Sorry Jack, but I guess you completely missed the point. When you want to get filled at a certain price you simply have to wait until it's your turn (FIFO). It doesn't matter if you are trading 1 contract or 250 contracts. Yes, you can get filled instantly but only if you go market and accept a worse price. In this context I really don't understand what your recurring "I am always on the right side of the market" blablabla has to do with the opening question. For some reason you always feel the need to fill pages and pages with something nobody asked for...
I siad the following: Quote from jack hershey: My orders are filled instantly. If the orders going through are in the 250 range and I am holding 250, I have to do five 100 markets to reverse my 250 position. So I do since it is not possible to easily do a 500 reverse to change sides with the 250 position. I separate the partials by using a script (code) to space the orders to get immediate fills all depending on which harmonic (odd or even) is in play. -------------------------------------------------------------------------------- Excellent thoughts Jack. Do you mind expanding on 'the wall' and the manner in which you treat the DOM, some of us are struggling to keep up. Here is my follow up. My orientation is to get my reversal at the best time so I am doing market orders twice as large as my position of holding. The wall becomes important as you do more trades a day. At first few trades are done to simply eminate risk. (4 to & a day). Then are you trade the traverses of the ealrier leg only trading, you get to 15 or so trades a day. The wal is appearing more than 15 times a day BUT if you are just doing turns at the end of trend traveres , you only use the wall then. It value is about 2 tickis more at each end of a traverse. since 15 are on the able and reversing is done, this adds up to an additional 15 points a day. Now let's bag though additional 15 points. Market orders are used. because I sweep data sets, I use an additional picture of the DOM and it is easy to also add the Wall to the price chart. The Wall showing on the price chart is very relaxing. Price is approaching it and your price annotations for the coming end of the traverse are there as well. It is a nice picture since you see the reversal coming up in advance. To be precise, it is handy to also have the DOM stalactites showning. these ten values can be seen at a glance and the wall sticks out like a sore thumb. On my stalactites it is the only full length stalactite. It sets the magntude of people that are trying and planning on getting fills at specifc prices. Think of all the people who picked a price and it is the largest set of orders at any price on the DOM. There are usually several large oredrs involved. You may be aware that some people do not get fills and then the market "goes against them" and they often do not even make a profit later on since the market has moved on. Insert is way ahead of me on this with his supperior ways of trading and he is, of course, reading this to prove he is better. Good work insert. The wall is caused by an overlaod of limit orders at the same place. So it is persistently there and insurpassable. At the same time, you will notice that the ratio of DOM sides is changing and the side opposite the wall total is not as large as the wall side. Notice how the Best level opposite the wall gets eaten way. I reverse at this time to let price walk my position away from the wall as the next traverse begins in the opposite direction. If you are watching the Stretch/Squeeze you will see that this leading signal has occurred as well and it is showing the smart money is walking away from the wall too. The combination of price annotations (channels on three levels), the wall on price chart, and the stalactites makes reversals fairly efficient. You also have the YM leading the ES on turns. By adding shells of data to the core data, trading first becomes effective (making the turns on market orders), then as experience gives you skills you get to be efficient. It is effective to do 15 trades a day on traverses by reversing with market orders. then you use S/S and Walls to become efficient by picking off 2 ticks more at the end of each traverse. 2 ticks plus 2 ticks is a point each on fifteen reversals a day. If the contract margin is 500 dollars, then 15 points per unit of capital day means that you can double down within the day about two thirds through the day. This is a good situation since the settlement is about 1:15 everyday for Mutual funds and quant driven money which we front run. So it means that the daily value is 20 points or so a day. The thread is about people who make the wall for those of us who use the wall to make money. FIFO, etc.,is a topic that does not occur to me in any way. Why would I want to be in a line 1 tick away from where price changes on turns? I only show on T&S taking a trade opposite the minority who are being eaten away as their limit orders on the wrong side of the market take them to the sidelines on market fills of people going my way on the right side of the market. Long ago when rotary dials held sway, there was less info. I luckily has a bunch of coattailers following me. It feels the same today as the wall deflects the price direction on a turn. a lot of people come in as shown by the DOM being eaten after the turn from the wall.
Thanks for your comments. I do not trade for price. I trade for time. I trade at market always. I do not enter or exit. I hold and reverse. When the market changes sides I OBEY and reverse using a market reversal of twice the contracts of my position. You are correct I get a worse price; it is always 1 tick worse than the extreme value of the run. The blah about being on the right side of the market all the time is that it makes a lot of money every day all day long. This is important to me. If anyone "gets it", they never do another limit order in their lives; they are alway cutting in line ahead of everyone else.
You didn't even understand the question of the OP. First you said you can cut in line, (sure you can) now you are saying you trade at market, thus you don't have to worry about lining up. You simply have no ability to understand technical questions, this is not the first thread, so please just leave this alone and stick to your preaching.... Yes, with a market order....
Jack you are a liar, cheat, a criminal and even if you have a good trading method, why would you share it, the only public competition you took you lost money
Sorry for not being clear. I was just talking about improving turns. As has been pointed out, the OP is interested in price oriented orders and these have a que associated with them. I would be afraid to do a limit order because of the queing requirement. I cut in instead. At each turn coming into it you can pick up 2 ticks. Since it is a reverse you also get the 2 ticks on the new hold as the new prfit accumulation is beginning. Others have explained that market orders give up some ground, namely 1 tick compared to a limit order when it is executed. I have an impression that people who use limit orders may not be in the market very much of the time. Some of that time may also be related to missing exits or missing entries by their trying to get a predetermined price. I can't figure out prices; the market does that best. Trading 15 times a day is just at a level of trading where traverses of legs are being traded. There is an additional 15 points of profits in 15 trades. The 15 points is an add on to the regular trading profits when a person adds the wall to the considerations. Sorry, for not being clearer. Perkelo has explained some of my other mistakes in this thread; make note of those they may be helpful, too.
Well Jack, please go one step back from the screen and read the topic of this thread again...now do you honestly think that your previous posts do in any way help to answer the question of the OP? If you want to "teach" people then please do it in the appropriate thread. But as easy as trading seems for you as difficult it seems for you to give a short answer to a simple question ....ever heard that less is often more?
Yes ....Go here and see the reasons why http://elitetrader.com/vb/showthread.php?s=&postid=1485391#post1485391 There are a lot of questions out there. Do you know that Jesus wants you for a sunbeam? Do you know WHY he wants you for a sunbeam?