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KNOW for sure, because I do not pay attention to what firms do with their orders...routing or otherwise. A server side order could rest on the firms server waiting till a time when it becomes a marketable limit order or a market order.
Though I don't typically use them, on my current platform and at least three others I have experience with, I can see my orders both stop and limit. I'm assuming that if I can see them posting to and resting in the montage that others who wanted to see them could see at least that much.
I'm not a tech guy and it does not pay to, so I do not know for certain that those orders rest server side at the broker, with the exchange or locally here on my machine. I am certain that we have all at least e-signed a notification that we are aware of the order handling rules and how each of our brokerage firms route. I'm guessing that the default is some type of "smart" routing.
this is correct. they r not after 1/2 lots....its a different thing that stops maybe triggered if all located at similar location as bigger orders or there is a stop run.
The only thing the Human Brain has that an algorithm doesn't have is hubris. An algorythm can do anything a human can do, but it just won't have an ego.
Ian
In the analytical world there is no such thing as art, there is only the science you know and the science you don't know. Characterizing the science you don't know as "art" is a fools game.
I place 4 limit orders at 1 tick apart. With different lot sizes.
It works for me.
They are placed one after the other in less than 1 millisecond total.
If they stray too far from current price, my software just removes them.
This is not quote stuffing. Quote stuffing is frowned upon if you remove your orders as the BEST BID & OFFER moves closer. It is the other way around for my limit orders. My orders love to get hit.
No one knows if they are my entry or exit.
If they get fulfilled, it is better for me.
My average price will be much lower.
On one hand an algorithm can't watch and learn a market over a long period of time in order to get a "feel" for it's moods and idiosyncrasies. On the other hand the algorithm doesn't have feelings like fear and greed to get in the way.
As the human brain usually writes the algo. I'm going with human brain winning. Adapting to context is critical and whilst machines can do this people have the edge at this point.
What you are describing is legit. There is nothing wrong with strategically canceling orders, or submitting multiple orders to gain optimal position in the queue. I think quote stuffing honestly comes into play more in the cases of equities where 2 or more exchanges have the same stock. Predatory HFT players send tens of thousands of messages over just to try to slow the server down so they can arb against it.
With a single exchange such as the CME, there is no real equivalent arb... Maybe spy etf, but that is a stretch to thing anyone could pull that off. Anyway, the only real thing to watch out for is your messaging limit. You get something like 20,000 per day for free before they check you... Then they measure your fill rate against your messages. You may already know this but here is a tip I learned. A cancel counts as 3 points but a price mod counts as 1. A bit more of a PITA to do price mods on the spot vs. cancels, but if you can figure out some logic for this it will save you a ton towards your messaging limit.
It sounds like you and I may be playing in the same space a little.
Best of luck!
Ian
In the analytical world there is no such thing as art, there is only the science you know and the science you don't know. Characterizing the science you don't know as "art" is a fools game.