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

To: Jimsy who wrote (23295)	5/14/1999 7:08:00 PM
From: SE	Read Replies (5) \| Respond to of 44573

I enter the orders as follows, say for a buy: Buy one at market Sell Stop at XXXX.XX. Then I go to the working order screen and hit cancel order on the stop order, which places the stop order back in the main entry screen with a cancel order instruction. Then to exit I - Sell one at market Cancel Sell Stop. The Leoweb system reads down, so I always key in the market order to buy/sell first....so that is the first thing transmitted....that way I get a quicker execution on the main order. Then the software sends the stop or cancel stop order next. In the main screen I have several orders parked and when I hit transmit only the active orders will be sent, in the case above the orders as I described. If my stop is hit, then so be it...it is hit. If it is not hit, the market is above my stop and I can get out in a hurry by sending the market order to exit first, then the cancellation order next..... It works rather well actually. Just gets confusing if you wish to place a new stop at a different price. Instead of a cancel/replace then, I will typically send a new stop in and cancel the old stop. Reason being, once I have moved the stop order from the working screen to the main screen under a cancel order command, it is kind of a pain to delete that order from the main screen, go back to the working order screen and resubmit the order to the main screen as a cancel/replace now. Simpler to just cancel one and enter a new stop. I don't know if that makes sense or not...but that is how I am doing it for now...... They also have a quick order screen, but I have not yet used that for fear of error...but I do need to check it out a bit closer....