Problems Getting Your Option Order Filled? Try These 3 Quick Adjustments

In today's market, we're all so damn needy. We want our orders to go in just as fast as possible.

Even on this blog, I get a lot of emails from members as soon as we put out the alert at 9:31AM in the morning asking about fill reports. Fill reports after one minute of trading? "Come on man!"

But even still, we want these orders to go into the market quickly, fast and at the right price. So if you're having trouble, try these three quick adjustments below, and let me know what you think. Add your comments at the end of the post, and let me know what else has worked for you besides these three.

1. Wait, For God's Sake

Why are we all in a rush to enter orders when prices are moving dramatically? Today's price could be higher or lower than what the price could be in 30 minutes or an hour from now.

Why not wait until lunchtime when the market's a little bit slower? There's no need to rush into the market either in the morning or in the afternoon before the close. Typically, I find that I get a lot of good fills during lunchtime when most of the bigger traders have already placed their trades and are out to lunch.

2. Adjust The Quantity

I see a lot of people, when I do my coaching, that have general order quantities like 5, 10, 15 and 20. You have to understand that there are a lot of other people out there that are trading at those quantities too, but it may not always be a good thing.

Try adjusting your quantities down to odd numbers like 3, 7, 9 and 11. Those orders actually have a higher chance of getting routed because they're one-off orders that can be placed and bundled with other contracts. If you have a trader who has four contracts and you're trying to trade six contracts instead of five, then you might be bundled into a pack of 10.

3. Avoid Round-Number Pricing

Again just with the point from above, you want to avoid round number pricing like $200, $150, $25, etc. These are easily going to be targets for market makers and institutional traders. Try using non-round number pricing like $23, $103 and $156. These tend to be routed and placed through other individuals that are at that price, and you'll actually probably get better and quicker fills.

So what else has worked for you to get your orders filled faster? Again, add your comments to the blog post below, and share what you've learned in all of your years of trading.

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  • Bill Place

    Thanks

  • Jogesh Raja

    Another trick is to place limit order with price between Bid and Ask for both buying security or opening option position. Even better is to be slightly below the mid price of Bid-Ask spread. You have high success rate and if you are placing option order you will get extra premium which can offset trading cost!

    • Kirk

      Great point

  • Todd

    Always use limit orders! Works for me.