Quote from wwatson1:
Ahh limit orders. Problem is you will get filled with your full 10 contracts......when the market is going against you.
e.g. if you are going long you will only get filled on heavy selling, and who wants to be long then?
Place market orders.
I only partially agree. Sure, if you're trying to get in late on a breakout, this may apply. However, I personally prefer using limit or limit-chase and limit-trail orders. If you want to be able to pick up "discounts", as you can often exploit when scalping, you cannot do that getting in at market.
Market-orders, to me, are only a last resort - And one that I often don't take. I like to know where I'm getting filled. If you're getting filled only when the market's going against you, you may be in the wrong kind of play, or use the wrong kind of limit in context.
If you're microtrading or even day trading, you may be able to afford using mkt orders, but in scalping, this isn't always a smart move. The big players don't necessarily use mkt orders, either. This is all about futures, namely NQ and ES.
If I'm scalping stocks, this isn't just at hand, but 100% crucial. You can't scalp stocks at market prices. You really need to play the game here that I just described. But on the other hand, there are a lot more "dumb" players and accidental orders, institutional orders etc there, too. So it kind of makes it easier. You see it's all relative.
If you're resorting to mkt orders because your limit or limit-chase orders aren't effective enough, you could use an advanced scalping platform that automates multiple order entry / re-entry.
Just an idea.
~Scientist
