Free Trading, no PDT !

[sprstpd]

IMHO it is impossible to get "terrible fills" with limit orders...

But depending on how legitimate your broker is, you might not get filled on those limit orders until the real market makes them clearly underwater.

 

[botpro]

??? U never heard of order flow fees ?? You can set a limit order and the broker can modify ur order.

IMO its all rubbish. Its just another fee and should all be included in the commission....

Just brokers taking money that they shouldn't.

Which broker are you with? I'l look up their order flow statement... all of them have one.

Ok, thx, I now understand very well...
User specifies his limit price, but broker just forwards a different price to the market.
Hmm. isn't that despicable?

 

[CBC]

Don't get me started.........

The thing is, I don't like the way the brokers make themselves seem so "cheap" with comms then take $ in order flow fees.

 

[d08]

Hey d08. Do you have an experience with them? How do you know you get terrible fills?. Thanks.

Your order is sold and before it hits the market, the HFT games your order for their benefit.
Even if you don't believe me, use logical thinking - why would anyone pay to get your orders before they hit the market if they wouldn't benefit monetarily?

IMHO it is impossible to get "terrible fills" with limit orders...

Simple, they game you. When you transmit the order it first goes to whoever pays for it, only then it hits the market and by that time they have figured a way how to play it to their advantage. That's why they pay for order flow, it's not for nothing.

 

[d08]

On a positive note, I suggest everyone to route to IEX - I have only positive things to say about them, I so often get price improvement and my fills feel much more honest. Whenever I route to other places, I get screwed over. But it's very convenient that IB often has problems with IEX orders, convenient to their benefit so you are forced to use SMART.

 

[traderob]

Hey d08. Do you have an experience with them? How do you know you get terrible fills?. Thanks.

From the tradezero website:
If TradeZero is directing my trade, will I still get the best possible execution price?
As TradeZero offers US market access TradeZero is obligated to provide executions at the NBBO or National Best Bid or Best Offer. That means that even though the free orders are routed by TradeZero, all clients’ orders will always be filled at the best possible execution price.

 

[traderob]

https://www.batstrading.com/support/fee_schedule/edgx/

apparently tradezero route limit orders through edgx

 

[d08]

It can be part of the NBBO but if they are selling order flow, before your order hits the market they already have a plan to game you.
If this wasn't the case, IEX wouldn't exist as it couldn't offer any improvement over other venues.

 

[traderob]

It can be part of the NBBO but if they are selling order flow, before your order hits the market they already have a plan to game you.
If this wasn't the case, IEX wouldn't exist as it couldn't offer any improvement over other venues.

EDGX does 9% of the daily NASDAQ volume. AND give rebates for adding liquidity. If they were gaming the show I think someone would have noticed before now..
http://www.batstrading.com/home/

 

[d08]

EDGX does 9% of the daily NASDAQ volume. AND give rebates for adding liquidity. If they were gaming the show I think someone would have noticed before now..
http://www.batstrading.com/home/

I'm not talking about anything illegal here obviously. Go ahead, split your orders in half sending half to EDGX and half to IEX, see it for yourself.