I think you may be right (in fact, I'm hoping you're right), but it's still not clear to me how I could have made more money. Maybe you can identify what I'm overlooking.


On Brown I was in fact simultaneously bidding and offering as tight as I could (i.e., on 32nds) outside the ECN quotes. I was making free money, but only when Brown matched one of my limit orders internally with a market order. My gross was 1/32nd (or better, occasionally) on a round trip, less 0.4 cents commission, so 2.725 cents per round trip.


You're saying that instead of this, I should have been bidding and offering a penny outside Island. Is this different from what I was doing?


As it turns out, it's possible that I did milk the situation for a good chunk of its potential. One cent profit on 300,000 shares is $3000 and I made more than this before the situation ended.


But if there's a way to do better than this, I am all ears!