In this thread, let's talk about how to get best fills, whether it be via 'smart routing' (often anything but) or other tips and strategies.

Personally I hate parking an NYSE order out there and waiting for a seeming friggin ETERNITY for a fill, like 40 seconds plus - anyone else?

Anyways, let's hear it re order routing tips and what you've found works best ... broker specific stuff would be great to hear, eg IB/cyber/realtick/others..

thx,

ken

I attended a 2 hour session at a Schwab office on StreetSmartPro. What I heard was that if one uses SmatEX that the order goes through Schwab to UBS which Schwab uses for clearing. If one is using SmartEx then that is not really "direct access". Direct access is defined that you can pick what ecn be it ARCA, INET,(ISLD), BRUT, REDI etc... that you want to place the trade on. By default this is not given. You have to request this capability.

They will give you this capability but will point out that because the trade exists outside the Schwab sphere that if there are any problems with the execution then Schwab is not on the hook for it. It's up to you to deal with the ECN that made the trade. Good Luck doing that. (Their words not mine.)

What I don't understand is that with regards to fast daytrading with the market moving so fast its impossible to select what ecn would be the best because the offerings are changing so fast. What is the best price on this or that ECN right now might be different milliseconds form now.

For me I'm content to send it through Schwab to UBS. Maybe this isn't direct access in the purest form of the definition but for me able to make fast trades (usually) is good enough, whether its actually direct access or not is mute. (My opinion).

Like Rob, I too use Street Smart Pro the old Cyber Trader. My fills are typically fast, 98% of the time.

I'm not sure what the advantage of going thru an ECN has over their access. I'm still getting my .006 per share commission. I hear of other traders paying up to $10 per trip.

So what is the advantage of going thru an ECN and the advantage of adding liquidity (buying outside the bid or ask) for a better price. How much will I really save compare to the ease and speed? I make money usually on my fast entry (or lose #$%!)

And if there is an advantage, what is it? and why? Do you stick with one ECN all the time? If I'm going to save a ton of money or time can you direct me to some reading material. I don't expect answers but if anyone out there could direct me to area to find them I would really appreciate it.