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MIT vs Limit Orders

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Trading Experience: Intermediate
Platform: TOS, NinjaTrader
Favorite Futures: Emini ES
Posts: 24 since Jan 2017
Thanks: 29 given, 18 received

MIT vs Limit Orders

Limit orders. I hate them.

I can't tell you how many times I've seen the price reach my limit order and sit there, only to leave unfilled and miss out on a profitable trade. Even worse, when I see my profit target hit repeatedly, only to turn around and stop me out. Many of my big losses would have been small gains if I got filled at my profit target. Many of my missed trades would have been wins, big or small, if I my limit orders got filled. It was so bad that I decided to only enter and exit with market orders. I chose bad fills over no fills.

Market If Touched orders were not available to me on most of the platforms I have traded. I recently switched to NT and to my delight the MIT option is available.

However, I have no real experience trading with MIT orders and therefore, for the first time ever, I thought I would ask experts first before I jump in and see what happens.

That's why I joined Big Mike's!

So here is the question:

Is there a distinct advantage or disadvantage about trading with MIT vs Limit Orders? Or is it one of those "six of one, half a dozen of the other" deals where its more about the kind of pain you prefer, missing ticks or missing out altogether?

Thanks for reading!

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