Why is there a delay in my executions?

We need to understand that the copier only participates in the first stage of the trade, which is sending the orders to the broker, from which point on there is a second stage where the order is in work mode waiting to be filled by the market, at which point it is the broker's responsibility to fill the order according to its type and market liquidity.

Once the order is submitted to the broker, it enters a second stage where it is in a 'Working' state, waiting to be filled by the market. At this point, the responsibility for filling the order lies with the broker, and the execution depends on several factors, including:

• Order Type: Whether it's a market order, limit order, stop order, etc., will dictate how and when the broker attempts to fill it. Market orders aim for immediate execution at the best available price, while limit orders will only fill at the specified price or better. Stop orders trigger a market or limit order once a certain price is reached.
• Market Liquidity: The availability of buyers and sellers at the order's price level significantly impacts the speed and price of execution. Low liquidity can lead to delays or fills at less favorable prices (slippage).
• Market Volatility: Rapid price movements can cause orders to be filled at different prices than intended (slippage) or even be bypassed if they are stop-loss orders.

• Broker Execution Speed: Different brokers may have varying speeds in processing and executing orders, which can lead to slight differences in fill prices between leader and follower accounts.

It's important to note that while Replikanto facilitates the copying of orders, it does not guarantee that follower accounts will have their orders filled at the exact same price and time as the leader account. Factors like network latency, broker processing times, and market conditions can all contribute to differences in execution. These discrepancies can also lead to differences in the Profit and Loss (PnL) between accounts.

The NinjaTrader "Executions tab" displays current day's execution information when connected to your brokerage account. One of the default columns in this tab is "Time", and the description for this column is "The time at which the execution occurred". An execution occurs when your order is filled by the market through your broker. Therefore, the timestamp in the "Time" column precisely indicates when the broker completed the order execution.

This is consistent with the understanding that Replikanto's primary role is in the first stage of sending the order to the broker. Once the order reaches the broker, the responsibility for filling it lies with them based on market conditions and the order type, and the "Time" in the "Executions" tab records when this fill happened.

Therefore, the execution time you see indeed reflects the point at which the broker successfully filled the order in the market. And this is not an issue at all, because it is due to market dynamics.

There are aspects to consider that can influence how quickly an order might be filled:

• Order Type: The type of order you place has a significant impact on the likelihood and speed of being filled.
  • Market orders are designed to be filled immediately at the best available current market price. This order type prioritizes speed of execution over price certainty.
  • Limit orders, on the other hand, will only be filled at your specified price or better. If the market doesn't reach your price, the order may not be filled, potentially delaying or preventing execution. Many brokers allow placing limit orders outside market hours, which are then queued for processing when trading resumes.
• Market Liquidity and Volatility: Market liquidity (the availability of buyers and sellers) and volatility (the speed and magnitude of price changes) are crucial external factors. Higher liquidity generally leads to faster fills, especially for market orders. In volatile markets, orders can be filled quickly but potentially at a different price than expected (slippage).
• NinjaTrader Performance: While it doesn't directly control the broker's filling process, ensuring your NinjaTrader platform is running optimally can help ensure orders are submitted to the broker without unnecessary delays in the first stage. Factors outlined in the "Performance Tips" can influence the responsiveness of your platform, including:
  • The capabilities of your PC hardware.
  • The number of open workspaces, charts, and indicators.
  • Indicator calculation settings.
  • The type of internet connection (a hardwired connection is recommended over wireless).
• Replikanto's "Market Only" Feature: Replikanto version 1.6.0 introduced the "Market Only" feature, which copies only the market order executions from the leader to the followers. This feature acknowledges that the actual fill is the critical event being replicated, focusing on the outcome of the broker's execution of a market order. However, this feature doesn't speed up the broker's execution itself; it simply ensures that only completed market orders are copied.
• Broker Connection: The connectivity provider (broker technology) can vary in its level of real-time data service, which might indirectly affect the perceived speed of order submission, but not necessarily the broker's fill time once the order is received.

In summary, while Replikanto focuses on the first stage of copying and sending the order, and the broker handles the filling in the second stage based on market conditions, your choice of order type (primarily using market orders when immediate execution is prioritized) is the most direct way to potentially "fasten" the second stage, albeit at the possible expense of price certainty. Keep in mind that external market factors like liquidity and volatility ultimately govern how quickly and at what price your orders are filled by the broker. Optimizing your NinjaTrader platform's performance can help ensure timely submission of orders to your broker.