MIT (newbie) question...

Discussion in 'Order Execution' started by sinewave, Jan 9, 2004.

  1. sinewave


    i can tell already that i am new, to both ET and to trading. let's just get that part out of the way. i paper-traded for 2 months before going live with the emini SP on 11 december.

    and i will say here that <most of> these forums are a marvelous resource for someone like me.

    the background to my question:
    as you might expect, i am having some trouble getting filled with certain limit orders at critical prices whilst executing my method. I typically place orders just after 9:30 est for a quick contrarian move. and on paper this early move has worked beautifully. however with real money, oftentimes the market will just touch my limit price before racing off in the direction of my intended trade...and i miss a lot of quick profit. (of course my losing trades are filled immediately). and quite frankly i am weary of providing liquidity for those of you who have been comfortably profitable these last few weeks. as a matter of fact i think you should buy me a drink when you come to New York City so that i can help you to celebrate your success.

    my novice understanding of MIT orders, garnered over a scant 10 weeks of research leads me to believe that if i place MIT orders just after the opening (rather than limit orders) at the very least my order would get filled. if i lose a tick or even 2, that would be fine, given the profits i have forfeited by not having my morning orders filled.

    i have not actually placed a live MIT order. in fact i don't think about it until after a potentially profitable morning order does not get filled:::again:::. dammit

    now finally, the question:
    is there anything about placing MIT orders that i am missing? i am assuming that they will simply become working market orders once that price trades. is there anything else about this type of order that you seasoned traders can share with me?

    i hope this isn't a dumb question

    and finally, i apologize if this topic has been vetted previously on these forums. i have conducted a search but did not find anything that was especially relevant; if there is a thread on MIT orders here on ET would you kindly point me toward it?

    thanks very much in advance, and good trading to all
  2. Angela,

    Your question is anything but dumb. I've been thinking about using MIT orders myself. Problem is, it seems none of the cheap brokers seem to offer it. I'm curious for an answer too. Or alternative methods to execute.
  3. pspr


    Most exchanges won't accept market if touched orders. You need to first find out if it is an acceptible order on the exchange you are using.
  4. sinewave


    i am using Global Futures Exchange (GEFTC --or somesuch acronym)

    futures only, as i understand

    as stated earlier, i am new to trading. so i would certainly NOT be affiliated with anyone who would be affiliated with me -- to paraphrase Groucho Marx

    great customer service, reasonable commisions, margins and daytrading account minimums. i am using j-trader and ostensibly MIT is available via this broker. as i posted earlier, i haven't tried it yet.

    i should just call them and simply ask them about the possible implications, charges, etc. hadn't thought of that; they pick up the phone quickly enough. i will let you know what i can discover.

    thanks very much for responding
  5. sinewave


    thanks Wally.
    i had not even thought of that. i am so new to trading (duh) and it seemed such a perfect solution to my morning troubles...
  6. sinewave


    seems my 24-hour brokerage closes over the weekend, as should be expected. we certainly shouldn't be having brokerage problems at this hour on a friday evening. and i am unable to uncover relevant information on the site.

    ack! i'm still crabby about missing the 1121.25 buy limit signal on the much so that i am still working at this late hour to learn how to minimize these near-misses--as i've had so many of these near-misses whilst learning to execute my method. just don't want to be so much froth for the market makers.

    i'll forego the expletives this time (no guarantees toward later posts)

    i will post whatever i can learn.
    thanks pspr and bundle very much for your help and insight.
    best trades all,
  7. :) :D :)
    Nice phrase!
  8. Tradestation has mit orders.

  9. sinewave


    N'er were spake truer words.

    put another way: it is what is is; i am what i am
    that said, these forums are so very much appreciated
  10. nkhoi

    nkhoi Moderator

    for Jpat MIT didn't get send to Globex until the specify price get hit then it send the market order in, now if the price make a spike touch your price then turn back then the machine send in market order you may get fill at more than 1 tick away from the touch price
    #10     Jan 10, 2004