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----- Original Message -----
From: "Jason Armstrong" <jarmstrong444@xxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, February 26, 2003 12:29 PM
Subject: [RT] What type of order should I use?
> Hello Group,
>
> I am new to trading and was hoping I might be able
> to draw on the experience of some of the veterans in this group for some
> guidance. Here is my situation:
The markets I trade are thinly traded.
NW: Don't do that!. If you changed the words so it read, "the air I
breathe is very thin"
would you continue doing what you are doing or make a change so you don't
die?
There are more than 20 liquid futures markets. You don't need to seek out
trouble to find it, it will eventually find you.
To
> prevent excess slippage I would like to confine my entry to a specific
> price. When the market rallies to a specific price level I would like to
buy
> at that price. I can't use a buy limit order, because my broker's trading
> platform interprets these as 'limit or better' and I will get filled
> automatically when price is below this entry level. If I use a buy-stop I
> risk some serious slippage when that level is hit. I could use a
stop-limit
> order, but then my order will be at the back of the line when that price
> level is hit. What type of order I should be using? I should also mention
> that this order will be placed on globex. Any help would be greatly
> appreciated.
NW: As a beginning trader, you should avoid illiquid markets and markets
that are open 24 hours. Try a liquid low volatility market such as corn.
Trade small for a year and see if you can make any money trading 1-2
contracts starting with $10k. You shouldn't pay more than $20
r.t.commission and less after you get some experience. Initially, it may be
a good idea to enter your orders over the phone with someone monitoring your
orders for possible errors. After six months to a year, you may be able to
go on your own and then get a lower commission. Be sure you have another
source of income that will support you and forget about day trading so you
don't get tempted to do something stupid in order to pay your bills. Let
us know how it goes.
Regards,
Norman
>
> Best regards,
>
> Jason.
>
>
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>
>
>
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>
>
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