I would like to know how I can set Realtick so that I can modify ISLD orders without having to cancel them and resending them. I tried to configure Realtick's Bump price feature, but seems it doesn't work for ISLD.
For example lets say I send an order to buy MSFT with ISLD at 54.00 with Realtick. MSFT starts to move quickly and I can't get my buy order executed. Is there any way I can just move that ISLD buy order at 54.00 to lets say 54.05 quickly without having to cancel the order at 54.00 and send another 54.05 buy order ? ? ?
I will appreciate if someone could help me with this since I have tried very hard to configure this and I don't seem to make it work.
With Interactive Brokers it is very very fast, I just press a hot key to move my price and press transmit and that is all, I don't need to cancel the live order.
I don't think you can bump or Change Order on ISLD. Maybe TNO-Mike will chime in here.
But a bit off-topic, I do think that this may be the reason there is always an ARCA bid at .06 on just about every liquid listed stock (BRUT seems to be doing this now, too).
I previously thought some traders were doing it to capitalize on bad typists and actually wanted a fill there (which is stupid because it would obviously be busted).
However, maybe the real answer is that it is somehow easier (or maybe time gives preference?) to change an order price from .06 to a marketable limit order than it is to enter a brand new order.
I frequently see those ARCA .06 bids flash to NBBO (ie. they are gone from .06 and the Change in L2 next to ARCA says +45.32 -- the NBBO minus .06).
If anyone can shed some light on this, I'd be interested in what they think they are getting out of this. Seems to me hot keys to enter an order are just as fast as hotkeys to bump or change an order.