![Image](http://i.imgur.com/ZVClwz4.png)
Thank you.
Regards.
Ben
Your example shows you have a limited understanding of how a stop-limit order works. Using your scenario you would enter a stop-limit buy order above the market with the stop set at 9547 and the limit set at say 9549. Once the market hits the stop at 9547 the order translates to a limit buy order at 9549. Assuming the market is liquid enough you will have all your fills at no more than 9549. This sort of strategy is typically used by traders who want to catch a break-out but don't want to be caught out with bad fills in a highly volatile runaway market.You clearly do not understand. Let's make it clear with the example in the entry post.
Not a solution !!! It's just wrong implemented and does not solve the software design issue. Btw, for +5 ticks I make a new Hotkey ? For -5 ticks another hotkey ? LoL ....Hello,
You can create a hotkey to buy @ ask + 4ticks.
It should work as you want.
I am seriously trying to stay polite.Your example shows you have a limited understanding of how a stop-limit order works. Using your scenario you would enter a stop-limit buy order above the market with the stop set at 9547 and the limit set at say 9549. Once the market hits the stop at 9547 the order translates to a limit buy order at 9549. Assuming the market is liquid enough you will have all your fills at no more than 9549. This sort of strategy is typically used by traders who want to catch a break-out but don't want to be caught out with bad fills in a highly volatile runaway market.You clearly do not understand. Let's make it clear with the example in the entry post.
We're just trying to help you, if you want professionnal answers you can contact the live chat or open a feature request in PM ...Not a solution !!! It's just wrong implemented and does not solve the software design issue. Btw, for +5 ticks I make a new Hotkey ? For -5 ticks another hotkey ? LoL ....Hello,
You can create a hotkey to buy @ ask + 4ticks.
It should work as you want.
Thank you.
Regards.
Ben
False. A stop-limit order invokes a normal limit order after the stop is triggered. As for the limitations of the limit order that's all true. However, you are missing the point. Please read and digest the rest of this before freaking out. I think and hope we can come to some sort of conclusion. I'm here to help as best I can.Again, lets stay with the example and as simple as that, you just do not have a clue about the issue and you, plus the members who thanked you for your answer, do not realize the disadvantages how the <LIMIT> order above or below the market in the DOM is designed and implemented.
First of all, a <LIMIT> order is a <LIMIT> order and has nothing to do with a <STOP LIMIT> order.
Yes. A stop-limit order will be activated after the stop price is hit. That's how it's supposed to work.Second of all, the <STOP LIMIT> will be activated after (!!!!) the price or the price below/above depending, where the <STOP LIMIT> was set, was hit/paid.
Now I think I understand what you are getting at. Please correct me if I'm wrong. You want a normal buy limit order placed above the market and pending in the exchange queue but not acted upon until the market gets there. That way you are in front of other orders of any kind including any "at market" orders placed after your limit order. First of all even to have such an order in play regardless of when it's filled, a stop-limit order type must be applied (please don't freak out, at least not yetThis means, that compared to a normal, simple & common <LIMIT> order, you will miss contracts/fills. In worst case you won't get any fill !!! Did you just realize it ??? As long as the price/time priority is valid, with a <STOP LIMIT> order you are always behind the market. If a trader wants to be bid/offer above/below the current market, he wants to be first and acting, not responding. Just realize it.
You are doing it all wrong - that's the other problem! Have your even tried to use the stop-limit order in DOM? You RIGHT click (not left click) on the level you want the stop applied and select stop,limit from the list and a window appears so you can either adjust the stop or the limit or both. Simple. It's a combined stop and limit order - a special type of order. It's not two separate concurrent orders as you think.Third of all why you should use a simple one left mouse click on one level to set a <LIMIT> order and 1 level higher/lower a 3 mouse click procedure for the same goal ?
Yes the way you were thinking of implementing is wrong; as two separate orders. The stop-limit combined order type I've been explaining to you is the correct one. Also, it's not up to DOM to sort out the order placement priority at the exchange if that's your concern. That's up to the broker to sort out depending on the order type and whether the exchange supports it.You can argue as you want, it's just wrong and the implementation/design in the DOM is wrong.
