Wrong trade at IB (MOO) ???
- Thread starter prisma
- Start date
otherwise, you got a price improvement
Originally posted by prisma
Today I placed a market on open order (OPG) in my TWS for 50 SNPS shares at SMART.
It was executed at 09:30:00 on ISLAND at $43.18. If you look at the IB-charts of SNPS it says, the open price was $44.06. Thats about 1$ difference !
WHY ?
Can I ask IB to recompensate me ???
Prisma
There are two causes for this poor execution. The fact that it was for only 50 shares and it was a MOO on nasdaq. Since there is no official market on open execution for nadaq stocks, IB simulates this by sending out a market order right at 9:30:00. Well, at this split second market maker supersoes quotes most likely were not up yet, IB was early by probably a few miliseconds. That only leaves ECN quotes and many ECNs dont' accept odd lots. So IB had to fill you with the best island bid.
In the future, I would avoid MOO on nasdaq stocks, very unreliable since there is no guarantee that every price will be present right at 9:30am.
Never use market on open orders for a nasdaq stock.
IB gained no profit from your trade, they have no reason to compensate you. THey sent out a market order at 9:30 and the best price was at island, which is what u wanted.
We have all learned these lessons, most of my lessons cost me alot more than $40.
Good luck
IB gained no profit from your trade, they have no reason to compensate you. THey sent out a market order at 9:30 and the best price was at island, which is what u wanted.
We have all learned these lessons, most of my lessons cost me alot more than $40.
Good luck
There are people out there who swinging stocks for 2 - 5 days and don't want to sit the whole day in front of the computer and watch every tick.
IB offers a great tool to use automated trading!!!
Therefor I use MOC and MOO orders.
happy labor day
IB offers a great tool to use automated trading!!!
Therefor I use MOC and MOO orders.
happy labor day