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FFASTFILL Lower than IB??
- Thread starter bundtrader2
- Start date
Quote from mar1991:
Quote from larrybf:
I am consistently 1.5 to 2% of the nasdaq mini market every day - and i have tried every single platform and i have moved my whole group to ffill platform because it is the fastest PLAIN AND SIMPLE. when i trade an economic number during the day, i am one of the first five filled trades every time. I check time and sales on bloomberg every time.
How can this be the case? The ES book is filled five prices levels out in sizes up to 300-500 contracts per price level.
You can enter the ES orders when the Bloomberg comes out, but your order is placed at the end of the queue. There are already 400 contracts ahead of your order. Now matter how fast you are, you can't beat out the hundreds of orders which were already camped out the price level when the news came out.
So how do you get to be the first five orders filled every time when the news comes out?
Quote from PuffyGums:
You can enter the ES orders when the Bloomberg comes out, but your order is placed at the end of the queue. There are already 400 contracts ahead of your order. Now matter how fast you are, you can't beat out the hundreds of orders which were already camped out the price level when the news came out.
So how do you get to be the first five orders filled every time when the news comes out?
I don't think you are understanding order execution correctly... If LarryBF is putting in a market order as soon as the news item comes out, he will be immediately executed at the best possible price. Market orders are immediately executed -- no queue.
For limit orders, you will be put into the queue with everyone else with the same limit price. If you and I both put in an order to sell at the same price, then, if someone buys at that price, our orders will be filled in the order in which they were submitted.
So if there are contracts offered at every price and a big news item comes out, then the price is going to shoot up (say) and all those resting limit orders to sell above the market are going to get taken out on the way up as many traders enter market orders to buy as fast as they can. The first market order to reach the market will get the lowest price. Succeeding market orders will get increasingly higher (and less profitable) prices. That's why speed is of the essence for this type of trading.
Quote from Aaron:
I don't think you are understanding order execution correctly... If LarryBF is putting in a market order as soon as the news item comes out, he will be immediately executed at the best possible price. Market orders are immediately executed -- no queue.
For limit orders, you will be put into the queue with everyone else with the same limit price. If you and I both put in an order to sell at the same price, then, if someone buys at that price, our orders will be filled in the order in which they were submitted.
How can "market" orders be executed on GLOBEX when they don't even accept market orders?
Limit orders are limit orders. The only difference being talked about here is if they happen to hit the bid or the ask.
A Market order on the CME is when a trader sells at a Limit well below the last traded price and actually gets a fill at the curent bid.
Traders in my room set up multiple trade tickets when News is about to come out. The will have a ticket set up to sell 5 handles below and another to Buy 5 handles above. If the Announcement is Bullish, then they immediately hit the Buy Ticket and vice versa. This replicates a Market order, but has to placed as a limit.
Our system enables this. I am sure that TT, IB and others do as well. It is essential, when trading Big Numbers like Employement, CPI and PPI etc etc.
I hope that this explains what these guys mean. Today on an announcement: I was told by the guys in my Room that they Bought the absolute first 5 prints after the number. This is how my system is evaluated. Tomorrow, the traders may miss somehting and they will be all over me.
Nobody wins all the time, but I can show how fast we are and prove it with Audit Logs and Time and Sales.
Fun Stuff! Guys have a Great Christmas! I truly appreciate the nice comments from our clients!
Traders in my room set up multiple trade tickets when News is about to come out. The will have a ticket set up to sell 5 handles below and another to Buy 5 handles above. If the Announcement is Bullish, then they immediately hit the Buy Ticket and vice versa. This replicates a Market order, but has to placed as a limit.
Our system enables this. I am sure that TT, IB and others do as well. It is essential, when trading Big Numbers like Employement, CPI and PPI etc etc.
I hope that this explains what these guys mean. Today on an announcement: I was told by the guys in my Room that they Bought the absolute first 5 prints after the number. This is how my system is evaluated. Tomorrow, the traders may miss somehting and they will be all over me.
Nobody wins all the time, but I can show how fast we are and prove it with Audit Logs and Time and Sales.
Fun Stuff! Guys have a Great Christmas! I truly appreciate the nice comments from our clients!