Order types on Tradestation to use with MACCi strategy

[pedro01]

Hi

On Friday as I was demoing the MACCi strategy, I tried to use a join buy order to get into ESI - it just sat there & didn't fill so after a minute, I cancelled and used a market order.

I wasn't overjoyed at using a market order but there are plenty of other choices.

Which of the order types is best at not getting ****ty prices but also actually getting a fill ?

This is for entry - my buy or my sell short.

Now - for stop losses, I don't want my stop loss visible to the market. Iraj mentioned you can do 'hidden orders' on Tradestation. Can anyone point me in the direction for info of the best way to enter stop-loss orders in TS without the stop loss order being visible to the other players ?

Cheers

Pete

 

[Charlton]

Hi

On Friday as I was demoing the MACCi strategy, I tried to use a join buy order to get into ESI - it just sat there & didn't fill so after a minute, I cancelled and used a market order.

I wasn't overjoyed at using a market order but there are plenty of other choices.

Which of the order types is best at not getting ****ty prices but also actually getting a fill ?

This is for entry - my buy or my sell short.

Now - for stop losses, I don't want my stop loss visible to the market. Iraj mentioned you can do 'hidden orders' on Tradestation. Can anyone point me in the direction for info of the best way to enter stop-loss orders in TS without the stop loss order being visible to the other players ?

Cheers

Pete

Pete

For day-trading I've always used a market order so that I get a fill immediately I decide to go with the trade, because it is the timing that is critical in my view i.e. when the cycle is about to change.

For the stop-loss, in the order-entry bar there is a "Non-display" option that can only be entered for limit orders, which you just tick.

Charlton

 

[Trader333]

I use Limit to enter and Market to exit. The reason is that often when entering there can be a large B-A spread as was the case on Friday on certain stocks to I will use Limit to avoid this.


Paul

 

[pedro01]

I use Limit to enter and Market to exit. The reason is that often when entering there can be a large B-A spread as was the case on Friday on certain stocks to I will use Limit to avoid this.


Paul

That makes a lot of sense Paul.

What kind of limit order specifically - do you enter a fixed price or use one of the auto options ?

I find that the join limit option is a bit iffy on getting fills but there are a couple of more aggressive auto types on there.

Obviously, I can play with them all to see what gets me the best & most reliable entry.

Cheers

Pete

 

[Trader333]

I am not sure what you mean ? I use hot keys to enter and exit and I also have hot keys set up so that I can increment the limit price by 1c up or down at a time and then transmit all in less than 1 second which allows me to track the price very accurately.


Paul

 

[Charlton]

I am not sure what you mean ? I use hot keys to enter and exit and I also have hot keys set up so that I can increment the limit price by 1c up or down at a time and then transmit all in less than 1 second which allows me to track the price very accurately.


Paul

Paul

That's useful - the reason I was using market orders, was primarily because I found that the price was slipping away from limit price faster than my typing !!

I will look at setting up hotkeys, which I can do on my IB account, but I haven't checked on whether I can do it on Tradestation.

Thanks

Charlton

 

[pedro01]

I am not sure what you mean ? I use hot keys to enter and exit and I also have hot keys set up so that I can increment the limit price by 1c up or down at a time and then transmit all in less than 1 second which allows me to track the price very accurately.


Paul

Not sure what you mean either... lol.. !!

Here's what I am using to enter orders... I know there are many ways to do that in TS...

First of all - I stage the orders - so I look at the ones that are above the $INDU and then my position size & stage the order. That way, when I need to press go, I can just see which 1 or 2 are furthest from the $INDU and press go in the trade manager. I may have 10 or so set up in trade manager depending on whether or not those stocks spent time at the top (or bottom) of my radar screen sorted by N Minute Change. When the time comes to go, I just pick the best 2 I have set up in Trade Manager & submit them. I guess it saves me a little time when it comes to jumping in.

I tried using auto limit price 'join' but that didn't get fills. Is this what you are using to set limits or do you just hit the "B:" & "A:" keys to reset the limit ? If so - isn't that pretty much the same as using the join auto-limit ?

 

[Trader333]

Ah I see, I use IB with no interface from anything else.


Paul