Hi, I'm a successful 17 year veteran of long term trading although as an avocation, and now that I sold my consulting business and retired, I've been learning the intraday game. Slippage has almost nil affect in long term trading, so I never cared about it. However in Intraday it is significant. What are the opinions on which directed route's are optimal for NYSE and NASDAQ intraday trades. After reading the forum, I tried using IEX, but I didn't see the better fills that others claim. In fact what I experienced were many misses on stop/limit orders especially in the first couple minutes of the open (even with significant allowed limit slippage). While running a parallel order as "Intelligent", it would fill while IEX missed. I use TradeStation (would love to use IB if they offered multiple stops via automation, but they don't). In Tradestation, I've been finding the best fills with "Intelligent" route. However, in my research, the theory is that retail brokers fill such orders themselves, thus taking the opposite position, thus perverting the the true supply/demand flow of the market. So, I guess I have 2 questions: 1. For other Tradestation users, do they think Tradestation is doing this for "Intelligent" routed orders? 2. As the subject line states, what do folks think the best routes are for each exchange (NASDAQ and NYSE). Since I am exploring different trading strategies for each exchange, I can program in the different routes for either. Thx, Bob
I would like to know this -- even though the IB interface is incredibly inconvenient for directing non-smart orders . I have been overall pleased with their "smart" routing on liquid securities. Often I think they direct a limit order to an ecn, but they might first flash it to a dark pool. Who knows. Brokers don't take the opposite side of your trades in equities, but I think they can match your trade internally, and many will route to dark pools (which by law must have a price improvement, but this ignores rebates and the information gain that a dark pool gets from seeing retail bids and asks ). I personally believe non-directed retail orders should be more protected by the SEC. Markets would benefit from everyone directing their orders.
I also would like know this. but I think arca(routed) and nsdqscan may be the useful destination (ecn) now.