I've never found anything in IB regarding this.
As for NT7, Why wouldn't we want the fill not being as realistic as possible?
Question to day traders: Which order types do you use on IBKR platform?
- Thread starter learner88
- Start date
As for NT7, Why wouldn't we want the fill not being as realistic as possible?
Hmm, with respect also, you could be right, but this article says "top of book". Of course things change. My personal experience seems to get "auto-magic" fills at the top of book.
https://www.interactivebrokers.com/lib/cstools/faq/#/content/35807733
Either way the OP can figure it out. It is just another tool that one needs to learn the limitations.
"From top of the book", doesn't mean first in the queue.Hmm, with respect also, you could be right, but this article says "top of book". Of course things change. My personal experience seems to get "auto-magic" fills at the top of book.
https://www.interactivebrokers.com/lib/cstools/faq/#/content/35807733
Either way the OP can figure it out. It is just another tool that one needs to learn the limitations.
I've made intensive analysis of the way their simulation system works. I wanted to know how paper trading results could translate into real trading results. And I was surprised to see that LMT orders were put at the end of the queue, and stay there until it gets filled.
Also, partial fills on Future instrument on paper trading, excluding the first fill, are not filled at the right price, something like 3.75 pts away from the market. The solution is to always use 1 as the qty. Anyways, I'm not sure how they manage volume based on the current bid/ask volume.
I use limit orders for longer-term trades. However, for day trades, I think market orders are better because day trading decisions need to be quickly executed.
You trade futures, therefore your limit price is not far from the market, perhaps 1 to 2 points range.
So I need to be an "elite day trader" to post a reply?Whatever.
Anyway, your question largely depends on couple factors. First, does the instrument you trade have enough liquidity, namely is the spread between bid and ask thin or wide? If you trade thinly traded stocks with a wide spread, you probably don't want to use a market order.
Second, what is your trading style? If you're a scalper who needs to move in and out of trades quickly, limit order would be the last thing you'll want to use.
Personally, when I'm not using MIT orders, I like using IBKR's Adaptive Algo orders:
https://www.interactivebrokers.com/en/index.php?f=19091
One question to the elitetraders who use market orders.
When making a market order, is IBKR's adaptive algo order better than a simple, basic market order? When you choose IBalgo adaptive algo, do you choose urgent, normal or patient setting?
IBKR's documentation on their adaptive algo orders sound more like marketing stuff which makes me a bit skeptical. It is more assuring to hear from the actual experience of elitetraders.
This is something that has puzzled me:
I have tested side by side for 3 months straight using tdAmeritrade API (market orders) and IB adaptive orders (with 'Normal' adaptivePriority) to buy a bunch stocks at about the same time and sell at about the same time.
I have consistently gotten worse pricing in IB. I also tried IB MKT order straights, doesn’t seem to de better than TD also.
I’m puzzled as TD is known to get paid for order flow so I would assume IB would get better prices (after commission). But that’s not the case in my experience.
I really want to make IB work but the results are frustrating to me.
I hope that I somehow did something obviously wrong and people here can share their experience!
I have tested side by side for 3 months straight using tdAmeritrade API (market orders) and IB adaptive orders (with 'Normal' adaptivePriority) to buy a bunch stocks at about the same time and sell at about the same time.
I have consistently gotten worse pricing in IB. I also tried IB MKT order straights, doesn’t seem to de better than TD also.
I’m puzzled as TD is known to get paid for order flow so I would assume IB would get better prices (after commission). But that’s not the case in my experience.
I really want to make IB work but the results are frustrating to me.
I hope that I somehow did something obviously wrong and people here can share their experience!