Whats up guys, new to the forum hope this is the right place to post. I'm moving from TD Ameritrade to Interactive Brokers and I want to know what's the best type of order or algorithm for my strategy. I buy and sell stocks right at the market open (where stocks move very fast) and look to take advantage of quick price movements. I want to only use limit orders but I want to avoid missing out on getting filled. I have no problem paying a little more in price to increase my odds of getting filled. What would you guys recommend?
If you want to trade the open, IB's OPG order is pretty efficient, so long as you are trading liquid instruments. (On TWS, set OPG - MKT, prior to the open.) Most of my OPG fills conform to what data providers are showing as the open. Any time you use limit orders, you always run the chance of not getting filled.
If I use a market order I’m afraid I’ll get screwed on price cause the stocks I trade one second could make a difference, but thank you for your reply
You are a beginner if you use the term one second. Professional traders or certainly HFT traders are concerned with microsecond executions.
You can use a limit on open order (set to limit and opg in tws). If the opening price on the primary exchange (a couple minutes after 9:30 for NYSE-listed names) is under your limit, you will get filled. Or, you can use IBALGO and set the params to be active from 9:30 - 9:35, for example.