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MIT vs Limit Orders

  #12 (permalink)

Minneapolis
 
Trading Experience: Intermediate
Platform: TOS, NinjaTrader
Favorite Futures: Emini ES
 
Posts: 24 since Jan 2017
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kevinkdog View Post
So now with limit orders you see many times where the limit order causes you to miss a trade, or to miss exiting at the right trick.

The funny thing is that if you go to a different type of order, you'll be frustrated at different things. You'll now see the times where your target just gets hits, and you exit, but the price kept going, and you'll think about the tick in profit you "lost." Or you'll see your entry get filled, and instead of taking off without it, market collapses with you in it.

The lesson is that in the end the exact type of order won't be a make or break proposition. What you focus and dwell on will be.

So what it boils down to is choose your pain, as I suspected. Well, I tend to prefer market orders. I rarely fret about a missed extra tick when I hit my profit target. I scream bloody murder when I get stopped out after hitting my profit target for the third time in a row on the same day.

Your point is well taken - there will often be times when using one or the other would have yielded a better result. Too, I am learning about the DOM and I may be able to have more success with limit orders if I learn how to spot market condition where getting a fill with a limit order looks more likely.

Thanks for the insights, kevindog!

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