Fast market Lesson: Stops can get rejected

[IAS_LLC]

Yes, you need an fcm or ib. Easy enough to get (several forum sponsors)

Stop orders are divided into either stop MARKET or stop LIMIT orders. So, in your case, had the market gapped down and was trading below your "stop market" order, then your order would have been executed immediately as a market order. If your order was a "stop limit" order, then your order would have become a limit order. Hence, I assume you chose stop limit rather than stop market.

This thread is almost 2yrs old...but pretty sure this all was already addressed. And no, it wasn't not knowing the difference between a stop market and stop limit...

 

[pers]

Newbie here. Doesn't one need an introducing broker to be able to use Rithmic API for data and execution? They told me that I do :-( Naturally, I prefer to have any middlemen.

** prefer NOT to have any middlemen

 

[IAS_LLC]

Well, than you need to go get the appropriate licensing and enough money to become a clearing House.....sorry bud, you're going to need a middle man

 

[qlai]

** prefer NOT to have any middlemen

There are so many more knowledgeable people here regarding this, but I think y have it backwards. Rithmic provides the service of connecting you to exchanges, it's kind of a middle man between you and FCM. They also do the risk checks for FCM etc. There are people who connect directly to exchanges but you do need large account for that.

 

[pers]

I have a small account and a trading strategy in Python. Can someone tell me what is the minimum structure I need to be able to day trade futures using an API (excluding Interactive B)? Do I need AMP? Rithmic? Both? None? (I think I can already get real time quotes from my inactive TDA account)