MIT vs Limit Orders | Traders Hideout


futures.io - futures trading strategies, market news, trading charts and platforms


Traders Hideout


Discuss day trading practices and futures trading strategies on this forum for all markets. This forum is also for discussing and reviews for brokers, data feeds, and commercial or third party add-ons




 

MIT vs Limit Orders

  #1 (permalink)

Minneapolis
 
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!

Reply With Quote