Why aren't my Limit Orders filled? A PATS System issue? + other newbie questions!

[powerbook]

I have started trading ES with Global Futures using Ninja Trader connected under PATS.

I have some basic questions.

Say I have a limit order to sell 5 contracts at 1200.25.

Price is happily flashing away at 1200.25 with the odd flash at 1200.50.

I am still not getting filled.

Suddenly price trades up to 1200.75 and I am filled.

Can someone explain why this is?

Does price have to surge through my limit JUST for me to get filled?

I have read somewhere that PATS connection is slow but the piece didn't define "what" was slow.

If it *is* a PATS issue I will move to somewhere that offers NT on a different connection or maybe use Alaron that offers Trade Maven. But if this is just par for the course it's not worth the hassle of moving.

Note: I am new to this game and am having trouble understanding this point. I mean, price could happily flash at 1200.50 for a few minutes and I will STILL not be filled even if it's only say 1 contract.

Thanks.

 

[Directional]

remember that entering a limit order means you join the back of the "fifo" queu... if you look at the size on the bid/ask - on ES you will usually see at least several hundred, if not several thousand orders listed before yours.

This means all those orders have to be filled before yours - a lot of market orders, if you are entering a limit order, be prepared to wait for price to trade most of the bid/ask before you get a fill - and if most of it trades, price will usually trade through that price.

 

[fridayeve]

getting filled

If you are not happy with the spead of response to your order then you should certainly look around to see who else is online brokering. Assuming you are trading within the small contract size, then you can expect to be filled instantly, unless the market price is moving very fast against your order price when you place your order in which case you may not be instantly filled. I would recommend that you have a good look at the different operators as clearly some have much more effecient and speedy software programs than others.

I have started trading ES with Global Futures using Ninja Trader connected under PATS.

I have some basic questions.

Say I have a limit order to sell 5 contracts at 1200.25.

Price is happily flashing away at 1200.25 with the odd flash at 1200.50.

I am still not getting filled.

Suddenly price trades up to 1200.75 and I am filled.

Can someone explain why this is?

Does price have to surge through my limit JUST for me to get filled?

I have read somewhere that PATS connection is slow but the piece didn't define "what" was slow.

If it *is* a PATS issue I will move to somewhere that offers NT on a different connection or maybe use Alaron that offers Trade Maven. But if this is just par for the course it's not worth the hassle of moving.

Note: I am new to this game and am having trouble understanding this point. I mean, price could happily flash at 1200.50 for a few minutes and I will STILL not be filled even if it's only say 1 contract.

Thanks.

 

[powerbook]

Thanks Arbitrageur.
I didn't fully appreciate FIFO but of course it makes sense.
I try to enter and exit on market orders and with my current setup are filled in under a second.

Thanks fridayeve. In an ideal world I would use x-trader but the $650/month sub is just too high!

However I was hoping someone could expand on my PATS question. Is it "slow" and if so, "what" is slow?

Best wishes.