When a stop loss order is filled beyond limit price - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


When a stop loss order is filled beyond limit price
Updated: Views / Replies:11,199 / 56
Created: by Big Mike Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

When a stop loss order is filled beyond limit price

  #1 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received

When a stop loss order is filled beyond limit price

I've noticed recently that with Mirus Futures and CL I'm getting some slippage on stop orders.

Example:

Am short @ 83.20

Stop loss limit order @ 83.30, placed many minutes ahead of when price trades near this level.

Market pops (just a regular "pop" on CL, no news or anything), my stop loss limit order gets filled at 83.35 instead of 83.30. That's some painful slippage, especially when my stop was a limit order.

I'm scratching my head on this, trying to figure out if this is the correct behavior or not. I've convinced myself both for and against, so am now asking for input from the smart guys here on futures.io (formerly BMT).

I know on ES that all orders are limit orders -- a 'market' order is actually converted to a limit order by your broker. I'm not sure if the same is true of CL, can anyone confirm?

Please share thoughts... I don't remember seeing this with Amp or IB.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
san ramon
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: zen
Favorite Futures: es, 6e
 
Posts: 136 since Oct 2009
Thanks: 98 given, 73 received


hi Mike ...... to follow up my last comment on Mirus thread, I really got alarmed when I heard that Mirus has on-staff developer........to develop what?........I was hoping for some transparency in their services but now I am not sure about that .......

Reply With Quote
 
  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received


zikonc View Post
hi Mike ...... to follow up my last comment on Mirus thread, I really got alarmed when I heard that Mirus has on-staff developer........to develop what?........I was hoping for some transparency in their services but now I am not sure about that .......

I understand.

But, the question I am really asking is -- can a stop loss limit order be filled at the non-limit price in a market that was not halted?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #5 (permalink)
Elite Member
Madison, WI
 
Futures Experience: Advanced
Platform: Sierra Charts, ALT
Favorite Futures: ES
 
aslan's Avatar
 
Posts: 614 since Jan 2010
Thanks: 342 given, 1,077 received

I'd call your rep and ask him, as you are paying him.

Reply With Quote
 
  #6 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received


aslan View Post
I'd call your rep and ask him, as you are paying him.

I did. I didn't like his answer, so I'm soliciting advice here

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #7 (permalink)
Elite Member
Madison, WI
 
Futures Experience: Advanced
Platform: Sierra Charts, ALT
Favorite Futures: ES
 
aslan's Avatar
 
Posts: 614 since Jan 2010
Thanks: 342 given, 1,077 received


Big Mike View Post
I did. I didn't like his answer, so I'm soliciting advice here

Mike

And what did he say? Figuring out how CL orders are processed is on my todo list. Might be time to bump it up the list.

Reply With Quote
The following user says Thank You to aslan for this post:
 
  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received


aslan View Post
And what did he say? Figuring out how CL orders are processed is on my todo list. Might be time to bump it up the list.

Something along the lines of "stop orders, limit or not, are not guaranteed at that price".

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #9 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received


Big Mike View Post
Something along the lines of "stop orders, limit or not, are not guaranteed at that price".

Mike

BTW, I understand the above in certain situations, like if a market is closed then re-opened (normal close/open, or halt, etc).

Like I said, I convinced myself "both ways". The argument with myself was something like this:

- I am a seller @ 83.30.
- I am on the bid @ 83.30.
- No one wants to buy @ 83.30.
- Instead, someone buys @ 83.35.

Why would someone buy @ 83.35 instead of @ 83.30? Why did the market not force the fill to the best bid, 83.30?

Well, Mike, if someone placed a sell @ 83.31 (above you), then they become the best bid and not you, and same for .32, .33, .34 etc. Each level maybe no LAST was conducted until .35, but each time the bid was raised.

Like I said, I am unclear on this so wanted discussion/advice I also don't recall this ever happening at Amp or IB, but Amp is basically a clone of Mirus you would think, but IB is naturally quite different.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #10 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received


Let me also throw one more thing out for discussion.

Who decided that 83.35 was the right thing to do? Was it NinjaTrader, was it Mirus, was it CME?

The orders tab of NinjaTrader simply says stop limit @ 83.30, avg fill @ 83.35. The end, nothing else. So it seems Ninja is not the one that decided to change the order, or at least if it did, it didn't bother telling me.

So did Mirus decide that it knew I was trying to get filled @ 83.30, but that 83.35 was the best it could do?

Or did CME decide, and tell Mirus?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

Reply



futures io > > > > When a stop loss order is filled beyond limit price

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Limit Order and Trailing Stop Tiger45 NinjaTrader Programming 7 May 9th, 2013 06:57 AM
How to set up a Stop (Limit) Loss order - Ninja Trader jdumanic NinjaTrader 2 June 7th, 2011 06:40 PM
Stop Limit Order Big Mike Terms (Glossary) 0 July 2nd, 2010 12:37 PM
Stop Loss Order Big Mike Terms (Glossary) 0 June 28th, 2010 01:29 AM
Stop Limit Order with InteractiveBrokers tom1 NinjaTrader 2 June 20th, 2010 11:29 AM


All times are GMT -4. The time now is 02:07 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-11-20 in 0.11 seconds with 19 queries on phoenix via your IP 54.224.187.45