IB Fills have gone bad ?

[ZBZB]

OP was trading below IB FXPRO minimum lot size. A convenience to IB customers for currency conversion. You are told when putting the currency conversion on not to expect an immediate fill even if you see your price trade through.

 

[Bad_Badness]

Okay, but allow me to explain myself:

Perfect world or otherwise, how can you not get filled on your limit order?

EVEN IF YOU WERE THE LAST ONE IN LINE TO GET FILLED, YOU WOULD STILL GET FILLED BEFORE THE PRICE GOES BELOW YOUR LIMIT PRICE. HOW COULD IT BE OTHERWISE? UNLESS YOUR LIMIT IS TAKEN OUT, PRICE CANNOT MOVE LOWER.

Furthermore, limit orders instantly become market orders when price trades below the limit order or once the stop is triggered (as in stop limit orders).

For example, consider I placed a resting limit order for ABC @ $25 after the close of the market. When the market opens the next morning, ABC gaps down and opens at $23. At that time, your LIMIT ORDER should technically become a MARKET ORDER and get you filled immediately or ASAP.

Yep you are correct. Normal when you trade through, the limits are all gone.

I think the OPs original issue is being in FXPro and the minimum lot size which is 1/10th a normal lot. So he got thrown in some bundles.

One way in stocks would be for there to be odd lots. An odd lot trades through your price but the rest of the trade (on the other side) did not. One should look at the volume of the trades.

In the end, if a LMT does not execute when it should, change it to MKT. IB has a dedicated hot key for LMT->MKT.

 

[schizo]

Yep you are correct. Normal when you trade through, the limits are all gone.

I think the OPs original issue is being in FXPro and the minimum lot size which is 1/10th a normal lot. So he got thrown in some bundles.

One way in stocks would be for there to be odd lots. An odd lot trades through your price but the rest of the trade (on the other side) did not. One should look at the volume of the trades.

In the end, if a LMT does not execute when it should, change it to MKT. IB has a dedicated hot key for LMT->MKT.

I'm not familiar with micro lots, so can't comment. But still, that sounds whacky to me.

Here's what I think is really happening. When you click and send a limit order, IB is not routing that order to the market, but keeping it on their book. Essentially, they're the counterparty and they are trading against you. They're acting as a bucket shop with their own ticker tape.

Whether that is legal or not, I cannot say. But that's the only way you can explain why your limit order was never executed.

 

[Quanto]

Another reason could be if it was AON (All Or None).

 

[schizo]

Another reason could be if it was AON (All Or None).

Possibly but I've never heard of micro-lot traders worrying about their small orders being broken up into even smaller orders.

 

[toc]

OP was trading below IB FXPRO minimum lot size. A convenience to IB customers for currency conversion. You are told when putting the currency conversion on not to expect an immediate fill even if you see your price trade through.

Your logic makes sense but then this from search on min lot size

What is the minimum lot size in FxPro?
0.01

In FX, 1 lot = 100,000 of the base currency of the traded pair & the minimum trade size is 0.01 (micro lot) Leverage multiplies your buying power, allowing you to trade a larger trade value than your deposit. Double-edged sword- The higher the leverage, the more risk you are taking, so leverage should be used with care.

So instead of trading .01 I was trading .1 (10/100k) which is much above the min lot size.

 

[ZBZB]

Your logic makes sense but then this from search on min lot size

What is the minimum lot size in FxPro?
0.01

In FX, 1 lot = 100,000 of the base currency of the traded pair & the minimum trade size is 0.01 (micro lot) Leverage multiplies your buying power, allowing you to trade a larger trade value than your deposit. Double-edged sword- The higher the leverage, the more risk you are taking, so leverage should be used with care.

So instead of trading .01 I was trading .1 (10/100k) which is much above the min lot size.

What currency were you trading?

On Eurodollar fx for FXPRO pricing you have to trade 20k. You are doing a currency conversion which is different.

 

[toc]

What currency were you trading?

On Eurodollar fx for FXPRO pricing you have to trade 20k. You are doing a currency conversion which is different.

Currently USDJPY......few minutes ago .........market bid price 142.365, limit sell 142.35, took 2 seconds to give a fill of 142.355.........also sometimes says order partially filled. That's very strange for mere 10k size.

Also have done currency conversion before and system specifically asks "if it is a currency conversion" but during trading it has not asked same Q even once in last dozen times or so or even more.

 

[ZBZB]

Currently USDJPY......few minutes ago .........market bid price 142.365, limit sell 142.35, took 2 seconds to give a fill of 142.355.........also sometimes says order partially filled. That's very strange for mere 10k size.

Also have done currency conversion before and system specifically asks "if it is a currency conversion" but during trading it has not asked same Q even once in last dozen times or so or even more.

The minimum size for dollar yen on FXPRO is 25k. You are doing an odd lot currency conversion even if you do not select currency conversion.

 

[murray t turtle]

In a perfect world yes, but obviously it is not perfect. Disorderly markets happen, usually when under stress, but also when there is not enough volume to make things work smoothly.

He needs to Learn:

• How to trade with imperfect fills.
• Better order management. MKT if touched for example. Scaling.
• Which orders are native, which are simulated, which are held at the broker side versus the exchange. How the order is routed, is it combined, is it sold for flow.
• Get a fill and move on.
• Focus on the trade, not the fills.

Focusing on fills rather than the trade is probably one of the top 10 reasons why people fail.

%%
Perfect post
Perfect doesn't just mean 100% target hits, no one does that all the time anyway;
Perfect can also mean mature.
Looking @ both sides of the trade-investments helps also;
who wants to work for nothing??