Just a quick question here: Bid: 1.1710 x 20,000,000 Ask: 1.1712 x 20,000,000 I place a bid to buy 25K at 1.1711 I see three scenarios: Bid moves to 1.1711. My bid is added to previous bid to make 20,025,000. Offer moves to 1.1711. My bid is executed and I now own 25K euros Someone else on IDEALPRO, either another retail trader or MM places a market order to sell or limit sell at that price. My trade goes through, even though the spread remains 1.1710 x 1.1712. Is this correct?
The displayed bid/ask changes to: 25,000 x 1.1711 / 12 x 20,000,000 You may or may not get a fill @11 at that time, depending on whether or not someone hits your bid. If you don't get filled and the market moves up a pip, the new bid/ask becomes, e.g., 20,025,000 x 1.1711 / 13 x 20M If, instead, you don't get filled and the market moves down a pip to, e.g., 20M x 1.1709 / 11 x 20M, then, yes, you get filled @11.
OK, thanks. So, in a way the difference between IB MM's and say Oanda is kind of illusory. There still has to be enough volume for someone to hit my order. Other wise, I have to wait for the offer to move to my bid, just like Oanda.