Attached Orders - futures io
futures io



Attached Orders


Discussion in Traders Hideout

Updated
    1. trending_up 519 views
    2. thumb_up 13 thanks given
    3. group 2 followers
    1. forum 2 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 150,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Attached Orders

(login for full post details)
  #1 (permalink)
 58LesPaul 
Hawesville, KY
 
Experience: Beginner
Platform: thinkorswim
Trading: NQ
 
Posts: 150 since Sep 2015
Thanks: 172 given, 91 received

Is there an advantage to using attached orders? I normally just hit buy/sell market and when I want out I hit flatten. Once in a position I do set a stop but is the attached order just for simplicity instead of having to add a stop after entry?

Also, I assume I will get better fills using buy/sell stops apposed to market orders?

Thanks

Started this thread Reply With Quote

Can you help answer these questions
from other members on futures io?
NT8 Batch load strategies from xml
NinjaTrader
Pinescript to EL conversion - ema cloud indicator
TradeStation
Historical Tick Data for E-mini Futures
The Elite Circle
NT8 - Footprint Chart adding on code
NinjaTrader
Order Flow Volume Profile POC parameters in Ninjatrder
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Spoo-nalysis ES e-mini futures S&P 500
12 thanks
Cycle Analysis... a way of looking at price action.
8 thanks
Basic Education for Beginner Trader
7 thanks
Want your NinjaTrader indicator created, free?
7 thanks
TST/OneUp/LeeLoo/Earn2Trade
4 thanks
 
(login for full post details)
  #2 (permalink)
 matthew28 
Legendary Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Platform: Jigsaw daytradr
Trading: US Equity Index Futures
 
matthew28's Avatar
 
Posts: 1,190 since Sep 2013
Thanks: 3,200 given, 2,386 received


58LesPaul View Post
Is there an advantage to using attached orders? I normally just hit buy/sell market and when I want out I hit flatten. Once in a position I do set a stop but is the attached order just for simplicity instead of having to add a stop after entry?

Also, I assume I will get better fills using buy/sell stops apposed to market orders?

Thanks

Sounds like you hold trades for a short period of time. If intending to hold for longer, or to be more hands off in just setting the trade and giving it time to play out without watching the market tick by tick, then attaching orders is more convenient.

An attached sell stop or buy stop added to control risk and exit on an adverse move is the same as a market order. When price reaches your stop the order is converted to a market order to fill at the best available price, so there would be no difference between a stop order and market order executing at the same price because they are both transacted as market orders.

When you hit flatten to exit you are exiting with a market order. You would get a better price if you tried to exit with a limit order. Depending on your platform you might be able to set a keyboard shortcut to place a limit order to sell the offer or buy the bid rather hitting out with a market order on the unfavourable side of the spread. Or place the order on the DOM or chart.

At the end of the day it depends how frequently you trade and how much volume. The more contracts you trade you might want to try and not give up the spread on both entry and exit with market orders.
Also could depend on the market you trade, a thin market like the NQ/MNQ one can often get filled by clicking to enter a limit of the favourable side of the spread getting filled with how much price chops around.
Or your style of trading, if a momentum trader looking for price to breakout you might need to hit in as others are buying because if you try and enter passively you won't get filled.

Just a few thoughts, some may be relevant for you, others not.

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
Visit my futures io Trade Journal Reply With Quote
The following 5 users say Thank You to matthew28 for this post:
 
(login for full post details)
  #3 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 7,362 since Jan 2013
Thanks: 53,921 given, 24,496 received



58LesPaul View Post
Is there an advantage to using attached orders? I normally just hit buy/sell market and when I want out I hit flatten. Once in a position I do set a stop but is the attached order just for simplicity instead of having to add a stop after entry?

The first time I realized I could get the trading platform to automatically send in my stop and target when I opened a trade, I jumped at it, and I have used it on every trade since then. Why? Because, unlike me, the machine sill not screw it up and forget to put in a stop, or dither about where to put it, or get scared that it will be hit and just not enter it, or "wait and see." It just does it.

This automatic entry has saved me from myself many times. I may, and usually do, adjust the stop and/or target after they are entered at some point during the trade, but I never, ever find myself without a stop while the market has suddenly turned against me. And I don't ever want to.

As simple as that.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Reply With Quote
The following 8 users say Thank You to bobwest for this post:


futures io Trading Community Traders Hideout > Attached Orders


Last Updated on May 15, 2022


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2022 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts