Sales:  A transaction print report in which the time, the number ofshares, and price are printed within 90 seconds of the actual  time the tradetook  place.
Stair Stepping Pattern:  A  pattern which  is  similar to a stairway in appear-ance.  In an uptrending stock, it presents itself as an upswing followed by
Top:  The highest trading price a stock traded at, over a period of time.
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Trend:  The general direction a stock is moving in over a certain period oftime.
Trendline:  A straight line drawn over the tops or under the bottoms whichillustrates the general trend for that period of time.
Trading Range:  When a stock moves up and down within an area betweentwo price levels.
Uptick:  On NYSE, a trade taking place at a higher price than the previoustrade.  On NASDAQ, a rise in price of the best bid.
Volatility:  A measurement of price  fluctuation  for a stock.  When stocksmove sharply they are more volatile.
Volume:  The total number of shares traded over a period of time.
Whipsaw:  Buying and/or Selling a stock at the wrong time.  The closing ofa relatively new stock position due to price fluctuation at a loss, only towatch the stock move in the anticipated direction shortly after.
Recommended  Reading
Stock  Trading  Wizard,  Tony  Oz
In his book, Stock Trading Wizard, Tony Oz discloses his short-term tradingstrategies in a simple yet comprehensive manner. The book goes straight tothe point covering all the essential elements for short-term trading. It was de-signed by the author for everyone who is serious about trading stocks for aliving. Among other things, the book covers Technical Analysis, Level IIQuotes, Advanced Order Execution Systems, Market Psychology, Trader'sPsychology,  Secrets  to  Successful  Trading,  Money Management,  StockScreening Formulas, and much more. The author did not save on paper andincluded numerous charts and tables in his attempt to paint a clear stock trad-ing system.
Reminiscences  of a  Stock  Operator,  Edwin  Lcfcvrc
There is one problem with this book, and that is that you will never under-stand that all the secrets to making BIG money, in good and bad times, areright  in front of you - not before you trade for many years and read it overand over again. As the years go by, my respect for the story and its lessonscontinues  to grow with each  new reading.  I think it is  a must for stock trad-ers and especially for ones who have been actively trading for more than ayear.
More Books on Trading:
Market  Wizards :  Interviews  With  Top  Traders, Jack Schwager.The  New Market  Wizards,  Jack  Schwager.Technical Analysis  of the Financial  Markets,  John  Murphy.Technical Analysis  of Stock  Trends,  Edwards  and  Magee.Electronic Day  Trading Made Easy,  Misha  Sarkovich,  Ph.D.A  Beginner's  Guide  To Day  Trading Online, Toni  Turner.Trading  for  a  Living,  Dr.  Alexander  Elder.The Strategic Electronic Day  Trader,  Robert  Deel.
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Seminars and Workshops
Tony Oz's  short-term trading workshops are  designed with one goal  inmind - to give you the tools and knowledge to build a successful stocktrading system.  These workshops are designed for everyone who has  thepassion and desire to  learn how to become a more successful stock trader.Tony will show you how to put all the pieces of the puzzle together anddevelop a winning trading system.
Workshops  Outline
1. High Probability Patterns for Short-Term Trading.2. Spotting Opportunities in Nasdaq Level II Quotes.3. Advanced Order Execution.
4. How to Write and Execute a Trading Plan Successfully.5.  Where and  How to Find Stocks to Trade.6.  Trading Fast Moving Stocks and  IPOs  Successfully.7.  The  "Do's  and Don'ts"  of Trading After  the  Bell.
8.  Psychology, Discipline, and Money Management.9.  Utilizing a FREE scan program to find potential trades.
As  a bonus, students  will  get to  see the  most recent trades Tony Oz has exe-cuted. These trades will be featured in vivid details, including what promptedthe trade, the strategy, the execution, and the final result. This is a great wayto learn from the experience of a highly-regarded trader.  In addition, stu-dents will get to join Tony Oz and participate as he picks stocks and plansout trades  for the following week.  This  interactive session shows  the  studentsexactly what Tony Oz  does  everyday without keeping  any  secrets!
At the end of the workshop, students should  get a firm understanding of whatit takes to make it in this business.  By spending time with Tony Oz, studentswill be able to understand how a professional trader thinks, and more impor-tantly, profits from the opportunities in the stock market.
More information atwww.stockjunkie.  com/seminar.htm
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