hajimow, I don't understand what the point of your posts are. It seems you are attempting to explain to me what a bid whacker is. I know what one is. The point of this thread is that I find it difficult to not be a bid whacker as I hardly ever get all my shares filled if I attempt to sell above the bid. There's a lot of negative things said about bid whackers as I mentioned (even on a t-shirt) and I was wondering if any here felt the same way and if so, how they manage to get filled above the bid consistently enough where if it doesn't work out, they don't have to place another order and pay commissions again And it's Scraff.
Look, there are bushwhackers out there whacking price all the time. When the bid gets whacked by the bushwhackers, the ask usually reacts accordingly which in turn drives the price in the other direction - but only for a very short moment and sometimes in favor of bushwhackers. Hope that clarifies things LMAO
omg guys. don't take liquidity when selling. it's unamerican. you're only allowed to sell when stocks go up. that's why this country is in shambles. dow to 100000
Scraff, It seems to me that your post is an attempt to express frustration with your fill rate. You feel that your attempts to sell your shares above the bid are perhaps a little more unsuccessful than they should be if things were "fair", and on top of it these annoying "bid whackers" step in front of you. If this is indeed the meaning of your post than my personal experience backs up your observations. What you describe is the consequence of adverse selection against your limit order to sell your shares. It is more likely that if your limit to sell is filled price moves higher than lower. The degree of adverse selection is a function of the "toxicity" of the order flow that hits the particular market place where your limit order sits. The order flow (the sequence of market and marketable limit orders) that hit a particular market place can be freindly or toxic. A friendly order flow is one where market orders are small in size and alternate between buy and sells. A "toxic" orderflow is one that is predominantly unidirectional. The truth is that the order flow that hits the places where one can post a limit (INET, BATS, EDGA, ARCA, Specialist book, etc.) is toxic. Why is it toxic? It is toxic becaust the broker dealers can skim off the good stuff. It is called internalization of order flow. They can do this because they do not have to respect time priority. A broker dealer can take the other side of their clients market orders before these orders hit any public marketplace, by simply matching the NBBO and reporting the trade on some trade reportin facility. There is no respect for the poor sap that advertsed the intention to trade with a public limit order. What this does is it makes next to impossible for the average Joe to capture the bid ask spread by posting limits on ECNs.