thommo77

Now I'm confused.

So I've looked it up. Surprisingly, This this isn't in book 2 which makes a change. I reckon that if they put GIPs in book 1, you could pass with just books 1&2.

Anyway

Liquidity at any cost approach:
Trader believes big 'institutional-size' block orders are the only way to trade. Hence big market impact cost, and everybody goes - look at the size of that trade - I bet he has some information. You know what those information traders are like. Overwhelms market liquidity, hence might have to go to a broker, and gve the game away in the process.

Costs are not important approach:
'Normal' at market orders*. Smaller trades is what this is best for. 'No brianer' typical normal trades for a dealer/broker. Trade costs not even considered.
* To asset a bit of discretion you can use limit orders.