good to know. so does Global Futures Exchange (GFEA...eieio-whatever, i'm not so good with acronyms) pspr mentioned that the exchange would dictate these rules. frankly i had not even considered that, being a novice. i am going to look into what CME allows (since i am trading the mini sp's). and i am very much hoping that i can do some MIT's to execute my favorite morning trades. of course i will post my findings. thanks so much jficquette, and all, for your help, angela
thanks so much for your response. does this mean that --in your experience with jpats trading on the CME-- an MIT order becomes a working market order once the price is traded? if that is the case, ::wonderful::. i want to use this type of order only for my morning trades. and as i mentioned earlier, if i miss a tick--even 2!--that's ok with me for these trades. thanks so much, again. your informed feedback is very much appreciated. good trading--for all of us, angela
i finally found some info on MIT orders for the CME. http://www.cme.com/edu/getstr/clslkord643.html >>> MIT Orders (Market-If-Touched) An MIT order to buy becomes a market order if and when the commodity trades, or is offered, at a specified price or lower; an MIT order to sell becomes a market order if and when the commodity trades or is bid at a specified price or higher. An MIT order differs from a limit order in that the order becomes a market order once the MIT price is reached. The order must be filled, even if the market takes a turn in the opposite direction. <<<< so i assume that MIT orders are allowed for the es, which is the only instrument that i am trading so far. i will enter my morning trades as MIT orders on monday and see how it goes. i can live with a tick of slippage.
According to IE, MIT orders aren't listed in the available order types on Globex. http://www.interactivebrokers.com/cgi-pub/contractSearch/exchangedetails.pl?selectedexgid=GLOBEX_2
Wally, Thanks, i hadn't thought about Globex rules in addition to the CME. i found this page on the CME site. http://www.cme.com/get/abtglx/enterorder987.html from what i understand, Globex will support a type of MIT (market-limit if touched) with certain front-end systems. and i've no idea if my brokerage and platform (GFE & j-trader) qualify. nor do i know if this type of order has a better chance of getting filled than the limit orders i have been placing. the j-trader platform does have MIT available on the order type dropdown menu. anyway, customer service at my brokerage opens sunday afternoon, so i will call them to get some clarification. Thanks for your help!
some chase function if J-Trader has one. I don't know this software though so cannot comment on it, but most applications of this kind for IB TWS have it, so I am guessing that this might also be the case for J-Trader. BTW, Angela, what are the commissions at your broker for E-minis? Can I trade OEX options through them too? If so could you tell me their option commissions? I checked out their website, but found them very cryptic on commissions. TIA.
I don't think a chase function is available on this platform or broker, just market, limit, stop, MIT, stop limit. anyway i will find out tomorrow and post. as for my brokerage, they do not list oex on the site, but you can call them. all the contact info is available on the site. and there is a live chat thing i remember using when i was shopping for a direct access broker. they were very responsive. since i am new, i wanted good support. they are open 24 hours between sunday - friday afternoon--a real live person picks up the phone on the 1st ring. as for commissions, i am paying 7.00 RT, altho i am seeing that others are bargaining for lower rates. best of luck, and let us know what you find out. angela
i did speak with my brokerage this evening. i can place "hidden MIT orders" for trading es with the jpats platform. this means that the order does not leave my platform until that price is traded. my understanding of this is that when the price is bid for a short or asked for a long the order is then submitted by my platform, j-trader in this case, as a market order to Globex. i will let you know how this works after the i execute this type of order. thanks to all for your help, angela
For IB users... This can be done using CONDITIONAL orders. - Create an order line for a market order. - Right click , make conditional - Set the trigger price (You can choose bid / ask / last) - Transmit the order once your specified price is hit, the order is transmitted. Hope this helps