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How is my stop triggered?
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How is my stop triggered?

  #1 (permalink)
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How is my stop triggered?

I am asking this because I am still on demo and I am not sure how my stop gets stored or triggered server side on a live account.

Instrument: ES
Price is currently offered at 74.00 and I buy.
Stop is 2 ticks away at 73.50.

Price ticks down to 73.75 bid.
Buyers break the bid and 73.75 goes offer.

Price ticks down to 73.50 bid.
On the demo, my position will be closed immediately as 73.50 goes bid.
On a live account though, what happens? I am in a long position so therefore am a seller. How is a stop executed?

Grantx

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  #3 (permalink)
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Grantx View Post
I am asking this because I am still on demo and I am not sure how my stop gets stored or triggered server side on a live account.

Instrument: ES
Price is currently offered at 74.00 and I buy.
Stop is 2 ticks away at 73.50.

Price ticks down to 73.75 bid.
Buyers break the bid and 73.75 goes offer.

Price ticks down to 73.50 bid.
On the demo, my position will be closed immediately as 73.50 goes bid.
On a live account though, what happens? I am in a long position so therefore am a seller. How is a stop executed?

Grantx

Same thing happens on a live account.

If you are using a straight stop, as soon as just 1 contract is traded at the price where your stop is, the stop gets triggered and you're out.

If you're using the so called 'DOM-triggered' stops, then you can set the stop to be triggered only when the limit orders at that level go below a certain threshold.

It's palatable because you are not necessarily thrown out of the trade as soon as 1 contract trades there, but the flipside is, depending on the threshold level you set, if a big order comes and sweeps that level out you will suffer slippage.

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xplorer View Post
Same thing happens on a live account.

If you are using a straight stop, as soon as just 1 contract is traded at the price where your stop is, the stop gets triggered and you're out.

Thanks. How is the stop stored on the server? Lets say I was a big player with a 300 lot stop, can others see where that stop is? It sounds like a market order gets you out of the position?


xplorer View Post
If you're using the so called 'DOM-triggered' stops, then you can set the stop to be triggered only when the limit orders at that level go below a certain threshold.

If I were to implement this, how do I do it?


xplorer View Post
It's palatable because you are not necessarily thrown out of the trade as soon as 1 contract trades there, but the flipside is, depending on the threshold level you set, if a big order comes and sweeps that level out you will suffer slippage.

Good advice. Bad idea to try this on a thin market. Safer (although still no guarantee but slightly better chances of a fill) on thicker markets like treasuries.

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Grantx View Post
Thanks. How is the stop stored on the server? Lets say I was a big player with a 300 lot stop, can others see where that stop is? It sounds like a market order gets you out of the position?

As far as I understand, this is platform dependent. CQG does not send stops to the exchange (they are stored on CQG's servers) so in that case they can't be seen.

If I were to implement this, how do I do it?

What platform are you using?



See above

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xplorer View Post
See above

Oh sorry I forgot you are on CQG platform. Im using Jigsaw on Ninja.

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Grantx View Post
Oh sorry I forgot you are on CQG platform. Im using Jigsaw on Ninja.

So, I don't think it's possible to do that on NT.


However the upcoming RapidTrader Pro from Jigsaw does have that feature.

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@Grantx

As Xplorer said the order is activated when a contract trades at that level, but with Ninjatrader the stop orders are kept on your computer and only sent to the exchange/broker when they are hit.
Ninjatrader does have volume activated stop loss orders if you right click on a Ninja DOM it is an option there. Setting that though will not change how the Jigsaw plugin version works. But as Xplorer again says RTP will have that feature.
As an example, If connecting with Rithmic data and Ninjatrader; when I place a stop with Jigsaw in the Ninja plugin version the stop sits on my machine. If I connect RTP through Rithmic the stop sits on the Rithmic server but if I place a volume stop through Rithmic that will still sit on my machine as RTP needs to monitor the volume trading at the price before releasing the stop to get filled.

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matthew28 View Post

As Xplorer said the order is activated when a contract trades at that level, but with Ninjatrader the stop orders are kept on your computer and only sent to the exchange/broker when they are hit.

Hang on just a sec. I asked this question about where stops are located with Ninjatrader support and they said the following:


Quoting 
Once orders receive an 'Accepted' or 'Working' status, they reside at the exchange or at the broker servers. If NinjaTrader is shut down or disconnected, orders still execute as per market dynamics. You can view the order status in the Control Center-->Orders-tab, State column.

Volume stops are stored locally and therefore a lot more risky, but standard stops are stored server side. My understanding so far is that the stop is a market order executed by the broker as soon as price reaches that level. These stops are hidden from other participants and no one can see where your 'pain' is.

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@Grantx
Go with what Ninja says
I am sure the stops used to be on client machines for Ninja but I am clearly wrong now (and maybe I was then too).
Thanks for the update.

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