A better fill must be defined relative to a benchmark: the quote when you decided, the quote when you submitted, or another stated reference. Looking only at filled limit orders can hide the cost of opportunities that never filled.

Price Control Has a Tradeoff

A buy limit sets a maximum acceptable price and a sell limit a minimum. Neither promises execution. A market order prioritises execution without a price limit, but halts, rejects and technical failures can still prevent a prompt fill. The SEC order guide explains that distinction.

There may be no legal tick strictly inside a one-tick spread. A rule to improve the quote by “one or two ticks inside” cannot apply to every instrument. A limit at the opposite quote can be immediately marketable rather than a resting liquidity-providing order.

Read Depth Without Reversing Queue Logic

A large order ahead of your buy limit at the same bid can mean more quantity must trade before you receive a fill under price-time priority. It does not automatically improve your queue position. Venues use different matching rules, and displayed depth can change or omit hidden interest.

A better price among filled trades can be offset by missed moves or fills just before adverse price changes. Record both filled and unfilled eligible orders.

Measure the Whole Route

Connection delay is one component between decision and execution. Data delivery, broker checks, routing, exchange matching and available liquidity also matter. A VPS near an exchange is not automatically near the broker endpoint that your order uses.

Compare timestamps and fills under similar order sizes, sessions and conditions. A single fast ping or profitable trade is not proof of superior execution.

Quantify an Improvement Honestly

For an illustrative contract worth $12.50 per tick, one-tick improvement on one contract across five fills a day and 250 days equals $15,625. This assumes every qualifying fill improves with no extra missed trades or costs. It is a sensitivity calculation, not guaranteed annual savings.

Keep the benchmark, quantity and observation window in any report. Our spread guide explains why costs already embedded in actual fills should not be deducted twice.

Risk Disclaimer: Trading involves substantial risk of loss. Past performance is not indicative of future results. See our full risk disclaimer.