I trade emini futures usually so I have a question for IB stock traders. From 9:30 - 11:00 am which method is better for decent quick fills "close" to the inside bid/ask ..... for daytrading nasdaq stocks with daily volumes 1- 10 million shares per day ....... i want to buy sell 1000- 3000 shares... is it better to use island ecn or use the IB SMART order routing??? replies from people with experience with both ways are grreatly appreciated. thanks
I would not be comfortable using any "smart routing" function from anyone, especially for otc. It will work fine until you need to get somthing thats moving away. Ive tried them all and when shits moving fast, they simply cant keep up
OVER THE LINE....thanks for the quick reply but here is my question now.. when i last used island two years i was not so well financed as now. before i never bought more than 500 shares at a time . NOW will i have problem with partial fills on island if i want 3000 shares at a time ??? and if not island how should i route the order??? thanks
larry... I have been told by two very respectable members here, nitro and Vikahna (sp) that IB Smart is very fast for NYSE stocks thx to their relationship with Timber(hill). As it turns out I think both these guys trade NYSE almost exclusively. I'm not sure though. I do. Maybe search them and send them a PM. They are both very stand-up sources. Btw, as a result I have moved my account to IB this week.
smart routing is different for nyse, but for otc, forget about it.. Your dilemma is a common one in otc, its not easy to grab 3000 of many otc stocks at any time, especially if it is moving away. I mostly trade nyse, but will use arca, inca and isld along with supersoes on a delta basis, all set with hotkeys. All im saying is to be weary of smart routing in otc, because you will get burned.. your stock will be 90 by 92 and youll hit buy 3000 smart as the offer opens to 05...guess where you will get them? good luck, OTL
makes a market in many big volume otc stocks these days ... just like listed maybe you could try some smaller orders as a test ( 100 shares )?
thanks for all the excellent replies. NOW I remember why I switched over to the eminis even though I was able to make money trading stocks. ..... the whole execution dilemna always seemed to be such a big question mark all the time. UN fortuneately having more money hasnt seemed to solve it a bit!