What is a Fill in Trading?
Quick Answer: A fill occurs when your order executes at a specific price and size, with quality influenced by liquidity, order type, and platform latency.
Understanding Fills
A fill occurs when your order executes at a specific price and size. Fill quality depends on liquidity, order type, and broker routing. Monitoring fills ensures your real trading costs align with expectations.
Factors Impacting Fills
Market orders prioritize speed but can suffer from slippage. Limit orders prioritize price but risk non-execution. News events, thin liquidity, and platform latency also affect outcome.
Execution Journal
Log every fill: time, price vs. quote, and slippage. Patterns reveal whether issues stem from broker quality or your order placement tactics.
Improving Execution
Use ECN brokers with deep liquidity pools, route orders during active sessions, and avoid market orders right before data releases. For large sizes, split orders to minimize market impact.
Beware of Requotes
Chronic requotes signal poor liquidity or dealer intervention. Escalate with your broker or migrate to a better venue to protect fill quality.
Related Terms
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