Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
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 for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Today I did my first demo (futures), using trackntrade (no idea if this is a good one or not, just the first i stumbled upon) I managed to learn a few key things like OCO's, other than that I am as lost as a puppy. I was basically guessing with my buys and stops (im sure itll pretty much be that way for a while)
Few Questions. If I had an OCO going and the market closed at 3 est but it never met my criteria, what will happen to that over night? If it hits the desired amount or loss will it kick in, or if the market opens at a real different value am I stuck with that? Also what in the world should I be looking for with these charts!? Can someone give me at least one example? Right now its like trying to read another language. Also, btw Im doing futures, what is a good subject to start on gold, oil, corn and what type of minutes should I be looking at 5, 10, 15 full day, and why? Hope someone can help.
Casey
Can you help answer these questions from other members on NexusFi?
This will depend on the type of order; if it is a GTC (good till cancelled) then it will remain until it is filled or until you cancel it. If it was a "normal" or "day" duration, then it will expire at the close of the trading day; knowing what time that is for your market is good information to know, information that surprisingly few know unfortunately. For a realistic example, imagine you hold a position on Friday afternoon and you are long at 100, you have a sell stop and sell limit OCO pair at 110 and 90. The market closes for the weekend. Over the weekend, terrible news is reported, and on Sunday evening the market reopens at 70. Your stop will execute and you will fill at 70, for a loss of 30. If it were to gap up and open at 120, your limit would fill at 120 and you would realize a gain of 20. If it opens at 105, you still hold your position in the money +5, with both orders remaining until you cancel one (which will cancel the other), or until one fills (and the other cancels).
Note that with some brokers and platforms OCO functionality is not managed on the broker's or exchange's server. This means that your local software must continue running for the non-filled order to be cancelled. If you get an internet outage, or a power outage, or anything else, you would have an undesirable situation since one of your orders will fill but the other will remain. Some brokers, however, maintain the OCO functionality on their own servers so that it does not matter what happens to your local machine. Know which is the case for you, and plan accordingly.
This site is full of charts, threads, and topics of discussion. You are at a point where you first need to just understand how markets operate in general. No need to reinvent the wheel here; search this site using the search box in the upper right, and formulate some more specific questions if they are not answered here (though 99% of them will be). You should only be trading sim money at this point; do not risk real money right now. Do not let a few sim wins give you the idea that you know what you are doing; you do not and will not for quite some time. Financial markets are a tough teacher, so do not risk real money. Did I mention, do not risk real money? One last thing: do not risk real money. Finally: gold, oil, and corn are fine markets to trade, if you know how to trade. If you do not, they will take your money faster than other markets will (but they will all take your money at this point). So, choose to live a bit longer and trade other more tame markets like the euro (6E), e-mini S&p (ES), emini dow (YM), emini nasdaq (NQ), the 10 year (ZN), and so on.
