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Earl - I am curious as to why you don't use STOP orders ?
Is it because of the problem reported by IB customers whereby those orders
are "parked" and not placed in the CME electronic order book until they
become market orders ?
All of my systems testing normally uses STOP orders, rarely limit orders,
and never STOP LIMIT orders since Tradestation does not support that order
type.
> -----Original Message-----
> From: EarlA [mailto:earl.a@xxxxxxxxxx]
> Sent: Sunday, March 02, 2003 5:17 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Re: What type of order should I use?
>
>
> Some years ago (before the emini was as heavily traded as it is
> now), I did
> enough analysis work between the big SP and emini to convince me
> that total
> commissions, spread, and slippage were lower on 5 emini than 1 SP under
> normal market conditions. In years of trading thousands of emini
> contracts,
> I have rarely used anything other than stop limit and limit
> orders to enter,
> and stop limit and market orders to exit. I can count on the
> fingers of one
> hand the number of trades I have missed due to using limit orders.
>
> I suppose, if one is trading breakouts and/or chasing ticks, one
> might have
> to use market orders. However, even breakouts can be successfully traded
> with stop limit orders. If one is trading retracements and projections
> and/or higher time frames, one can readily take their time with limit and
> stop orders without missing trades.
>
> If one wants to use another index to trade the emini, one can still park
> limit orders and hit Transmit when the primary index hits the number. One
> must, of course, have timely price data.
>
> Earl
>
> ----- Original Message -----
> From: <phil@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Sunday, March 02, 2003 2:57 PM
> Subject: [RT] Re: What type of order should I use?
>
>
> > The question is one that can easily be asked in liquid markets as
> > well. My methodology was created specifically fortrading the big S&P,
> > with trades entered on a stop. Trying to trade it with minis gives
> > the same invariable question. The minis are known for overshooting
> > the big S&P, thereby possible giving false entry and exit signals. So
> > what do you do? Enter on a stop thats 2 ticks further? Adds up at the
> > end of the month. Enter on a limit? You might miss a big move. Most
> > of my subscribers that trade the e-minis have taken to simply enter a
> > market order when they see the Big S&P hit its entry stop...
> >
> > All the best,
> >
> > Phil
> > www.sp-levels.com
> >
> > --- In realtraders@xxxxxxxxxxxxxxx, "Jason Armstrong"
> > <jarmstrong444@xxxx> wrote:
> > > 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. 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.
> > >
> > > Best regards,
> > >
> > > Jason.
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
> > Your use of Yahoo! Groups is subject to
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> >
> >
> >
>
>
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