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If I enter an electronic S&P limit order using LFG's
Leoweb, and I am filled, I get my fill price back right
away, most often in a few seconds. If I place an MIT
order instead, [which I most often would prefer to do]
and it is hit, I won't get a fill back for as many as
20 min, and never yet timely. I thought this was
probably an intentional happening as the pit is reputed
to hate MIT orders. I now only use limit and stop
orders since I only trade electronically, finding the
added delay of using an order desk disconcerting, and
electronic MIT fills from LFG untenable.
tradejacker@xxxxxxxxxxxx wrote:
>
> limit orders are more or less dead, so forget em and adapt and evolve.
>
> now i use mit orders exclusively, usually with positive skid on both sides.
> mit's have the effect of a limit order, but get you filled around your target
> price if you're clever enough.
>
> there are two main components of successful trading; one is good research
> of your method/system, and the second is proper execution of orders. in
> the final analysis, execution is paramount to success.
>
> TJ
>
> At Mon, 15 Nov 1999 16:12:20 -0500, "John F. Berentson" <jfbnyc@xxxxxxxxxxxxxxxx>
> wrote:
>
> >My sympathies, but I learned that limit orders cannot be relied upon
> >for a
> >fill in any market condition other than one going against you. I use
> >stop
> >orders and OCO orders and take my lumps on slippage. I have been dabbling
> >in
> >the e minis lately and got a stop order hit on the button. This is an
> >advantage of a electronic crossing network - it makes no attempt to
> >put your
> >money in its pocket.
> >
> >JFB
> >Shaven Heads Trading
> >NYC
> >
> >-----Original Message-----
> >From: Snap . [mailto:snapp33@xxxxxxxxxxx]
> >Sent: Monday, November 15, 1999 12:48 PM
> >To: omega-list@xxxxxxxxxx
> >Subject: S&P Fill??
> >
> >
> >Hello Group,
> >
> >Wanted to know from experienced folks if the following can occur or
> >not as
> >its news to me and can dangerously effect ones results if using limit
> >orders.
> >
> >I used a limit order that clearly went thru the price by 2 ticks in
> >a slow
> >paced time at the S&P pit (12:11 EST) and broker says UNABLE!!
> >
> >If this is true, How can trading systems or methods that are self written
> >or
> >bought be replicated in real time if the rules of the exchanges allow
> >vagueness?
> >
> >I have not heard of errors like this and wanted to see if others have
> >witnessed this.
> >
> >Thanks
> >Steve
> >
>
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