Order not executing

[rmorse]

Quote from gmst:

Don, what is the problem with putting in a limit spread order ? Newbie as far as stock and options execution is concerned. Trying to learn. Thanks

You should absolutely use limit orders. Even if your price is through the current market.

Bob

 

[rmorse]

Quote from Don Bright:

Now you guys have piqued my interest once again.

Robert or anyone, am I missing something here (I know I don't trade retail, but even so..)

Also, Don, what you refer to as retail, I call customer. Customers get priority over MM on the book and pay lower exchange fees. If they have DMA, they can choose their route or use a smart route, just like you.

Bob

 

[magicz]

I find that certain exchange execute limit spread order faster then other. Sometimes I find my spread sit even when I give them a .05-.1 credit above mid-point to execute.

 

[rmorse]

Quote from magicz:

I find that certain exchange execute limit spread order faster then other. Sometimes I find my spread sit even when I give them a .05-.1 credit above mid-point to execute.

Which ones do you find are faster?

 

[magicz]

Quote from rmorse:

Which ones do you find are faster?

amex usually give me the fastest execution when I buy or sell close to midpoint. cboe one of the worst.

ise and box is ok

 

[Don Bright]

Quote from rmorse:

Also, Don, what you refer to as retail, I call customer. Customers get priority over MM on the book and pay lower exchange fees. If they have DMA, they can choose their route or use a smart route, just like you.

Bob

That's what I thought, and when we execute our orders we simply click one side, and then click the other side. Who exactly do you think holds the limit orders as placed through the broker? A broker, right? Just like "the old days" only electronically I guess. If so, there must be an algo or a person who is privy to the order.

If you placed an order to buy xyz Dec 30, sell xyz Sep 30 calls for $1.00. How would that show up so I could see it? As I said, I may be missing something, but I also asked GS, and they couldn't help me either.

I see when I place bids or offers on one side, that the algos jump and move the other side around, that seems normal to me. Irritating, LOL, but understandable. I'm just trying to see how spreads, BF's, straddles etc. are shown.?

Don

 

[rmorse]

Quote from magicz:

amex usually give me the fastest execution when I buy or sell close to midpoint. cboe one of the worst.

ise and box is ok

Cool, I did not expect that. I was an AMEX member and don't know anyone that monitors that COB. They do a lot of volume in certain options. The AMEX also gets a lot of "directed" order flow from some of the big brokers like Barclays and GS. If your trading common spreads, you might be trading with other customers, rather than Market Makers.

 

[magicz]

Quote from rmorse:

Cool, I did not expect that. I was an AMEX member and don't know anyone that monitors that COB. They do a lot of volume in certain options. The AMEX also gets a lot of "directed" order flow from some of the big brokers like Barclays and GS. If your trading common spreads, you might be trading with other customers, rather than Market Makers.

well I trade AAPL and BAC option right now and they are pretty liquid. So I dont usually have a problem with execution near mid. You are probably right about other retail orders taking my orders , my execution report usually show odd lots adding up to my total. notice the 1 lots.

 

[rmorse]

Quote from magicz:

well I trade AAPL and BAC option right now and they are pretty liquid. So I dont usually have a problem with execution near mid. You are probably right about other retail orders taking my orders , my execution report usually show odd lots adding up to my total. notice the 1 lots.

That was the trading crowd I traded in. Both options are very active. I'm just surprised your happy with the complex order book there. That's great. Their COB has something called RFQ. request for quote. When you enter your order, and it's with in the NBBO, it should send a message out to participants telling them it's there in case someone wants to enter a contrary order at any price. I don't know who participates in the program.

The one lots could also be a large MM doing lots of small trades and their trading system is rechecking values to avoid errors.

Vey nice.....

 

[magicz]

well who ever is making a market for me there I am very happy with. My fills look good, so I am happy for now, in this business things always change tho.