i know...you can tell already that i am new, to both ET and to trading. let's just get that part out of the way. i paper-traded for 2 months before going live with the emini SP on 11 december.
and i will say here that <most of> these forums are a marvelous resource for someone like me.
the background to my question:
as you might expect, i am having some trouble getting filled with certain limit orders at critical prices whilst executing my method. I typically place orders just after 9:30 est for a quick contrarian move. and on paper this early move has worked beautifully. however with real money, oftentimes the market will just touch my limit price before racing off in the direction of my intended trade...and i miss a lot of quick profit. (of course my losing trades are filled immediately). and quite frankly i am weary of providing liquidity for those of you who have been comfortably profitable these last few weeks. as a matter of fact i think you should buy me a drink when you come to New York City so that i can help you to celebrate your success.
my novice understanding of MIT orders, garnered over a scant 10 weeks of research leads me to believe that if i place MIT orders just after the opening (rather than limit orders) at the very least my order would get filled. if i lose a tick or even 2, that would be fine, given the profits i have forfeited by not having my morning orders filled.
i have not actually placed a live MIT order. in fact i don't think about it until after a potentially profitable morning order does not get filled:::again:::. dammit
now finally, the question:
is there anything about placing MIT orders that i am missing? i am assuming that they will simply become working market orders once that price trades. is there anything else about this type of order that you seasoned traders can share with me?
i hope this isn't a dumb question
and finally, i apologize if this topic has been vetted previously on these forums. i have conducted a search but did not find anything that was especially relevant; if there is a thread on MIT orders here on ET would you kindly point me toward it?
thanks very much in advance, and good trading to all
angela
and i will say here that <most of> these forums are a marvelous resource for someone like me.
the background to my question:
as you might expect, i am having some trouble getting filled with certain limit orders at critical prices whilst executing my method. I typically place orders just after 9:30 est for a quick contrarian move. and on paper this early move has worked beautifully. however with real money, oftentimes the market will just touch my limit price before racing off in the direction of my intended trade...and i miss a lot of quick profit. (of course my losing trades are filled immediately). and quite frankly i am weary of providing liquidity for those of you who have been comfortably profitable these last few weeks. as a matter of fact i think you should buy me a drink when you come to New York City so that i can help you to celebrate your success.
my novice understanding of MIT orders, garnered over a scant 10 weeks of research leads me to believe that if i place MIT orders just after the opening (rather than limit orders) at the very least my order would get filled. if i lose a tick or even 2, that would be fine, given the profits i have forfeited by not having my morning orders filled.
i have not actually placed a live MIT order. in fact i don't think about it until after a potentially profitable morning order does not get filled:::again:::. dammit
now finally, the question:
is there anything about placing MIT orders that i am missing? i am assuming that they will simply become working market orders once that price trades. is there anything else about this type of order that you seasoned traders can share with me?
i hope this isn't a dumb question
and finally, i apologize if this topic has been vetted previously on these forums. i have conducted a search but did not find anything that was especially relevant; if there is a thread on MIT orders here on ET would you kindly point me toward it?
thanks very much in advance, and good trading to all
angela