Sometimes it's hard to be on the same page using a forum. I am willing to go though it a few more times if we are still not on the same page. I think I do understand your concern but if I am still off then please illustrate clearly with an example, step-by step as if it's a live trade. That has to include current prices, bids, ask, what you want to achieve and when. Hope I've been of some help.I can't express enough the big lough and amusement my colleagues have with this kind of conversation and argumentation about a clear issue. it's just embarrassing.
From what I understand from the examples (and I could be wrong here of course), he wants to start buying now and is okay with sweeping the book up to his limit price. He doesn't want to wait until the stop price is hit with the buying, but he doesn't want to enter with a market order as this will result in a worse average price.Now I think I understand what you are getting at. Please correct me if I'm wrong. You want a normal buy limit order placed above the market and pending in the exchange queue but not acted upon until the market gets there.
As depicted in the screenshot at the original post the best ask price is 9545.5 yet the question was how to buy 50 contracts @9547 at limit without a market order. Since the implication here is the trader does not want to place a market order then that rules out using a simple buy limit order as I stated above since it would immediately turn into a market order. So I go back to my original suggestion and say the only way to place a buy limit order @9547, which is above the best ask price without being a market order is to use a stop-limit order using a RIGHT click at the 9547 level in the blue column (which sets the STOP trigger) and then set the limit in the confirmation window to the same value as the stop. There is simply no other way. BTW, once you do set the LIMIT to the same level as the STOP, all subsequent requests automatically set the LIMIT = STOP, which is handy as you don't need to keep adjusting it after the first request is made. In fact a dummy trade can be sent and canceled to set this up for the real trade next time. So it all become one click from then on (apart from the volume which has to be set up as per usual).Related to the following screenshot, how I would be able to buy 50 contracts (just an example) @9547 at limit and without a market order with one mouse click and without being forced to change the order size on a second mouse click and further confirmation ?
My impression that it might be the way I wrote was from the example bensat gave (viewtopic.php?p=119973#p119973). I think the confusion comes from "buy 50 contracts @9547 (sic!)", which in the limit order definition is @ 9547 or better and not necessarily all at that price.If someone would like to buy 50 contracts @9547, in a normal behaving DOM setup, you would just enter a normal <LIMIT> order the way you would enter a <LIMIT> order below or at the best bid. You would be filled with 5 contracts @9545.5, 10 contracts @9546, 9 contracts @9546,5 and 12 contracts @9547 and staying bid for the remaining 14 contracts @9547.
True, I just checked that, too. It will work fine when you just click at the price on the buy side, but when you check limit (under place order) it will ask me if I want to place a stop order at that price.OK, then what's the problem with just using a normal buy limit order? It all can be done with one click now. I must be thick.
I would like to invite you to watch the vid I made and everything is clear : https://vimeo.com/157510052From what I understand from the examples (and I could be wrong here of course), he wants to start buying now and is okay with sweeping the book up to his limit price. He doesn't want to wait until the stop price is hit with the buying, but he doesn't want to enter with a market order as this will result in a worse average price.
Regards,
ABC
Yes a single left click will send a STOP order. How many times do I have to say this. Use a single RIGHT click to send a LIMIT order. OK, it's not really a single click as you have to select from the list the buy limit order. So it's two clicks. Is this all you are worrying about? Surely not!If you make a single left mouse click with 50 contracts at 15.000 or above the best ask price, MC wont send and set a <LIMIT> order at 15.000 for 50 contracts. It will send and set a <STOP MARKET> order at 15.000.
