What's the best way to get an order executed

Discussion in 'Order Execution' started by china, Jun 4, 2005.

  1. china


    If you guys could give me some advice...

    I have a system which trades 1000 share lots on AAPL. What is the best way to get my order filled so that I only incur minimal commision charges? I guess this means that the order gets filled by one entity. What is the best way to route such an order? Can it be done with 1000 shares?

    Also, How many shares can one trade of AAPL before the lots are too big and getting filled becomes a real issue?

    Thanks for all the help!!
  2. INET - or INET hidden order.
  3. i never have used hidden orders. whats the advantage of a hidden order. i thought all can see the order in the depth book?when you play big liquid orders i just don't see the advantage of it
  4. wizardx


    From what you described, EasyAPI would be perfect for you. EasyAPI allows you to do algorithmic trading via an API, but you can avoid paying API fees. Go to easyapi.blogspot.com.
  5. china


    Some more questions for you guys in the know...

    If I'm using Genesis' Laser software...

    1. Does INET show up as ISLD on my level two screen?

    2. What is a hidden order and how do I place one?

    3. How many shares of AAPL can I trade at once and still expect to be filled without multiple fills?

    Thanks for all the info and advice!
  6. 1. INET shows up either as INET or ISLD (there are settings to toggle this on and off).

    2. a hidden order is not visible on level II to anyone (for inet)
    to turn it on, either use a hotkey or there is a setting under trade settings (display/hide i think)

    3. Tough to say. no more then 300 would be my guess.
    I would also recommend to turn on route on for inet (also under trade setttings)

    best of luck!
  7. china


    Thanks to everyone for the responses.

    Is there anybody else out there who plays AAPL regularly? I'd like to know how many fills, on average, it would take to fill orders of 1000 shares and 1500 shares. Thanks again!
  8. hello
    I do 2000 shares
    usually one fill is all it takes espically for long

    might fidget around for short orders

    but 2000 shares is no problem, one swoop market order, I have no idea if its to arca or inet or something :)
  9. china


    Coolweb and everyone else,

    thanks for the responses!
  10. China, cost is dependent on what you use to trade. Generally ecn's are a post / take liquidity model, where you get a rebate when you post liquidity and pay a fee when you take. Most ecn's charge a higher rate if the have to outbound you order to and exchange or other liquidity pool. Alot of Market makers will not charge either way post or take, but do not provide the speed of an ECN.

    In my experience the fastest and most cost effective way to fill a marketable order is with a smart router. It will aggregate your order dependent on the real time lev 2 quote. A good smart router will slice up the order and distribute it out within miliseconds.

    :D :D
    #10     Jun 18, 2005