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What types of orders do you use?
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What types of orders do you use?

  #1 (permalink)
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What types of orders do you use?

New poll, please vote and discuss.

What types of orders do you use?

Total votes: 672
 


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  #2 (permalink)
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  #3 (permalink)
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What about stop order? Many momentum traders use stop orders with or without limit. In which catagory do they fit?

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  #4 (permalink)
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trendisyourfriend View Post
What about stop order? Many momentum traders use stop orders with or without limit. In which catagory do they fit?

It would depend on if you use a stop market or stop limit.

Mike

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  #5 (permalink)
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Hey Mike, Your survey needs one more choice "All of the above" which would depend on the individual traders interpretation of the immediate market condition at that moment, and His or Her desire to immediately enter or exit the market at precisely that time price opportunity or play cat and mouse with entering or exiting a position.

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  #6 (permalink)
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At the minute for day trading I am using stop market orders for entries and market orders for exits, once price has done what I am looking for to warrant an entry a limit order might be too late to catch the move and a stop market gets swept in reasonably neatly, I use market orders to exit, again, if the reasons to be in the trade no longer exist I want out as soon as I can and a limit might not achieve this as well as a market.

In the past I would often set limits at support, resistance or a trendline it would define an area in my head that would mean it might change at a certain specific point, might does not mean will. I cant predict the future and have no idea if price will stop and change or blow through that point without much effort, but I feel if I am there to watch it I have to let price give me the clues and to that end a limit order might be quite limiting when it comes to allowing the trade to run.

However, for swing trades which are few and far between I am often unable to keep an eye on them on a daily basis so I am happy to define an entry and exit (set and forget) using limit orders as a means of trading.

Gozilla

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  #7 (permalink)
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donzi View Post
Hey Mike, Your survey needs one more choice "All of the above"....

Since these are check-boxes, the best way to indicate this is check them all!

Good thinking, BTW!

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  #8 (permalink)
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I don't think this is a meaningful poll

I think that if you want any meaningful data from this poll you need to revise the format of this poll.

1. there is nothing to check off to describe the type of trading that the responder does.

I know that FOREX is a major thrust of this site and that is basically intraday but there are other form of trading such as stocks and etf's

Even there the trading strategies for a trader in stocks will vary with the objectives of the trader

You have 1. intraday 2. short term swing (a week or so) 3. Long term swing (a month or two) and long term investors (several months to years) 4. a trader how makes their living shorting stocks

each one of these will enter/exit their orders differently and you have no way to split out the data for each.

2. You for whatever reason only allow 2 items to be checked...as pointed out in other posts, many traders use several order types depending on the situation.

Using myself as an example...I am basically a long term investor/long term swing trader. I rarely use any stripe of market order as I want to know what I will pay for or receive for my transactions. I will leave a limit order open several days if necessary to get the price I believe is possible if I believe there is an over-reaction to news of some kind.... OR...If the stock is normally and actively traded I will set a limit bid or ask in the middle of a current bid/ask range and expect my offer to be expected during the day.

So for an entry/exit that I want to happen quickly I will set a Limit bid or ask.

However, If I want to protect a position from a major decline I will use a Limit Stop Sell...I do this setting a rather narrow range since if it plunges through the limit range my shares will not sell...I can re-evaluate the situation as there is usually a pull-back and I don't want some computer deciding to sell my shares at the lowest point of the plunge.

I use limit stop sell when I decide to exit a position for profit too. I set the order about 5% behind a current price...if it falls to trigger the sale ....fine ...it takes the emotion out of selling.....if it moves up instead and I still want to eventually sell the stock to take profits (usually) then I simply move the limit stop price up to keep pace with the rise in price...in other words I give the stock to increase my profits...even though I have decided to sell it. (this method has taken a lot of stress out of selling a stock for me)

I will EVEN occasionally use a Buy on Stop and I will slap a limit on that too. Typically this is used to protect a short BUT I DON'T SHORT stocks....so why do I use this order??? Well occasionally I really like a stock but it is approaching a huge resistance...my current charts suggest that the price has a good chance of breaching this resistance...but it could fail still....if I waited to see if the stock passed this level then I might have to chase this stock if it takes off. By setting a limit Buy Stop just above the resistance with a small range of validity, I can take my eyes off this stock and then still purchase the stock if there is a breakout.

SO as you can see I have about 6 types of orders that I can use....but you only allow 2 of them and my entry provides you no information as to how the orders are used.....that is why I feel this poll is VERY limited in value.

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  #9 (permalink)
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I think it mostly depends on how fast the instrument you're trading is moving and/or how fast you need to get out of the trade.

Personally I mainly rely on larger time frames where getting in at the exact price doesn't matter for the most part.

Sometimes when I trade with momentum the price is literally moving too fast and isn't retracting so it's necessary to use a market order.


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  #10 (permalink)
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Underexposed View Post
I know that FOREX is a major thrust of this site and that is basically intraday but there are other form of trading such as stocks and etf's

Incorrect. Over 90% of the sites users are focused on futures, not forex.

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.
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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.
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