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Discussion Starter · #1 ·
I would appreciate some help understanding what I am seeing at TDDI.

I have a long term limit buy order for a few thousand shares of an undisclosed company at $61.50. It will remain open for quite some time.

As of right now, the current bid is $61.40. The current ask is $62.00.

How come I am not the bid? Maybe I am the bid in an after hour dark pool while the bid/ask being reported is from an exchange ticker?

I've never noticed this before.

I have had limit buy orders execute few cents below the recorded high/low, so I'm guessing this is dark pool activity?
 

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Discussion Starter · #3 ·
Is that in Advanced Dashboard? I have that but have never bothered registering.
 

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^ BMOIL grants you level 2 once you become a 5 star client. Oops, I now see you're with TDDI which I'm not. I'm sure someone with TDDI can help you out with that.
 

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Discussion Starter · #5 ·
I'm at TDDI. BMOIL is for hookers and hockey players; not that I'm here to judge anyone's choice of vocation.
 

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^ Oh boy.

Then for whom are RBCDI, CIBC Investor's Edge, Scotia ?, National Bank Direct, Questrade, etc. for?

Actually, I'm most interested to know whom is WealthTrade from the WealthSimple family for? I'm prepared to LMAO.
 

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Discussion Starter · #7 ·
I understand WealthTrade was created exclusively for Anna Nicole Smith.
 

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Discussion Starter · #8 ·
You know... this is a serious point of view but also may be semi-amusing....

Even the name "WealthTrade" is something only a millennial would like. For some reason, the younger guys I used to work with were always talking about some form of gambling that was going to make them rich in a short period of time: crypto trading, WallStreetBets, GameStop, etc.

I confess to being old and cranky but the very last thing I would want is to trade my wealth with someone else. I want to keep my wealth and grow it. Hence, I am an investor.

The idea the name "WealthTrade" is appealing to someone boggles my mind, and not in a good Jack Bogle sort of way.
 

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And here I was thinking I was a judgemental prick...

But seriously - you're judging people based on the platforms they use?

You use TDDI... You're using one of the worst platforms, my friend.

I use WealthTrade and QuestTrade.
Because they are cheaper and more efficient than TDDI. Not because my name is Anna, or because I'm a millenial. It simply makes sense.

Afraid I can't help you with why your bid isn't showing, but sometimes if your shares are actually held in custody by a 3rd party, your bid will not show. This happens regularly. Not sure if that is how it is with TDDI.
 

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Discussion Starter · #10 ·
The comments were created with a light heart and a wish to brighten your day.

He shoots... he scores! :D

Thanks for your perspective. :cool:
 

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Discussion Starter · #11 ·
Quick follow up... I don't use TDDI Advanced Dashboard because the app is only available for Mac and Windows. I use Linux, most of the time and couldn't be bothered to power up my laptop to watch matching engine metrics.
 

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You use TDDI... You're using one of the worst platforms, my friend.

I use WealthTrade and QuestTrade.
Because they are cheaper and more efficient than TDDI. Not because my name is Anna, or because I'm a millenial. It simply makes sense.
I use TDDI & Questrade brokerages. TDDI can be improved since we pay $9.99 commission but they provide best research materials if you buy individual stocks. You wouldn't get it from cheap brokerages such as Questrade and WealthSimple.
 

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Discussion Starter · #13 ·
I can see how younger people would dislike tddi. The higher commissions would keep out people with a trading mindset.

We are adequate with TD. They could stand to improve several areas but they have been OK to us. I could gripe but there have also been positive experiences.

My comments about other brokerages were in jest. I used to have a questrade account, and it was fine, but I prefer to have all of our stuff at one brokerage.
 

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I use Linux, most of the time and couldn't be bothered to power up my laptop to watch matching engine metrics.
And yet, you are the person asking the question in this thread that could easily be answered with Level 2 quotes.

Not using Level 2 in any trading basically renders you blind. It adds the market depth, where Level 1 a simple bid/offer that should only be used with the most liquid of trades like the larger ETF's.

Simply knowing the sizes behind the curtain gains you a lot of knowledge. Example - I want to purchase 500 shares @$50, and the Level 1 shows 400 shares available @$50. Do you put in your order for 500 with the hope that the next 100 shares aren't priced at $75? Or do you look at Level 2 and see that the next 100 shares are priced at $50.01.

ltr
 

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Not using Level 2 in any trading basically renders you blind.
While I agree that there is a ton more information, I still do not see any rational why TomB16's bid should not be the high bid. I don't have level-2 either, and I have been caught out by partial fills which I would have seen coming with L2, but the high bid is the high bid, even if for a single share.

Do you put in your order for 500 with the hope that the next 100 shares aren't priced at $75? Or do you look at Level 2 and see that the next 100 shares are priced at $50.01.
FWIW, I always use a limit. In this instance something like $50.02. So in the instance that the next 100 were $75, I would just get a partial fill with the 400. TDDI doesn't let retail investors do all-or-nothing orders anymore.
 

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Not using Level 2 in any trading basically renders you blind. It adds the market depth, where Level 1 a simple bid/offer that should only be used with the most liquid of trades like the larger ETF's.
Level 2 is nice to have but for most blue chip stock trades it's not really needed for long term hold buys. Hit the ask plus a few cents typically gets you a fill unless you're buying big volume or it's highly active.

In the end it really depends on the stock being traded whether or not level 2 really adds anything. Level 2 can also indicate momentum but that's difficult if the "big boys" are currently playing with the stock.
 

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You shouldn't have to pay for level 2

Live bid/ask data is pretty standard on crypto exchanges and it doesn't take 2 days for trades to settle either

It's very important to see what the market makers are doing
 

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I would appreciate some help understanding what I am seeing at TDDI.

I have a long term limit buy order for a few thousand shares of an undisclosed company at $61.50. It will remain open for quite some time.

As of right now, the current bid is $61.40. The current ask is $62.00.

How come I am not the bid? Maybe I am the bid in an after hour dark pool while the bid/ask being reported is from an exchange ticker?

I've never noticed this before.

I have had limit buy orders execute few cents below the recorded high/low, so I'm guessing this is dark pool activity?
I think there's a need for a certain size to be considered.

Imagine this. There's a lot of 1,000 at ask price of $62. There's a lot of 1,000 at bid price of $61.40. Now I come in and bid for 20 at $61.50. I don't think it'll show up as the new higher bid price.

Same concept for daily high/low. I've also bought below the daily lows.
 
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Imagine this. There's a lot of 1,000 at ask price of $62. There's a lot of 1,000 at bid price of $61.40. Now I come in and bid for 20 at $61.50. I don't think it'll show up as the new higher bid price.
IIRC, for a limit order to show up it needs to be in lot sizes, likely without restrictions as well (e.g. AON). Lot size for TSX is 100 at that price range.
 

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Oh and I missed that @TomB16 said it was for a few thousand shares, so I guess it should show up.
 
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