His problem wasn't the market order that got filled a measly 0.20 ($20.00) higher than what he anticipated. His problem was USO didn't move in his direction AND he was trading too many contracts.
No. His boss assumed that either he was trading against the firm account or was dumb enough to trade a mkt order on 8000 flies. The fill was instant and partial traded 0.40 over NBBO.
very good point..... If your timing was so spot on that paying market orders made sense all the time then you dont really have much to worry about. Sometimes you will scare prices a little if you have serious size, but if you know the market, often it provides the MM a teaser and something to lean on and spread against. Even if you are small, some finesse is often a money saver. As most of us are probably generally too early into an idea limit orders are often ideal, and as drownpruf says - if you have a size order and no finesse - what are you being paid more than minimum wage for! Not so relevant to the original poster, but interesting non the less.
Autoshares provides custom spread trading, two legged, three legged, four legged. etc. The platform is Sterling Trader and can be found here: https://www.autoshares.com/options-trading-platforms Complex Options Order Entry Video: http://www.sterlingtrader.com/support/complex_options_video.html The rates are pretty high $6.95 +.75 cents a contract, but they'll negotiate for $1.50 per contract(no minimum) if you do over 250 contracts per month. Its a great platform for trading options. AutoShares is a good broker.
No offense, but that's a DMA broker platform for shares. The functionality for options isn't good and the comms suck.
Have you used Sterlings Complex Options Order Entry, I am not referring to the DMA platform...part of the platform commissions:....>TOS is TOO high, 12.95 minimum.
I've wondered the same thing.. actually calling TOS and quizzing them on their knowledge of PM and Live money. They call say that if there's volume and liquidity.. there shouldn't be "any" (operative word) problem.