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Is there an optimal way to get my limit fills without using market orders?
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Is there an optimal way to get my limit fills without using market orders?

  #1 (permalink)
Gulf Coast Tracy
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Is there an optimal way to get my limit fills without using market orders?

When I know the market is going in my direction I put a limit order in, but rarely get the fill. So naturally I have to use the market order, for which they get me for $12.50. And I don't want to give that up. Is there a trading server close to CME that is worth it?

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  #3 (permalink)
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Your answer: clickme

Or this method first introduced by perryg: market limit order

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  #4 (permalink)
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tracy View Post
When I know the market is going in my direction I put a limit order in, but rarely get the fill. So naturally I have to use the market order, for which they get me for $12.50. And I don't want to give that up. Is there a trading server close to CME that is worth it?

I use limits and get significantly better fills by locating on a server close to cme.

My experience in this thread here

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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If you "know the market is going in your direction" then you have waited too long to enter and need to either (1) just get in using a marketable limit order (which trendisyourfriend curiously describes below as some type of new innovation), or (2) be okay with not getting in.


trendisyourfriend View Post
Or this method first introduced by perryg: market limit order

Placing a buy limit at the inside offer and vice versa is a "method first introduced by perryg"? Hmm, not so sure about that one.

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  #6 (permalink)
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Sounds like a buy/sell stop order. I know he trades CL, but is he trading FX micro? LOL

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  #7 (permalink)
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I find Buy Stop Limits for entry not work very well on markets that move fast like CL (I think this is what is being described above a as a market limit). Problem is to get filled consistently you have to set the limit with pretty wide margins to make sure you get filled. While offers some protection on getting a fill way away from price as compared to a market order with no limit it has it's issues.

It is something I would like to use because at face value gives some of the benefits of a limit and market order you but in real practice I did not like fills I was getting and missing entries all together. I have better results just using a regular limit and server close to the exchanges.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; February 14th, 2013 at 07:22 PM.
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I never use market orders, but always place limit orders at the offer. It's instant fill and more protection in fast moving markets. For an instrument like ES it won't make that big of a difference, but on something with thin like CL, it definitely will.

Mike

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  #9 (permalink)
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Big Mike View Post
I never use market orders, but always place limit orders at the offer. It's instant fill and more protection in fast moving markets. For an instrument like ES it won't make that big of a difference, but on something with thin like CL, it definitely will.

Mike

Same here @Big Mike

I find limits to function well most of the time if latency low and much safer than a Market Order.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #10 (permalink)
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Interactive Brokers has a "Pegged-to-Market Orders" that might be what you're looking for:

"A pegged-to-market order is designed to maintain a purchase price relative to the national best offer (NBO) or a sale price relative to the national best bid (NBB). Depending on the width of the quote, this order may be passive or aggressive. The trader creates the order by entering a limit price which defines the worst limit price that they are willing to accept. Next, the trader enters an offset amount which computes the active limit price as follows:

Sell order price = Bid price + offset amount
Buy order price = Ask price - offset amount"


You may want to check if it is available with your broker.

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