You don't need to tell me as I declared it myself as a huge problem and unusual behavior and therefore opened the thread. At first you never got to the point of the problem in the whole thread and constantly offered me an <STOP LIMIT> solution. ABC had to help you to understand a simple straight forward order type, action and process.Yes a single left click will send a STOP order. How many times do I have to say this. Use a single RIGHT click to send a LIMIT order. OK, it's not really a single click as you have to select from the list the buy limit order. So it's two clicks. Is this all you are worrying about? Surely not!If you make a single left mouse click with 50 contracts at 15.000 or above the best ask price, MC wont send and set a <LIMIT> order at 15.000 for 50 contracts. It will send and set a <STOP MARKET> order at 15.000.
So my latest suggestion to use SHIFT+LEFT click to submit a buy limit order as I discussed earlier is not suitable? It's a one mouse click operation.You should really ask yourself why my software is forcing more to a 2 mouse click for buying 2 contracts at 15.000 while 1 contract offered @14.995 and 1 contract offered @15.000 and just 1 mouse click by going 14.995 bid ? That is hilarious !!!
I see now what you are getting at. It's a timing issue especially for very fast moving markets such that when you are about to place a specific order type through DOM the order type ends up changing. The SHIFT+LEFT mouse click resolves this. Yes it's a two-step process but more importantly it's still a one-mouse click operation, which is the relevant part of the solution. The first step of using the SHIFT key introduces no delay if you are already prepared to "pounce" on the market. However, for convenience (and avoid finger stress keeping the SHIFT key depressed for hours at a time) you can use the workaround I've outlined below, or you could request MC to add an option on the DOM window so that the SHIFT key is effectively "locked down" thus doing away for the need to depress the SHIFT key manually. I would add to the request that a visual aid be incorporated to emphasize the order submission type to avoid confusion and accidentally sending the wrong order type without confirmation. For example the blue and red colors of the DOM could be changed to some other color combination whenever the "SHIFT" key is effectively in the locked mode position, or perhaps a text message appears at the sides of the columns. In fact I would suggest that should happen now whenever the SHIFT key is manually depressed to make it as obvious as possible that a change in order type is in effect. The actual method to toggle between the two modes is fairly obvious - a button somewhere in the DOM window. I'm sure MC would take these suggestions into serious consideration. While they are at it, perhaps they should have other relevant order types that can be configured for the one-mouse click operation. That can be achieved either by having other buttons or a drop down list to choose from.Janus, I see you do not understand the issue and it is fine.
ABC, hey many thanks. Unfortunately I already tested it as well and it is not working on my side. To prove it I made a short vid. I am interested what makes it working on your side. No matter what the experience that the selection of the <LIMIT> button disappears after every single click does help at some point, but surely doesn't erase the design flaw.Ben,
I wrote it further above in the thread and I only tested it briefly last week, but I seem to get exactly the order you are looking for with one click when I click above the current price on the buy side.
However I have to uncheck the "LMT" order under Place Order, which seems a bit counter-intuitive.
When I have LMT checked the one click will place a stop limit order, without it, it placed a limit order above the price.
This was tested on a simulated account and you obviously see no changes in the book - the order was just fully filled at the current ask.
I agree, which is why I didn't mentioned it before as I knew of this method. It's a clumsy way to place orders, especially if you are in a hurry. That's why I much prefer the other approach I mentioned; SHIFT+LEFT click. It's the best you can do with the current version of MC. I've outlined how to avoid holding down continuously the SHIFT key but I feel that's of little or no benefit in practice. I've experimented with the SHIFT+LEFT operation and I find it works very well. As soon as I decide to place a LIMIT order anywhere on the DOM I can simultaneously have the SHIFT key depressed while I'm moving the mouse pointer to the appropriate level. What I like to see added though is some clear indication that the SHIFT key is depressed to add some confidence that I am about to place the right sort of order to avoid disasters whenever I disable the confirmation step. The last thing I want to see is that I've submitted an order only to find it's the wrong type and I have to cancel it if it's not too late and then submit the correct one. As outlined before the color combination of the DOM's buy and sell columns could change whenever the SHIFT key is depressed. In addition to that I like to see the option to toggle between the two order types and avoid using the SHIFT key altogether.Janus, I appreciate your efforts.
To drag something in a DOM gives me acute abdominal pain, except vertical moving of already set orders.