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Strategies & Market Trends : Daytrading Psychology

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To: dli who wrote (77)	12/3/2000 12:42:36 PM
From: rocklobster	Read Replies (2) of 104

I believe you are wrong about IB not accepting payments for order flow.. I originally thought they did not, but found out from some others that looked into it that they did.. yuo can call the help desk and find out for yourself.. I read a post from someone that said that they do... and this person said they verified it with IB.. Why is Best execution a recipe for disaster.. It would seem if they don't accept payments for order flow as you say, then using best execution, they would just goto all available channels to get you the best fill.. If they do accept order flow payment, then using best execution would likely have your order forwarded to whoever there preferred market maker is, which could compromise your fill as they wouldnt be shopping for best fill anymore but preferencing order to MM who pays them the best.. It seems if one was to preference REDI or ARCA, then one would not get the best fill unless one of these was on the inside bid or ask. I'm asking this as a question because I do not know all the intricacies and have only used IB for about a month now. I'm definitely not happy with my fills using best execution. neither the fill prices or the amount of time they take to fill me... and I will never place a market order on IB again because every one I have ever placed has been filled terribly with me losing almost a point in every instance even marketable bid or asks seem to take to long.. and I havn't even tried to buy on the bid or sell on the ask so this really irritates me... I have been thinking about moving my main account back to schwab since it seems that mash at least filled me quickly. saving two cents a share doesnt make any sense if you lose a 1/16 or even a 1/32, and I seem to lose much more than this with IB Whats your take on this? EDIT here is the link to the post regarding IB payment for order flow Message 14829644 rok

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