IB's BEST market orders

I'm new to IB. I was kind of surprised today with the fills I received using "BEST" market orders. I've heard they were suppose to be very good but I think I'll stick with limit orders from now on.

Does anyone else feel this way, or is slippage ok with most IB Best, market order users. I've never really used market orders b4, but did on recommendations. Thanks

 

I have been trading with IB for two years and have never once used a market order. IB's "Best Execution" limit orders have worked great for me. I use the individual ECNs for before or after hours trading.

Catoosa

 

From what I have seen, IB's "Best Execution" afterhours trades
always go to the Island. At least they do for me...

 

How much slippage did you get? What stock was it? What time
of day? I always use limit orders so don't know how much
slippage would be normal for an IB Best execution market order.
But it would be interesting to know how much slippage you had.

 

I felt that fills were poor today as well, but thought it may be my connection, it's interesting to see you felt they were poor as well.

On the whole though I find fills to be pretty good using Best

 

I wonder if it might depend on the listing of your stock. I tried a market order on a NAZ issue and the fill seemed to be within reason and definetly fast. On two market orders on the NYSE, the slippage was ridiculous. The orders were just held and I was watching prints like a hawk at the time. Reminded me of when Ali used to teasingly place one upturned glove under the guy's chin and then knock his head off with the other. This was on Friday.

Geo.

 

I use market orders all the time with Best, and it works for me.
I usually get filled at the price I wanted, sometimes one level below.
The only time where the slippage might be significant is sometimes for shorts, which is understandable, when the stock is tanking.

 

Forgot to mention that I trade Nasdaq stocks only, so I don't know about NYSE market orders.

 

One more thing, may be you would be interested to know:
I did some research last year about slippage that I received with Best:
from 10/1/01 to 12/31/01 I did around 150 trades trading Nasdaq stocks (cien, jnpr, sanm, ebay, emlx, pmcs, ctxs, extr), and my avg. slippage + commissions was 0.1% of the $ amount invested ($20,000 - $30,000) per round trip

 

If you routed a market order to NYSE and it was held that was all because of the specialist. Once a NYSE market order goes green, it means its already in the specialist queue for execution. There was probably alot of orders ahead of you.