E-mini traders....any advice

I'm not focusing on the dollars or the cents at this point....but having no experience actually executing an e-mini trade, I am trying to get a consensus on the best methods of execution (obviously depending on market conditions), and I would like to have some idea as to what to expect when I do make that first trade.....especially if the trade goes against me, and I need to make a hasty exit. Thanks to all so far for the responses.

 

oh yeah thats right, 10 points a day, right, exactly right

 

In my experience, if you have no standing stoploss order in, and the market is moving 'quickly' against you, a market order will be a nearly instant fill out for you. I make use of both types of orders depending on the situation.

 

If I am monitoring the position what is the opinion regarding placing a stop order? Am I better off putting in a stop limit order when I put on the trade or should I just be ready to enter the sell (or buy) order as a market (or limit, if the market is not moving that fast) order if the trade goes against me.?

 

that's the benefit of entering with a limit, you can set up a hotkey with an auto stop, so if you get in and sys crashes, or mkt starts behaving badly, you aren't fumbling around.

nuther nice thing, I set up a close position hotkey as a mkt order, (I use X) so if I get confused it's "XT" (T for transmit) and I'm outa there.

You can also use a limit as a defacto mkt by setting it up as BUY ASK +?. I wonder what the range limit is? I'm guessing 4.00. My God, THAT ought to be enough, I hope.

 

that's exactly right

 

I like the stop for emergency purposes. 9 times out of 9.367542 you will be filled at your stop price.

But if you have a limit profit order in AND a stop, make sure you cancel if one is hit. Nothing worse than celebrating a good trade and then hear the little bongo drum go off and then it's "Oh no, not again! Well I just made money on the long side, let's see if I can do it now that I'm accidently short."

IB says they are going to set up a bracket option, so if your target gets hit your stop will be cancelled and visa versa the other way around.

 

You're using IB, take a look at bracket trader, it makes order entry a snap.

 

Isn't this already possible with the OCO (one cancels the other order)? I've used it with IB's TWS and it worked for me.

 

Aaron, I was not aware that function was availailable for futures.

Could you please give me some advice how to get started setting it up for es?

Thank You