IB - buy and immediately sell stocks - best way to do it?

What is the best way to buy a stock and sell it immediately with minimum costs and some control over the price? I would like to pay only $0.01 for BID/ASK spread + IB comission.

I made a few rules:
1. Stocks with high liquidity (volume > 1 MIO)
2. Stock price > $50
3. Buy
4. Sell

Since prices constantly change, should I use Snap to Mid order? Market order? Limit order?

 

Odd that making money on the trade is not your priority vs lowering costs.

 

Ditto. If transaction costs are a major component of your profit objective, you're "fishin' in a dry hole".

 

Tax reasons. I'm not from USA.

 

I think what you want is to create a bracket order in BookTrader, with your limit bid set +1¢ above the BID, and your limit ask set -1¢ below the ASK.

For your brackets, you can set your profit-taker 0.005% (half-a-percent) away, and for your stop loss 0.0025% (quarter-percent) away. Set the BookTrader settings such that when you click on an established trade/price, you move-or-cancel the order. (That way, you have exits in place as soon as you're hit, but you can move them if your mouse is faster than the market -- a handy thing in really fast markets.)

So, *is*that* what you're asking?

 

• If the order has to be filled use Market order.
• Otherwise use Limit order.

 

I'd be cautious. I've heard jail food has deteriorated down to bologna with yellow mustard on white bread and koolaid.

 

What are you doing converting currency?