{"id":175786,"date":"2020-09-09T17:31:00","date_gmt":"2020-09-09T21:31:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/instant-replay-tracking-an-order-from-start-to-finish\/"},"modified":"2023-04-25T20:55:54","modified_gmt":"2023-04-26T00:55:54","slug":"instant-replay-tracking-an-order-from-start-to-finish","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/instant-replay-tracking-an-order-from-start-to-finish\/","title":{"rendered":"Instant Replay: Tracking an order from start to finish"},"content":{"rendered":"<p>Welcome back. Now that we&#8217;ve run through the major components of our introductory course on U.S. equity market structure, we wanted to take everything we&#8217;ve learned and put it into practice by laying out the life cycle of one simple order from start to finish.<\/p>\n<h4>The Order<\/h4>\n<p>First off, what are we trying to trade? Let&#8217;s say your order is to buy 1,000 shares of General Electric (GE). What does the market look like at the starting line? The last sale of GE was at $10, and now the best bid is $9.99 and the best offer is $10.<\/p>\n<h4>Your Broker<\/h4>\n<p>You have a retail trading account with a broker online so that&#8217;s where you go to trade. You pull up the interface to enter your instructions for your order.<\/p>\n<h4>Order Type and Instructions<\/h4>\n<ul>\n<li>You think the $10 price is pretty good based on your understanding of the fair value of the stock.<\/li>\n<li>You set your limit for $10.<\/li>\n<li>You&#8217;ve decided that you want to make sure you don&#8217;t pay more if the price goes up.<\/li>\n<li>You enter all your information into the interface and hit preview.<\/li>\n<li>Everything looks good, and you click transmit.<\/li>\n<\/ul>\n<h4>Entering the Market<\/h4>\n<ul>\n<li>When your order enters the market, there happens to be 500 shares of resting, non-displayed interest at the midpoint.<\/li>\n<li>So, 500 shares gets filled at the midpoint of $9.99 and a half cents, saving you $2.50 compared to the $10 quoted in the market.<\/li>\n<li>For the rest of the order (500 shares), your electronic broker sends your order to the exchanges, quoting at $10. Fortunately, there are enough orders available in the market that your full order is executed at that price.<\/li>\n<li>It costs you $5,000.<\/li>\n<li>In total, you pay $9,997.50 for the 1,000 shares of GE, a solid execution of your order when you compare it to your original intent.<\/li>\n<\/ul>\n<h4>Other Options<\/h4>\n<p>Of course, there are many other instructions you could have given to your order that could have affected how it would trade.<\/p>\n<p>For example, you could have selected another order type, like IEX&#8217;s D-Peg, depending on what your brokers interface supports. Particularly, if this is a larger order that will take some time to execute, this midpoint-type, pegged order could help protect you from trading while the price is unstable, according to the machine learning-based functionality that IEX developed for that order type.<\/p>\n<p><strong>Check out more details for particular order types with your broker to find the order types that are best for you. <\/strong><\/p>\n<p>Thank you again for tuning in to this course. If you have questions or are interested in more detailed content about trading and today&#8217;s U.S. equity market structure, please do not hesitate to reach out.<\/p>\n<p><strong>Note<\/strong> that videos were recorded in December 2019.<\/p>\n<p>\u201cIEX and Interactive Brokers undertake no duty to update the information contained herein, and the information is provided for informational and educational purposes only.\u201d<\/p>\n<p><a href=\"https:\/\/iextrading.com\/trading\/order-types\/\" target=\"_blank\" rel=\"noopener noreferrer\">IEX Order Types<\/a><\/p>\n<p><a href=\"https:\/\/iextrading.com\/about\/\">IEX Exchange<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson shows how a sample order can be executed on an exchange.<\/p>\n","protected":false},"author":928,"featured_media":221459,"parent":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13761],"traders-academy":[13125,13128,13132],"class_list":{"0":"post-175786","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-iex","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"This lesson shows how a sample order can be executed on an exchange.\" \/>\n<meta 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