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market vs. Limit in strategy
Started:November 27th, 2014 (01:49 PM) by edstaffin Views / Replies:242 / 2
Last Reply:November 28th, 2014 (08:29 AM) Attachments:0

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market vs. Limit in strategy

Old November 27th, 2014, 01:49 PM   #1 (permalink)
Trading Apprentice
Key West
Futures Experience: Beginner
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market vs. Limit in strategy

Is there a general consensus as to whether to use a market or limit order when placing an automated trade in a strategy? I'd love some expert opinion.
Thanks ... Ed

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Old November 27th, 2014, 01:49 PM   #2 (permalink)
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Old November 28th, 2014, 08:29 AM   #3 (permalink)
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I am not an expert but let us say you are trading YM and have a position open through several days, for example you set a profit target of $1,000 and a stoploss of $500. In this case a slippage of several ticks, not many if any as YM is very liquid, $5 per tick, is small compared with the potential for gain or loss. Here market orders would be appropriate to guarantee a fill.

If you are a day trader and every tick counts, you will probably use limit orders for getting a specific price. But I wonder if automated day trading systems are possible.

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