when SMART is RETARDED

When using Best, I only assume that it will send my
order to the best RIGHT now, and I NEVER
assume or WAIT for it to reroute.
Ive never had the patience to wait for a reroute.
Never seen it happen...10 seconds or whatever is
way too long.

Then again...when I want out FAST...I rarely use best,
I just go straight to Island anyway (usually island)

axeman


Originally posted by bungrider
BTW, if anyone else had a similar experience, please post it and we can (maybe) figure out what went wrong. (The above post was referring to closing out a long position, not initiating a short, and the stock was nas NMS). I was selling 100-200sh per order and aiming for bids.

Normally execution is IB's strong point, but I've never had an experience like this. It's my assumption that when I sent in the order (and in retrospect I should've been using market orders, but normally I never ever use market orders since I mostly trade listed) there was an ISLD bid at my limit price, but someone else beat me to it, and what I don't get is if I sent the order in as SMART, why it didn't reroute to the other bid at the same price instead of keeping it at ISLD moving my sell to the offer side??? Do only market orders automatically reroute to another destination if your initial venue has already been hit??
More...
 
I have to jump in to mention that if you're trading the SPY's, don't use "smart" as your order *may* be sent to the AMEX, which is notorious for v e r y slow executions and confirmations. Talk about waiting and waiting and, well, you get the idea...:(

Best,
Jim
 
I had unfortunately used SMART to buy to cover an NYSE stock. What happened was that a few hundred shares were executed at the nyse ask then magically the order went to various nasdaq ecn's where I was quickly screwed on the rest of the order( even though the nyse price had not moved). And it was not like the order sat long, the whole sad thing was over in 5 seconds.

When I enter nyse from now on I only use the nyse route , never smart. Never had that happen with best.
 
STILL FORGOT:

mjt, IMO, your understanding of 10 secs is correct.
had a look on the chart, it confirms what my "feeling"
told me last weeks.
 
You must log in or register to reply here.
Back
Top