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As I clarified on the other comment, I meant "big" as in "retail big" (i.e. a couple thousand shares of TSLA, or any order big enough to be fulfilled by matchin
by dguaraglia 10y ago
As I clarified on the other comment, I meant "big" as in "retail big" (i.e. a couple thousand shares of TSLA, or any order big enough to be fulfilled by matching several sell orders.) I can't really recall that many of my orders being filled below my limit price, unless I was willing to increase the limit by a few cents over the NBBO.
If the ask price for a security is, say, 5.51 and I put my limit at 5.51 the chances of getting the order filled were pretty low. If I was willing to go to 5.53 the chances would increase, if the order was 5.55, I'd probably get a fulfilled order at an average price of 5.53 or so. Not a huge difference on small orders (say 1000x2c = $20) but enough to make a "big" volume, small spread strategy pretty much useless.
- mrchicity 10y agoThe price can change from the time you place your order to when it arrives at the broker. This is especially likely if you are an active trader chasing news or momentum where others are likely trying to buy at the same time. It's like aiming a rocket, or in your case, an old Honda Civic, at a fading star. Have you looked at what the book state was after you placed your order in the cases where you don't fill? If you have a working order priced through the market that's unfilled, take a screenshot and name & shame your broker here.