Yep, that will work but I've had the market slice through my MIT and get my out at a higher price on occasion. At least with an MIT you have a fighting chance at getting a higher tick. I agree with you however, a tick worse is probably what you will get.
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Limit orders on ES
- Thread starter andrewbee
- Start date
I noticed when I traded the ES with IB's paper trader that the market had to trade thru my price in order for my limit order to get filled.
But in my actual live account I get filled on the first-come, first served basis with my limit orders. There will still be orders waiting to get filled at my limit price after I am filled.
I have had very good fills with IB's book trader with both my limit orders and my stop orders. Everything has been filled where I have set it.
But in my actual live account I get filled on the first-come, first served basis with my limit orders. There will still be orders waiting to get filled at my limit price after I am filled.
I have had very good fills with IB's book trader with both my limit orders and my stop orders. Everything has been filled where I have set it.
Quote from Bingoking:
I noticed when I traded the ES with IB's paper trader that the market had to trade thru my price in order for my limit order to get filled.
But in my actual live account I get filled on the first-come, first served basis with my limit orders. There will still be orders waiting to get filled at my limit price after I am filled.
I have had very good fills with IB's book trader with both my limit orders and my stop orders. Everything has been filled where I have set it.
Better fills on a live account than with the paper trader? That's good to know.
Anyone have any experience of how fills are with Advantage Futures compared to IB? I'm thinking of going with Advantage.
Thanks for all your helpful input everyone.
if you are worried about this, trade the frigging YM, not the ES.
the YM has a narrower spread and significantly higher chance of fill to buy the bid and sell the ask (as i frequently do).
if you are trading 50 cars, then fine - you might need to to trade ES, but you are not, so why trade a vehicle with inferior spread and fill dynamics for LIMIT ORDERS.
cost effectiveness matters. over the course of the year, the extra ticks i save trading YM vs. ES (plus, my setups work better for YM but that's another story) make a BIG difference.
think about it. the S&P pit contract has a narrower spread (it trades in 10ths) vs. the ES. why would you give that up, when you can trade YM?
this never ceases to amaze me, the way people naturally gravitate towards the ES (which is 90%+ correlated with YM) that is less cost effective than the YM.
it also works better for stop points, since there is a roughly 9/4 ratio in YM vs. ES due to the narrower spread
for intraday trading, especially trades with smaller targets, the choice is clear.
the YM has a narrower spread and significantly higher chance of fill to buy the bid and sell the ask (as i frequently do).
if you are trading 50 cars, then fine - you might need to to trade ES, but you are not, so why trade a vehicle with inferior spread and fill dynamics for LIMIT ORDERS.
cost effectiveness matters. over the course of the year, the extra ticks i save trading YM vs. ES (plus, my setups work better for YM but that's another story) make a BIG difference.
think about it. the S&P pit contract has a narrower spread (it trades in 10ths) vs. the ES. why would you give that up, when you can trade YM?
this never ceases to amaze me, the way people naturally gravitate towards the ES (which is 90%+ correlated with YM) that is less cost effective than the YM.
it also works better for stop points, since there is a roughly 9/4 ratio in YM vs. ES due to the narrower spread
for intraday trading, especially trades with smaller targets, the choice is clear.
Quote from andrewbee:
I should have been more clear. I use market orders for entry, and limit orders for exit (both directions).
I tend to do the exact opposite. I am picky about entry to define risk. If I miss it, so what.
On exit, sometimes just gotta be out, or I may want to use a market order if market is spiking in my direction.
To answer your question, it all depends where you are in line if you get filled on your limit. I've had the market trade at my price 10 times without a fill, and I've been filled on the first trade there also. If the market trades through your limit, then you should definitely be filled.
Jay