Hello Fellow Traders and master contributors,
Which type of orders do you normally use? I use limit orders(for both Inter and Intra day trades) after all analysis is said and done and am not filled 70% of the time when the trade is good :20:. Should I be using market orders regardless? Is there a way to distinguish?
Please advise.
Thanks,
AKS
Smart traders would use Limit orders, because they usually have target Entry.
Market orders for INSTANT Entry presuming you see something, like a 100 pip 1M candle, LOL
Or something out of the normā¦
That is absolutely correct and the reason why I also prefer limit orders. However, it is painful to see orders not getting filled and then reaching profit target. I guess what I am trying to understand is how(or what) to order so as to not miss the boat most of the time. Is there a specific strategy? On intra day there is not enough time- if one misses a trade, its gone. And if that was the only trade for the day, it hurts. A lot of my intra day trades miss by a pip or soā¦only to jog to the profit target in a matter of minutesā¦
If you want to get into the trade now, use a market order. If you want to wait for a specific condition to develop, use a limit (or stop) order. If youāre in the latter case and not getting fills you want then question the conditions youāre placing on when your order gets executed.
yeah, thats basically it in a nutshell,
If your off by a few pips, regularly, then you should drop your target by the average miss pipageā¦
So, if your missing by 6 pips, across 5 trades, set your targets below 6 pips of your original thoughtsā¦
Other then that, Its what it seems,
just take the last 4hr candle and divide the open and close by 2. its such a technical way to get in i know :32:
Thanks RhodyTrader and MNRS for your suggestion and advise. Entering limit orders closer to bid/ask seems to be the way- even if it means reduced profits (or loss!). That makes sense.
granty123- What is that entry technique based off? If you are trading lets say a 15 min chart in a volatile session, that would mostly mean placing a limit order far away from price action with a low probability of a fill. Not sure if i understood you right. Can you please elaborate?
:39: Iāve been fumbling my way up the learning curve for about 6 months now- and Iāve only just realised what a FOOL :17: iāve been for using market orders!! Never again! Limit orders will massively increase your profit and massively reduce your losses(not least because they put a choke on overtrading!) Limit orders is how the proās trade, and your equity will thank you. I understand more now how the market works - it kind of puts you āin the pitā, and is heaps more fun! It means āyou play the marketā rather than āthe market plays youā It puts you on equal footing with the market. You have to tempt price to fill you:- thatās the game: price always retraces and guns for everyones stops of all kinds; you just have to make sure your price is tempting enough. I have come to see it as the difference between hanging a hook with a juicy lump of steak attached in the shark tank and waiting for bite (and they do bite) , and jumping in there with a spork tied to a bit of wood making tarzan sounds, then wondering why youāre bleeding all over the place with chunks missing!! (pretty good analogy imo)
Chasing price with market orders has KOād my stash and now Iāve seen the light - there are NO advantages to using market orders - They are for mugs.:44:
LOL, Spork, What a word, cant say Iāve ever seen that in writing,
Good stuff Goldbone,
It really comes down to your style of tradingā¦
Im a scalper, I dont use Limit orders, unless I use them as Nets, or mad runners ( spikes ) ā¦
Now, there are instances that instant orders are needed, but you will gain that VISUAL aspect thru Chart Timeā¦
The facebook shares debacle was a glaring example of people using market order over
limit order.
I use market orders but each order is for 10-20% of a full position.
Iāll place a limit order if the current price makes getting into position too expensive.
Iāll also use a limit order if a market is thinly traded.
Every order type has its use and I cannot say that one is better than the other; it depends on your trading style and current needs.
Now, I shall follow MY Our assumption,
Smart traders use Limits, DAAA, well, then use Limits, you knuckleheadā¦
For each Market order, I shall smack my hand with a chunck of wood, 
Using entry orders (stop/limit entries) are usually better than market orders. My reasoning is that what are the odds that the hour or two I am looking at the charts is going to be the most ideal time to enter a trade?
Setting up your ideal entries for your trades ahead of time and only getting in at the right price will help you tremendously. You also can set contingent stop and limit orders to automatically manage the exit of your trade as well!
Just like putting bait on a fish hook and then waiting. Sometimes you catch a fish, sometimes nothing nibbles (entry order never hit), or your line breaks and you lose your bait!
What is the big deal of using market orders in forex? Can you really be ripped off?
If you use limits, does that mena you WILL be filled at that price, or only if price hits the limit? If price hits the limit, shouldnāt it demand a different price outside of the limit because of spreads?
I am so glad this internet thing works and your article really helped me. Might take you up on that home advice you.
I tend to use Limit Orders as well, as I like to enter at ādiscountedā prices. Of course, there are times when the price runs away without triggering my entry. I accepted that as part of the way I choose to trade so I am not affected by me.
However, I think missing out on 70% of your intended trades is rather high. So perhaps you might want to re-look at your entry levels.
I use both. Most of the time I use limit orders. If price is not touching it then move on! I know it is frustrating when price misses your pending order by 0.1 pips It is important not to start chasing the price.