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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: virtualsignal who wrote (41941)	12/7/2000 9:08:55 PM
From: SE	Read Replies (1) \| Respond to of 44573

For the mini the only orders you really need for normal circumstances are: Market. Stop. Limit. And perhaps on the outside chance you are trying to play news a stop limit. For example, there are days when something will be announced that you could kill with stop limit orders. You don't know which way it is going to go, but you know it is going to go big. So if it is at 1425, you could place a buy stop-limit at 1428/1431 and a sell stop-limit at 1422/1419. That way, if and when it moves big you are long between 1428 and 1431 -or- short 1422 and 1419. I have been tempted to try this, but never have. I have heard of people doing it and it working out, but the potential for whips is there and big as well. For moving orders, I use cancel original order and send in a new order. I do this frequently with stops. For example: Enter a long at 1428.00 I will have two orders parked to do this, first a buy market and second a sell stop at 1424.00 say. Now as soon as I enter it I go to the pending screen and cancel the stop. This places the cancel on the pending page and I will have another stop order ready to go at say 1426.00. IF the market moves to 1431, I will send them both in and now my stop is at 1426. I will repeat the procedure until I am stopped out or until I wish to sell the long at market at which point I send a market sell and the cancel stop order. Anyway...lots of different ways to do it. You have to become comfortable with the method you wish to use. I would suggest making it as simple as possible however. Less chance for errors.