So, when i place a order with my broker (on either nasdaq or the cme futures exchange) the order just hangs there and i gotta cancel it...is this normal? I read that certain futures exchanges take less than a second to execute a market order. This is kind of weird, probabily i have to change my broker.
How long does it take for a market order to be executed?
Rhody Trader
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Market orders should execute nearly instantly because you're hitting the available bid or lifting the available offer. Are you sure you're putting in a market order and not a limit or a stop?
10x.
Yeah im pretty sure.
I also tried a limit on the available limit price...but still nothing.
Funnily enough, the demo software executes both limit and market orders - but nothing like that on the live account.
pmccandless
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Yeah thats really weird. No matter what, market orders should always go through. Which brings me to my next point: never use market orders.
Mr. Charts
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My market orders using IB are filled instantaneously 95% of the time. Just occasionally it might take half a second.
Richard
Richard
I also prefer limit orders to insure against slippage...but as i mentioned i tried both limit and market and it's always the same. It seems to be only one solution atm:
1.change broker
2. send a "nice email" to the broker once i've withdrawed my money
Third option to sue them is a bit too harsh i guess...but it's going beyond upsurd so far.
Anyway...thanks again for the hep guys.
I also prefer limit orders to insure against slippage...but as i mentioned i tried both limit and market and it's always the same. It seems to be only one solution atm:
1.change broker
2. send a "nice email" to the broker once i've withdrawed my money
Third option to sue them is a bit too harsh i guess...but it's going beyond upsurd so far.
Anyway...thanks again for the hep guys.
new_trader
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Incorrect. Only use market orders to open trades.
new_trader
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I also prefer limit orders to insure against slippage...but as i mentioned i tried both limit and market and it's always the same. It seems to be only one solution atm:
1.change broker
2. send a "nice email" to the broker once i've withdrawed my money
Third option to sue them is a bit too harsh i guess...but it's going beyond upsurd so far.
Anyway...thanks again for the hep guys.
You don't get slippage on market orders.
pmccandless
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To each, their own...
new_trader
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I can assure you of one thing, if you keep reliable and faithful records of your trades, you will find that over the long run, limit orders lose more money than they save. Remember, you must count profits missed on orders that weren't filled because you wanted to 'save' 0.25 points. What's your argument in favour of limit orders?
pmccandless
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My argument is that you can't lose money by being on the sidelines. Remember, you must count all the trades YOU entered using market orders that you ended up losing while I was sitting on the sidelines NOT losing money because I was patiently waiting for a better entry.
Anyways, I'm not here to tell you what to do and I've already spent too much time writing this. I have my plan, you have yours. I'm sure you'll succeed and I'm sure I'll succeed because we're both confident in our plans. Good luck man.
Anyways, I'm not here to tell you what to do and I've already spent too much time writing this. I have my plan, you have yours. I'm sure you'll succeed and I'm sure I'll succeed because we're both confident in our plans. Good luck man.
new_trader
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This might seem logical to you, but I can't figure out how you can be on the sidelines with a limit order in the market. Do you know what a limit order is? Your argument would make much more sense if you were using market orders because it is exactly the correct reasoning.
new_trader
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Actually, waiting for the right time to enter is more correct. Better entry is vague.
Rossini
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new trader: Why are you back here again trying to tell people what to do and what not to do? In some cases it seems they are already confident that they are pursuing a way of trading that fits them and yet you consistently preach that you know better.
Tbh you seem very sour, bitter and arrogant. Maybe that's not how you mean to come across and you are genuinely trying to be helpful, but just re-read some of your posts mate can you see what I'm saying?
P.S.
I've made not insignificant amounts of money by using limit orders and I could not have made all that money with a market order, so your argument is plain wrong.
Tbh you seem very sour, bitter and arrogant. Maybe that's not how you mean to come across and you are genuinely trying to be helpful, but just re-read some of your posts mate can you see what I'm saying?
P.S.
I've made not insignificant amounts of money by using limit orders and I could not have made all that money with a market order, so your argument is plain wrong.
pmccandless
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...nuff said...
Mr. Charts
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........especially in fast moving markets
new_trader
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My argument is plain wrong is it? Explain what my argument is, and then explain why you couldn't have made 'all that money' with market orders?
Mr. Charts
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To some extent this rather depends on which market you're in and how you are trading.
In intra-day trading of US stocks which have momentum, i.e. actually move, then my experience trading full time for a living for ten years IN MY STYLE tells me market orders are far superior the vast majority of the time with just a few exceptions.
Richard
In intra-day trading of US stocks which have momentum, i.e. actually move, then my experience trading full time for a living for ten years IN MY STYLE tells me market orders are far superior the vast majority of the time with just a few exceptions.
Richard
