Best routing for IB stock orders?

masterm1ne

masterm1ne

So I have been stock trading for a while through IB... their button configurations for day trading have a lot of options and I feel like I'm not doing something right. I have looked around for how to configure these and no matter what I do I always feel like my orders are placed and filled in areas disadvantageous to the trade I want to make.

For example, my sell order is as such:
Sell
Absolute : 300
LMT
Price : Bid + .05 (amt)
TIF : Default

Seems as if I should be using an algorithm instead?
 
Why would you put sell orders in at bid + .05? Makes zero sense. Put sell orders in at either last traded, or ask, or ask +/- an amount based on the following:
1) the volatility of the stock
2) the volume traded compared with your order
3) how much you want to be filled compared with how much you want to maximise price - these are a tradeoff - can't have both.
 
Depends on your goal! If you want a quick fill, with a 95% chance of being executed, and want to save half the spread, then yes.
 
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