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I had "Primary Exchange" checked and nothing else since I started messing with hiddens ... I think with my extremely high level of knowledge and genius I can answer that question: Because IB's code is full of nasty, smelly, disgusting bugs that they don't care about fixing. Please let me...

Followup information for anyone who read my post on page 14 regarding hiddens: I have completed my experiments using a non-IB DMA account, sending NYSE-directed hidden orders into the back (i.e., at least a few levels back from BBO) of the NYSE order book ... IB is not misbehaving, it is really...

I'm not using hiddens a great deal right now, but since last August I've worked tens of thousands of them and gotten filled on at least several thousand ... my platform notifies me immediately when the NBBO gets close enough to my personal BBO (hidden or not), and it squawks extra-loud if I'm...

No RPIs, for two reasons: (1) I can't do anything interesting until IB provides API support; (2) I monitor all the subpennies that impact me on a daily basis, partly to see if the RPI thing ramps up, and I have never seen a single NYSE subpenny yet ... plus, more than 98% of all the subpennies I...

Thanks for stating the almost-but-not-quite obvious ... I would have said it three times already but I am weary of getting DeeDeeTwo riled up and then feeling obligated to respond with my lengthy, boring, turgid prose.

I could name a few things that have been publicly documented in recent months, but identifying the issues outside the internalization/dark pool area is a game of whack-a-mole: Someone could cite a recent well-documented story, then someone else could claim with some degree of credibility that...

Bravo ... although of course some degree of data diarrhea holds an essential place for many, depending on the details of their trading program ... the most obvious example being our HFT friends, who have extremely successful trading programs that are the epitome of low-risk, and which depend...

Something on which we can agree completely ... I'm thinking of writing a trading book titled "How I did it: 10 years and 1 million lines of code", but I think only my mother would read it ... Very simple: A few years ago it was "which 3 or 4 get filled, with 2 or 3 against uninformed order...

A pearl of wisdom for anyone who doesn't yet fully understand this truth ... I would put it slightly differently, replacing "2nd in line" with "last in line". Believe it ... if you don't and you are still trying to make money trading then you are either insane or really, really dumb. This...

I don't have expert knowledge of all categories of Finra-reported trades in listed stocks, and which categories are or can be relevant in terms of size or impact ... but I believe it is correct to say that the vast majority of Finra prints in almost all exchange-listed stocks are from...

This is only moderately on-topic, but I thought many readers of this thread would be interested: I've been keeping daily statistics for the last three months of Finra-reported trades (that is, for the most part internalizer and dark pool trades) that occur when I am either the NBB, NBO or NBBO...

I'm confused here about the first statement, DeeDeeTwo ... can you please clarify precisely which of my statements are included when you refer to my "statements about volatility's effect on spreads", so I can defend my dubious honor and perhaps edify one or more readers of this thread...

Well, I'm never "balanced" (always net long a giant book of crap stocks heading for bankruptcy), so "rebalancing" is not an applicable concept ... but sure, I take liquidity all the time to close positions out ... just not a lot on a net basis. I would guess very roughly that excepting days...

Ummm ... first, I always think it's a great question to ask "Why should anyone listen to [me]?" ... but I don't think it's appropriate to phrase it as a rhetorical question as DeeDeeTwo seems to have done here. Now, regarding your statement about spreads ... I'm not sure where you are coming...

I am biased so stop reading if that causes you to discount my thoughts to $0 ... First, you have to put a filter on every poster for any black-or-white statements ... everything on this topic is a matter of degree one way or the other, and there are many valuable comments that should not be...

True, I get a significant "smattering" (maybe 0.5% - 1.0% of all executions) of dark pool executions from my SMART limit orders, many of which are among the best executions of the day ... but these are the exceptions that prove the rule: these days, threads like this one tend to settle on the...

Indeed ... it speaks of the soon-to-come day when every poor schmuck who wants to invest in a few hundred lousy shares of some low-liquidity stock will, if he wants to get filled in his lifetime, have no option except to hit/lift and pay the toll set by the few market makers still viable after...

Yes, cleverly phrased ... a good sound bite for an HFT apologist. Too bad it's neither true nor applicable for any trader or investor who uses non-marketable limit orders to invest in or trade low-liquidity stocks.

Not sure if I'm agreeing or disagreeing with Random.Capital in making this comment, but it is certainly true that the withdrawal of the retail investor from traditional stock investing has had a huge negative impact on the ability for traders like most elitetraders to make money - not primarily...

I'm still retaining a solid respect for DeeDeeTwo's knowledge, competence and experience ... but it's sounding more and more like DeeDeeTwo is fundamentally a taker of liquidity ... even in the explicit DeeDeeTwo example given above where one limit order was marketable and one was not, the...