View Full Version : Best waty to avoid in an flight execution ?
06-22-2005, 02:27 AM
Trading the ER2 from the Dome...with a strategy of 1 contractand a stop loss (no profit target). The stop loss may be moved be fairly close to the current price...perhaps 3 to 4 ticks. What is the best way to close out an open position to avoid an in flight execution? Should "close with market order" be checked in the settings manager or does this make a difference?
And a minor question....when one discovers they have inadvertantly made typos in the title to an initial post subject...is there any way to correct or edit that title ??
06-22-2005, 05:23 AM
Typo, I have an edit button that shows up, not sure if you do or not. If yes, click on that.
It is better to have "Close with market order" unchecked. In the case of a stop loss without target, it does not matter since a market order will be sent anyways. If your stop loss is very close to the inside market then there is nothing you can do. The chances for getting filled on the market order and stop order increase. NT sends out the cancel request right before sending the market order. NT does not wait for cancel confirmation before sending the market order. This is because we feel that by waiting for cancellation confirmation to avoid in flight executions you risk -
- internet connection going down (never get out of position)
- cancellation confirmation can take seconds (market drops and you get out at a bad price)
We feel this risk is greater than the risk of inflight executions.
06-22-2005, 12:43 PM
So is there a best way to close the position described ?....the "close" button on Dome, "Close a position strategy" or "Flatten everything"....or do all of these acomplish the same thing in this case?
And yes...there was an edit button, but only for the body of text, not for the title evidently.
06-22-2005, 01:11 PM
They will all accomplish the same thing in this case since they invoke a Close() method in the program code. Programmatically, Close is quicker but we are really splitting hairs here.