I've had a GTC order in to buy 500 shares of XYZ for several days now. This morning at like 3:55am, I got a partial fill... of one share at my price. Now the instrument is trading back up, way off my bid. Hah. I guess, shame on me for not putting the AON qualifier? Bah Humbug. Does anyone know to what extent AON orders may be de-prioritized by a broker (IB) or by the exchanges for resting limit orders on equities?
Resting limit orders are just an invitation for abuse. The 1-share was just poking around to see if you're real or one of them.
you could always peg to primary with a predefined limit of say, 3 cents. So if price trades to your bid price then trades up without filling you, your bid will automatically move up in increments to a maximum of 3 cents higher than your original posted bid. Therefore you'd have 3 prices at which to potentially fill instead of only 1. Either that or post on a take/make exchange. Those tend to get hit quicker but the drawback is no rebates.
Why not use a contingent order: Buy 500 XYZ at market if XYZ ask < target price. No one sees it until your target is inside the spread. You can use a limit if you're worried or it's illiquid, but this is how I do stops always.
I guess I'm trying to make sense of it. Is this a HFT deal/robo tactics or how do traders test your limit if it's not known until the stop trigger?
They will know if the limit order submitted is not marketable. If it's marketable then it's different I suppose. If your 1-share is part of real liquidity, they will know by getting a fill. If the price moves away when trying to get the 1-share, they know it's one of theirs essentially. This is extremely common when hunting for hidden orders between the spread as well.
%% Liquid stocks , reg market hours help a lot.Hope this helps; when my signal gets hit- i have to be in or out, by end of day. Since you noted IB , liquid stocks help a lot. I sure dont want that hassle when i exit, could be much much Worse- Worse than entry. Live + learn