I have been trading for years, and never had a problem with limit order stop or market order stops with Anvil. Now, Iâm stuck using Lightspeed (I hate it!). But, Iâm going to try to make the best of it.
My trading style requires me to have anywhere from 30-60 positions during day. It is impossible to watch everything, so I use a lot of stops. With Anvil I could go to lunch w/o worrying.
The following are some of the experiences I have had with Lightspeed stops. If anyone has suggestions on how to avoid, or get around these issues please let me know, because so far, Lightspeed has caused me to lose a lot of money.
1. After getting out of a position, I push the hotkey that is set to cancel all remaining orders for that symbol. However, the cancel all orders button does not cancel stops. For example, I long 500 shares of xxx at 10.50, I put sell limit orders out at 10.75 / 200 shares, 11.00 / 300 shares, and put a sell market stop order at 10.45 / for full position (originally 500 shares).
a. Situation A: xxx goes up and I get filled 200 shares at 10:75, then xxx goes down and hits my stop. LS would now put me short 300 shares at 10.45. In Anvil, the stop would not only sell the remaining 300 shares, but it would cancel any remaining open orders for that symbol. Can lightspeed do anything Anvil did?
b. Situation B: xxx goes up and I get filled 200 shares at 10:75 and 300 shares at 11.00, then xxx goes down and hits my stop. LS would now put me short 500 shares at 10.45. In Anvil, the stop would cancel when the sell limit orders got filled. Once again, can Lightspeed do anything Anvil did?
c. Situation C: xxx goes up to 10.60, reverses and hits my stop at 10.45, before going up to 10.75 and 11.00. LS would now put me short 500 shares (200 at 10.45 and 300 at 11.00). In Anvil, the limit orders would cancel when the stop was hit. Once again, can Lightspeed do anything Anvil did?
2. Another frequent scenario is my stops are prematurely getting hit during regular market ours. Using both TradeStation and Esginal charts and Time and Sales, show that my stop orders should not be getting hit.
a. Situation A: I want to market long xxx at 11.01. xxx goes up to 10.96 or maybe even 11.00, and for some reason my stop gets activated and Iâm now long at 10.96 or 11.00. Seriously, what is the problem here? Plz someone help me!
b. Situation B: Iâm already long xxx at 10.25 it goes up to 10.75, so I place a market sell stop order at 10.47. xxx reverses and goes back down to 10.50. Once again, for some reason, my stop is activated and I get filled at 10.51.
So does anyone have any suggestions? Am I using the wrong type of stops for the wrong situation? What do you use? Is there another platform out there that has stops like Anvil used to have?
My trading style requires me to have anywhere from 30-60 positions during day. It is impossible to watch everything, so I use a lot of stops. With Anvil I could go to lunch w/o worrying.
The following are some of the experiences I have had with Lightspeed stops. If anyone has suggestions on how to avoid, or get around these issues please let me know, because so far, Lightspeed has caused me to lose a lot of money.
1. After getting out of a position, I push the hotkey that is set to cancel all remaining orders for that symbol. However, the cancel all orders button does not cancel stops. For example, I long 500 shares of xxx at 10.50, I put sell limit orders out at 10.75 / 200 shares, 11.00 / 300 shares, and put a sell market stop order at 10.45 / for full position (originally 500 shares).
a. Situation A: xxx goes up and I get filled 200 shares at 10:75, then xxx goes down and hits my stop. LS would now put me short 300 shares at 10.45. In Anvil, the stop would not only sell the remaining 300 shares, but it would cancel any remaining open orders for that symbol. Can lightspeed do anything Anvil did?
b. Situation B: xxx goes up and I get filled 200 shares at 10:75 and 300 shares at 11.00, then xxx goes down and hits my stop. LS would now put me short 500 shares at 10.45. In Anvil, the stop would cancel when the sell limit orders got filled. Once again, can Lightspeed do anything Anvil did?
c. Situation C: xxx goes up to 10.60, reverses and hits my stop at 10.45, before going up to 10.75 and 11.00. LS would now put me short 500 shares (200 at 10.45 and 300 at 11.00). In Anvil, the limit orders would cancel when the stop was hit. Once again, can Lightspeed do anything Anvil did?
2. Another frequent scenario is my stops are prematurely getting hit during regular market ours. Using both TradeStation and Esginal charts and Time and Sales, show that my stop orders should not be getting hit.
a. Situation A: I want to market long xxx at 11.01. xxx goes up to 10.96 or maybe even 11.00, and for some reason my stop gets activated and Iâm now long at 10.96 or 11.00. Seriously, what is the problem here? Plz someone help me!
b. Situation B: Iâm already long xxx at 10.25 it goes up to 10.75, so I place a market sell stop order at 10.47. xxx reverses and goes back down to 10.50. Once again, for some reason, my stop is activated and I get filled at 10.51.
So does anyone have any suggestions? Am I using the wrong type of stops for the wrong situation? What do you use? Is there another platform out there that has stops like Anvil used to have?
