Recent content by Con1991

I re I really don't know where the orders are executing. All I do know is my limit orders have hit my price several times and I have yet to receive a fill on exit with Firstrade. They are ITM butterfly spreads on the NDX if that makes any difference.

I'm not entirely sure where Firstrade sends orders to be executed. I know that they clear through Apex, with Citadel being the main dealer apparently. Also they list 5 exchanges, including CBOE.

Oh by the way, I forgot to mention in my last post that Firstrade are also a zero commission broker for stocks, options, funds etc. So PFOF is their main source of income, which I believe directly impacts fills for retail customers.

Thank you for your input, very interesting points you make here. I have only been with two options brokers so far, Tastytrade and Firstrade. Both use Apex for clearing trades. I had the same difficulty getting orders filled at mid on Tastytrade, and I only ever had one trade fill on exit for a...

I am trading options, not futures.

Yes I accept that point. But sometimes there is nothing wrong with trading at the bid/ask. These fluctuate a lot as well with my strategy. But mid price is a cheaper way of trading, not to mention I was able to fill at mid on entry a few times. Firstrade has never filled me at mid on exit, in...

Is that good or bad?

When I was with Tastytrade I had the same trouble getting orders to fill, especially at the mid price. Both Firstrade and Tastytrade clear through Apex. I'm seeing a pattern here.

Firstrade also has a $1 million 'firm limit'. Which means that any position established for more than $1 million in credit will not be accepted.

I see. And is a floor broker detrimental in some way to a retail client?

I'm not sure how to check orders on the CBOE, Robert. I wasn't aware of that. Liquidity shouldn't be an issue, as I'm trading mostly ATM butterflies at the moment.

Thanks Robert. I realise that with ITM options the role of the market maker is particularly important. However in the case of one of my positions it is actually ATM. The butterfly spread I have open is the 18375/18400/18425 strikes. I opened this spread for a debit of 0.40 with one contract, so...

I read your answer in my previous post. No I did not ignore it. I'm struggling to understand how it is that no matter how many times I alter my limit price, my order on FT simply do not fill. There is more to it I'm sure. Especially since these positions are fluctuating in and out of profit.

I recently opened an account with Firstrade and began trading mostly option index spreads, for capital efficiency. I mostly aim for mid price on entry and exit, and while I have had a few NDX and SPX trades fills at mid price on entry, I have yet to be able to exit a single position using mid...