,,Limit`` is ignored?

jerry11901 · Aug 21, 2006

Does any one use CMS Foreks? I have problem with my limit orders .When I have open position and price is going trough my limit, position is not getting closed. I am watching price passing it ten fifteen and more pips and nothing is happening. I close it as a market order .It happens to me over and overâ¦

jaronimo · Aug 21, 2006

you need to forget about limit orders to get out of a trade, you want to use stops.

A stop will trigger a market order once your price is hit.

A limit order triggers a limit order when your price is hit and if the market is moving most of the time it will blow right past your limit number.

Limit orders to get in, stops to get out.

jerry11901 · Aug 21, 2006

Well ya bat stops are exits with negative P/L .So tailing me to loose only?

TMcKenna · Aug 21, 2006

Quote from jaronimo:

you need to forget about limit orders to get out of a trade, you want to use stops.

A stop will trigger a market order once your price is hit.

A limit order triggers a limit order when your price is hit and if the market is moving most of the time it will blow right past your limit number.

Limit orders to get in, stops to get out.

What!!!!!
Never heard of such thing, my limit order always gets filled, always, never seen market go 1pip over it. You guys have shitty brokers, that's what it is.

NickBarings · Aug 21, 2006

Run from CMS !

jerry11901 · Aug 21, 2006

Run from CMS where?

chlawfirm · Aug 21, 2006

I was recently viewing CMC in the early hours when suddenly the Aussie SPI spiked 35 points and then very quickly went back to normal. A short time later I saw the same thing on the DOW and the Ftse. In other words if you had stops on these your stops would have quickly been taken out without you realising it unless you were watching it very closely. Anyone else had this experience or had problems with stops?

jaronimo · Aug 22, 2006

Quote from TMcKenna:

What!!!!!
Never heard of such thing, my limit order always gets filled, always, never seen market go 1pip over it. You guys have shitty brokers, that's what it is.

I don't use CMS. Limit orders to get in usually get filled without a problem becuase I pick and choose my entries. Getting out is never a problem for me becuase I use stops that turn into market orders when the number gets hit. In the ealry days I used stop limits to get out and a fast moving market will run right through your limit order on a fast day and you are stuck bleeding.

Many times there is a tic of slippage getting out, but I factor that in to my risk management.

The person that started this thread sounds like he is using stop limit orders to get out. Usually never a good idea. When you want out, you should get out fast.

sccz97 · Aug 22, 2006

Quote from jerry11901:

Does any one use CMS Foreks? I have problem with my limit orders .When I have open position and price is going trough my limit, position is not getting closed. I am watching price passing it ten fifteen and more pips and nothing is happening. I close it as a market order .It happens to me over and overâ¦

you need to read up on the differece between types of orders. A Limit order will only get filled at the limit price so if the market gaps through that price your order will be left untouched

BondTrader50 · Aug 22, 2006

Quote from sccz97:

you need to read up on the differece between types of orders. A Limit order will only get filled at the limit price so if the market gaps through that price your order will be left untouched

Yes indeed. You're lucky you still have an account to trade with. Always use market orders for stops.