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How should I enter an order: market, bid, or ask?
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How should I enter an order: market, bid, or ask?

  #1 (permalink)
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How should I enter an order: market, bid, or ask?

I have been looking at trading for quite some time now, and am getting set to go live. I plan to use NT's chart trader; I will be doing shorter trades -- looking for 5-25 ticks on 6E, 6S, 6J and maybe gold or crude later on. I do not have a clear picture on how I should be entering: chart trader has buttons for market, bid, and ask. If you can direct me to some help I would appreciate it.

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Perhaps you should take a step back and do some basic research before going live...

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Last edited by Daytrader999; December 15th, 2012 at 04:01 PM.
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When I first started trading I had no clue what a system was, even though I'd heard a lot about systems.

I lost a lot of money.

The first real knowledge of what a system was turned out to be a set of rules based on studies of price behaviour that other people have developed, that after years of testing on paper is the only way we gain the confidence to develop our own system. I can practically guarantee if you trade real money before you develop your own system you will lose money.

The message is, once you've done the homework buy other people's systems and trade them on paper until you are profitable or you decide it doesn't work for you, or until you get angry enough to develop your own system. If you trade other people's systems out of the box you will lose money.

You first need to learn price action, and then how to trade.

Only once you've developed your own system of trading then you will know whether to take the bid, ask or market.

Edited to add: it seems to me you have a long way to go, so please don't risk the mortgage money.


Last edited by bnichols; December 16th, 2012 at 01:32 AM.
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Lets see if you can answer a few market related question before going live.
1. Where is sell side liquidity?
2. What is a strong high?

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Open up the DOM and then click those buttons and you'll see where your orders land on the DOM. The best thing you can do is teach yourself by just clicking around different options in NT experimenting. Obviously, Don't experiment with real money.

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jimmo View Post
I have been looking at trading for quite some time now, and am getting set to go live. I plan to use NT's chart trader; I will be doing shorter trades -- looking for 5-25 ticks on 6E, 6S, 6J and maybe gold or crude later on. I do not have a clear picture on how I should be entering: chart trader has buttons for market, bid, and ask. If you can direct me to some help I would appreciate it.

If you don't know what type of entry method to use, then you don't know your trading method well enough, and so you are not ready to trade live. Entering at market on one instrument can perform drastically different on another instrument due to each instrument's typical spread, volatility, and volume. If your target is 5 ticks then entering at market, loosing 1 tick on the spread is 1/5th of your profit potential, loosing another tick on a stop out is another 1/5th of your profit, so potentially a 5 tick target could often become a 3 tick profit trade plus commissions. I don't know what your stop loss is, but this his probably means that your win/loss ratio would have to be pretty high. If your target is 25 ticks, then these become less of and issue.

I don't know the details of your strategy, but these are some of the things you need to think about, and experiment with in SIM, in order to develop the proper entry/exit technique for your strategy on each of the specified instruments.


Last edited by monpere; December 16th, 2012 at 10:27 AM.
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