Order Fill Question?

Discussion in 'Retail Brokers' started by dumbgai, Mar 12, 2008.

  1. dumbgai


    Anyone else getting horribly bad fills at the open, when buying/shorting on IB? If I buy , I will get the filled at the high of the 1 min bar from 6:30 to 6:31, and if I short, I will get the low of that same bar. 5/5 today.

    Is this normal? I have been getting way better fills with scottrade. 2/2, I got a resonable, in the middle price price today.

    Is this because I submitted a regular limit order to buy/sell instead of using the "OPG" command.
  2. Sanjuro


    You are blaming IB for your lack of knowledge of your own orders.
    Yes, OPG is for the opening print only.

    Limit orders go in after the open.
    You will get filled on the bid for sells and ask for buys if the price opens past your limit price.

    Close your IB account and stick with Scottrade.

  3. dumb gai
  4. empee


    OPG doesn't work any better than LMT from my experience. and I dont get OPG fills Always with OPG.
  5. What were you trading at IB? stock, futures?

    I am considering IB, need more input.
  6. dumbgai


    Please don't act superior when it is obvious you don't know what I'm talking about.

    MS opened today from a range of 42.40 to 42.63, in the first minute. If I shorted using IB, I would without a doubt get the lowest price of the range. If I bought with IB, I would without a doubt get the highest price of the range. If I shorted with Scottrade, it would often get me a better fill, sometimes in the middle, sometimes the same as IB, and sometimes a great fill. This is using the same limit order to short on both brokerages. This happens often for many different stocks.

    Same deal with OPG orders. About 1/3 to 1/2 of the time I don't get filled, so I don't use those anymore. I have lost too much entering a OPG order to buy at 110, and only watch the stock open at 109 and take off to 111, without me getting filled. Way to go IB!

    IB is great in many aspects, like hidden orders, and so forth. But this is one aspect where it needs great improvement.
  7. pbj


    Your name "dumb guy" fits you very well.
  8. Sanjuro


    Let's see...
    Bid 42.40 Ask 42.63
    You Buy with limit 42.63, guess where you get filled at? 42.63
    You Sell with limit at 42.40, guess where you get filled at? 42.20

    I can't believe IB makes you pay the spread to get into a stock.
    That's ridiculous! They give you the worst price of the open!

    Please close your account and don't let them rip you off anymore.

  9. dumbgai


    Person 1 with IB - buy market
    Person 2 with Scottrade - buy market
    Person 3 sell limit 42.5
    Person 4 sell limit 42.6

    Guess who gets 42.5? Yup, person 2 with scottrade.
    Guess who gets 42.6? Person 1 with IB. This makes the opening range from 42.5-42.6. With IB, you will get the wrong end of the range.
    Of course you are "guaranteed" to get at least ONE of the ask price from different people who are willing to sell at different prices. But you rarely get the better one.
    Got it now?