i have an account with IB. is direct order routing for stocks like DIA, QQQ, SPY better than smart order routing ? and if so, what exchange has the best volume/prices/lowest slippage ? is it better to take limit order ? recently i had 30-40cent slippage on SPY with a market order over smart routing, bit too much. thanks for any shared experience. peter
I guess smart order routing doesn't do you favour when price is moving away from you very fast. It can find you better prices in slower markets. I have tried this before, and come to conclusion for better way is to Place you order 2-3 cent above ARCA bid or 2-3 cent below ARCA Ask Price. With some plateform this can be set (configured) in hot keys