E-mini traders....any advice

Discussion in 'Index Futures' started by catman, Dec 8, 2002.

  1. catman


    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.
    #11     Dec 8, 2002
  2. oh yeah thats right, 10 points a day, right, exactly right
    #12     Dec 8, 2002
  3. Tacsian


    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.
    #13     Dec 8, 2002
  4. catman


    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.?
    #14     Dec 8, 2002
  5. 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.
    #15     Dec 8, 2002
  6. Tacsian


    that's exactly right :)
    #16     Dec 8, 2002
  7. 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.
    #17     Dec 8, 2002
  8. Ditch


    You're using IB, take a look at bracket trader, it makes order entry a snap.
    #18     Dec 8, 2002
  9. Aaron


    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.
    #19     Dec 8, 2002
  10. 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
    #20     Dec 8, 2002