Damir's Trading Journal

Quote from OnTheEdge:

I placed overnight orders, I hope:

short YM at 9655
long YM at 9520

If I get them both I'll play them both.

Linda
More...
Do you normally attach stops to these over-night orders?

-FastTrader
 
Hi,

I don't usually do anything; this is my first experience with overnight orders. I didn't know I could attach a stop. These are limit orders and as unfilled orders on futures, can I attach a stop?

Thanks.

Quote from Fast_Trader:


Do you normally attach stops to these over-night orders?

-FastTrader
More...
 
Quote from OnTheEdge:

Hi,

I don't usually do anything; this is my first overnight order(s). I didn't know I could attach a stop. These are limit orders and as unfilled orders on futures, can I attach a stop?

Thanks.
More...
I use IB, and yes, I can attach a stop to a limit order.

-FastTrader
 
Hmm... I'm not sure what it means in this context. Isn't the Stop to close a position, rather than open? These orders are to open new positions, either long or short, and of course, getting both filled is extremely unlikely, and these are limit orders. How would a stop work in the context of opening a position? Thx.
 
Quote from OnTheEdge:

Hmm... I'm not sure what it means in this context. Isn't the Stop to close a position, rather than open? These orders are to open new positions, either long or short, and of course, getting both filled is extremely unlikely, and these are limit orders. How would a stop work in the context of opening a position? Thx.
More...
You attach a stop to the limit order. Once the limit order gets filled, the stop activates. If it doesn't get filled, your stop will not be activated.

So, you could do the following:

Short YM @ 9655, with attached auto-stop to cover at 9675
Long YM @ 9520, with attached auto-stop to sell at 9500

-FastTrader
 
thanks for bringing that up, FT.

Quote from Fast_Trader:


You attach a stop to the limit order. Once the limit order gets filled, the stop activates. If it doesn't get filled, your stop will not be activated.

So, you could do the following:

Short YM @ 9655, with attached auto-stop to cover at 9675
Long YM @ 9520, with attached auto-stop to sell at 9500

-FastTrader
More...
 
damir: I'll change the orders. edit: I changed the orders to 1 contract.

FastTrader: I am impressed with that. Instead of the auto-stop, can I attach an auto-close (on the profitable side)?

damir: Do you want to use stops? I thought I understood not.
 
Quote from OnTheEdge:

damir: Do you want to use stops? I thought I understood not.
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i don't use price-stops, but on overnights i also push my limits further out. what i'm looking for is catching the glitchy-temporary move that happens to be in the same direction as i'd want to be holding anyway.

just thought it was nice of FT to post the information.
 
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