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There are 3 columns on the DOM. On that lets me Buy, one that shows prices, and another that lets me Short.
Sometimes I will click on, say, 3-5 ticks away from the current price and my order will immediately be filled. Other times it will cover the row I picked in a green bar that says "LIMIT".
My question is, how do I know when my order will immediately be filled, and when it will remain on "LIMIT". If it is on Limit, how do I tell when it will be filled?
I'm probably not using the right terminology here, but I hope it makes sense. Any pointers would be helpful. I'm just learning at the moment.
Thanks!
Can you help answer these questions from other members on NexusFi?
it sounds like you are only buying and selling using limit orders via the DOM.
Chances are: when you are placing a limit order to BUY, and that order is BELOW where the market is, then it stays as limit order until it gets filled. There is no way to tell if and when it'll get filled.
When you are placing a limit order to BUY, but that order is ABOVE where the market is, then the platform interprets your action as wanting to buy at market and the order is converted from limit to market, hence immediately filled.
Also, do you know if there a way to execute a trade precisely at a certain price? What I am trying to do is to put an order a certain amount of ticks away from the current price so that if the price puts in a big move, the order will trigger and I will be able to scalp a handful of ticks before it corrects. Right now, the order sometimes gets filled, and sometimes doesn't. There has to be a way to do that...
I was reading again this and I may have misinterpreted what you asked.
A limit order lets you place a buy order below market price or a sell order above market price. With a limit order, if you are filled, you are guaranteed that the price was the one that you set the order at.
However, if you say
It sounds like you are looking for situations where the current price goes against your order but then keeps going in the same direction for a while so that you can scalp a few ticks before it comes back.
That would not be a limit order.
If the price shoots up you would probably want a buy stop order, and if it shoots down you would want a sell stop order.
I won't comment on the profitability, skill, suitable markets or feasibility of what you are looking for.
