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When you click on the bid or ask and the order line shows up, click on SMART, there should be an option for all the ECN/Exchange routes as well as the different SMART types

It looks to me that this market is under control not from the Fed but from bullish managers. Everyone is scared to death of losing their jobs and fees so everytime the market ramps, everybody has to be in. More and more of the money is going to guys who are longing equities and are killing it...

In the flash boys book they talk about how some dark pools will tip off HFTs about orders and how which dark pool that is doing that can change. IB hits the dark pools first before hitting the public markets, have you tested IB SMART Primary vs IB SMART? Have you noticed any difference?

Are you referring to broker priority? He answered why they do it in another CNBC clip from that same day. They make no money from it and its only 3% of their volume

The other day he was on CNBC and said that traders and investors could send marketable orders to his exchange and it would get re-routed to other places through their proprietary routing system http://video.cnbc.com/gallery/?video=3000279845&play=1 This makes me think one way to use IEX is...

Why you want to work for a bank? The hours are terrible and the pay (compared to trading your own $) is not great (for entry level anyway). I know quite a few folks who started with small capital bases ($10K) and run that up to hundreds of thousands. There is risk of ruin of course but at least...

Does anyone know if Timber Hill has any affirmative obligation?

I guess this could happen. The SMART order with the setting with priority for the highest volume exchange could be safer for bigger orders

"If an order is too large to be executed at the best price at a single exchange or market center, IB’s SmartRouting system generally will split the order and send it to multiple destinations to attempt to get the fastest fill at the most favorable price." I don't why they wouldn't program a...

They stated many times they don't sell orderflow to third parties. The benefit would be more profitable clients that have bigger accounts and trade for more commissions

I emailed someone from IB and the person told me IB cannot reveal what the SMART router does due fears that the competition will copy them. So there is no way to know if SMART has a Thor like system. I suspect it does, I'd be shocked if it doesnt

A more important question is Kelly Fraction of WHAT? Net worth or account size? Too many people use a fraction of their accounts in their trading but I'm not sure that makes sense, when you consider position sizing you have to take into account your net worth. If Bill Gates opened an IB account...

It depends on the liquidity of the instrument. Assuming liquidity is not an issue, the bet should anywhere from 1/10 to 1/2 of the Kelly Criterion. However there are psychological considerations, if the trader is very active, that might lead to lower bet sizes

I'm still staying out of shorting listed stocks unless its a day trade and the stock is very extended. PLUG was a perfect example of this environment, it only topped out when a lot of shorts went broke AND it had a catalyst (Citron piece), before that it would just keep going. When you want to...

A lot of people do forward testing, they play a strategy with small size in real-time until they are confident it works. Would backtesting be more prudent because it wouldn't risk any capital? It could be but there are a lot of issues with slippage that you can't know about until you take the...

At the very least a trader should be aware of all these tools in the toolbox in terms of order execution so he can know which type of order is best for each situation. As the markets change (and the fact that odd lots are now displayed in the T&S might lead to some changes in the markets when...

Hidden orders won't help if you are trying to capture the spread market making, that's when they will hit you for 3 shares and game you up because your order will stay out there for a long-time, at some point they will odd lot you. But in a fast moving situation where you just want to take...

In my experience hidden orders help a great deal. They are not perfect but there are quite a few situations where I want to take profits in a fast moving stock (lets say I'm short), if I put a displayed limit order, sometimes the stock trades down to my price and it stops there(The HFTs know...

If you test in the high priced larger spread stocks (like AAPL or TSLA), I believe you will notice more improvement. Also, you simply tested 100 shares in one ECN or exchange? If you have 1000 shares that you want to to buy or sell and break down in 3 hidden orders, there might be additional...

What is the price range in the stocks you tested? Avg spread size? When you had your trade throughs didn't you find useful to use multiple hidden orders at the most liquid pools instead of just one?