Is the best way to place a buy limit order by using DOM
My friend says he uses NT and places limit orders with one right click, and doesn't use DOM. What I don't like about using DOM is that it is hard to quickly locate price because the DOM is always moving and there are so.many prices. For example let's say price breaks out of a range to the upside, and I want to go long on a slight pull back. My pullback price to go long is 1550.50. What is the easiest way to set a buy limit order or at 1550.50? Is there a one click, right click option like my friend said? Thanks.
Thank u4 ur reply. I will explore ur directions when I get home. I am currently on the road and using my smart phone. My initial thought after reading ur reply, though, is do these instructions apply to place limit orders? Or are these instructions simply a fast way to place a market order? Just to reiterate I am looking for an alternative way to drop in a limit order to go long once price pulls back to my desired location. Currently I am using the DOM ladder to select the price. I hope I am using the correct terminology etc so as to not confuse everyone.
Howdy; just so that you are aware, paper trading delays the Active Trader prices by some amount of time, while the chart data is real time. Therefore, paper trading with the Active Trader in TOS is kinda weird, as you can practice placing your order (including brackets if you wants), but I would NOT recommend simply clicking the "Join the Ask" of "Buy the Bid" etc buttons, because these buttons grab their price info from the Active Trader (delayed) prices rather than the real time chart prices. However, the preceding presupposes that you prefer to place your trade based on the chart (live) prices as opposed to the Active Trader (delayed) prices.
I've found that I have to quick check what the chart price is, then I enter the trade (I use a bracket) within Active Trader by simply clicking in the "Bid Size" (if you're going long) or the "Ask Size" (if you're going short) on the price that you want the trade to show up on the chart (real time pricing).
This can be a pain in the butt, because in order to "lock" the Active Trader from jumping around the delayed price, you have to hover over the Bid Size or Ask Size column to temporarily halt the Active Trader prices from jumping around on you. Again, this is a pain in the butt because the Active Trader is jumping around on delayed prices rather than the real time prices that you are likely going to be trying to practice on.
You can then manage your trades from either the chart or Active Trader, as your bracket orders (if you use them) will be executed in real time using the chart price data and not the Active Trader delayed data.
I just recently came up this learning curve, and hopefully the above will help the new TOSwimmers get more bang for their buck during paper trading.
Let me know if you have any questions...I can't say I'll have an answer, but if I don't know the answer to your question, maybe it will force me to continue learning about how to better use the damn platform.
If you're just trading paper for the purpose of education, why not consider placing bracketed limit orders only. You're decisions are based on your methodology. I suggest that you put your trading method to the test by anticipating the expected, and place all orders using a bracketed order with a stop that is relevant to the set-up, and of course your risk tolerance.
If you need to get in no matter what, then the bid/ask buttons put you in the back of the line at the associated price. Resident (platform based) stops are executed as Market orders, which place you at the front of the line. Which is not always the most favorable fill.
When I paper trade 'On Demand' I'll take every set up that fits my criteria. No exceptions. With a big focus on what I do right. I often go back and repeat the time sequence, sometimes multiple times, paying no mind that the set up is now familiar. My goal is to trade my method consistently to the best of my ability. (Not to rack up imaginary paper money).
The saying, "If you see it, and your not in it - it's over" is usually the case.
are you using ondemand or are you logging into the platform under paper?
If the AT isn't matching the chart then you're set to the wrong contract in OnDemand.
If you are logged in the paper account, the AT and chart prices should match.
I've never seen them where they didn't match unless I was logged into my live
account and was in OnDemand and had the wrong contract.
Strategy ≥ Money
Last edited by Massive l; April 19th, 2013 at 04:03 PM.
I have recently switched to the Ninja Trader platform. I was using "On Demand" on ToS, not paper trading.
I will keep the ToS account open as well to see which simulator I like better. I like the fact that I download the data from NT, and can replay it on my lap top without an Internet connection.
Broker/Data: Mirus (Broker), Continuum (Data), Dorman (Clearing)
Favorite Futures: Futures
Posts: 202 since Mar 2013
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Funny; I, too, have moved from TOS to NinjaTrader. There is so much more support and robustness on NT relative to TOS (ie, futures.io (formerly BMT) traders using NT, futures.io (formerly BMT) traders building indicators for NT, futures.io (formerly BMT) users discussing NT functionality, etc), that I have been very pleased with the move. Plus, using NT you get better roundtrip future turns.