Getting fills - how big is too big?

Discussion in 'Trading' started by toad57, Mar 26, 2002.

  1. toad57


    Been doing a lot of educating myself on day trading... have only done a modest amount of trading of 100-share lots just to 'get my feet wet'.

    Now here's a question:

    I can easily see 100, 200 and 300 share orders being filled completely, but what happens if I am going to do 1000... 2000... 3000 shares? Will a 3000 share order get filled in total or will I have to suffer through many partial fills? What quantity is a 'safe' number to always get a complete fill?

    I realize this question has many facets... depends on the stock, the ECN, market momentum at the moment of the order, etc.

  2. what it really depends on is how many buyers there are on the other side willing to pay your price.if its a csco you could fill 10k shares easily.but if its some low volume pos it could be hard to sell even 1000 shares without moving the market.
  3. metal1


    you answered your own question. and the more you trade a stock the more you'll see how the specialist handles each order(NY AND AMEX) for nasdaq stuff big liquid stocks would be your best bets for getting fills on larger orders
  4. Seanote

    Seanote Guest

    On a 1,000 share order exepect on average 2-4 partial fills even if your trading a highly liquid Naz stock.
  5. nitro


    Are you talking about listed or nasdaq? FWIW, I trade very large cap listed. When I was trading 100 lots as you are, I had often had a hard time getting filled when the stock was moving than getting filled now on a 500 or 1000 lot.

    A friend, who trades NASDAQ, also has pointed out to me that he often got the fills on a fast moving stock (forget about even getting filled on the offer when going long) by using large size (5000 shares+.) He told me repeatedly that MM give preference to large size (disclaimer, this was in the "Internet" craze days.)

    IMHO, trading a fast stock, with large capitalization, is _EASIER_ witht large size.

  6. Seanote

    Seanote Guest

    MMs can not give preference to large share sizes. It is a first come first serve basis until the MM is SOESed out and refeshes with more shares at a new or current price. Select Net was used more by MMs as a preference discretionary order. Since Super Soes has been active SNET has fallen to the side unless you want to execute an order with a MM that exceeds his display share size by 100 shares or more. I avoid SNET as much as I can since you can't canel the order for 10 seconds.
  7. toad57



    Thanks for the replies!
  8. sabena


    Why not move directly to the E-mini's. Fills are always
    quick even for 200 lot orders and you can short without
    an uptick.
    No need to watch 10000 different stocks, put all your
    concentration on the S&P, Nasadq, Dow Jones.
    No crooked market makers here.

    Just use tighter stops because of the leverage.

    Nothing but advantages, you are invited with this....
  9. toad57


    We're talking 10M or more daily volume on the NASDAQ... I won't even think of trading it unless it has at least 2M daily volume.