How do I change the stop-loss order into a stop-loss-limit order?

[op684]

Hi,

I'm pretty frustrated with having to manually enter a limit order above or below my entry in order to not have the order automatically trigger if it trades at the set price.

The way the stop-loss feature works now, whenever the market trades at the price set on my SL, it automatically becomes a market order and gets me out. I DON'T WANT THAT!!!

This has to be the stupidest order ever made.

I need it to be a LIMIT order.

In other words, the price that I set the stop-loss at, I want it to get me out ONLY when my turn at the order queue is up at THAT price, not a stupid market order that indiscriminately takes me out first thing when the market trades even ONCE at that price.

I tried seraching the Help section of Ninjatrader but didn't find how to do that.

Help please.

[NinjaTrader_Bertrand]

op684, which NT version are you using (Help > About) and which markets are you trading?

If you right click in your DOM you can change the Stop order used (for some exchange on 6.5 locked to StopMarket) in it's properties by toggling 'use StopMarket for StopLoss' - http://www.ninjatrader.com/support/h...properties.htm

[op684]

Hi Bert,

I am using the latest version 1000.1, multibroker.

I don't trade from the DOM, I trade from the chart. If I change that option in DOM, will it also affect the chart trader?

Thank you!

[NinjaTrader_Bertrand]

The same setting is available if you right click on the ChartTrader panel and enter it's properties section...the latest NT7 would be R2 > you can upgrade via Help > Download Site.

[op684]

There we go, I just lost another opportunity to make 2 points because I got market-stopped. I'm so fn pissed right now.

Bert, please help me sort this issue. I've taken a screenshot of the settings of the chart trader pane. It shows that the stop-loss-market-order setting is set to <false>. So what is the problem?

http://img19.imageshack.us/img19/7637/22543281.jpg

Sorry I missed your other question. I trade ES and TF. My broker is Global Futures and datafeed is Pats.

Other question, are the orders that I place local? In other words, if I put a limit order to sell at a certain price with a stop loss of 2 ticks, if I log off/turn off Ninjatrader will BOTH orders be in effect?

Thanks!

[NinjaTrader_Bertrand]

Though I can surely understand your frustration, please don't use offensive language on our forums here - thanks

For your issue: please send me your log / trace files via Help > Mail to Support to my Attn, with this setting set to 'false' in NT7 it should use StopLimit orders for your markets.

Only the order in 'working' state would be then resting at the broker / exchange, NT needs to be running and connected live to manage any OCO logic used for your exit bracket.

[op684]

Sorry bout that.

I tried sending the trace/log (after putting my e-mail, etc), but it gave me an error.

http://img513.imageshack.us/img513/2856/njerrorsendingtrace1.jpg

http://img840.imageshack.us/img840/5505/njerrorsendingtrace.jpg

[NinjaTrader_Bertrand]

I just send you a PM about an alternative way of getting those to us. Thanks

[RaminRostami]

i have this problem too
i am trading dax future-eurex and
in atm stratgy I can sett stoploss limit
2-how can we defind our self ATM stratgy in with ninja script?
is it possible to we can write a costum atm stratgy?

[bob100]

If i understand you problem you want to have limit orders for stop loss.

I dont think that is possible. You cannot place a limit order to buy ABOVE the market it will execute immediately at the market price.

Likewise , you cannot place a limit order to sell BELOW the market price.

You can only use stop orders in thise situations and unfortunately for us, stop orders always turn into marke to market orders.

Having said all that, if there is a way to place a buy limit order above the market or a sell limit order below the market I would like to know about it...

How does the stop market order work? I suspect it turns into a market order just like the stop loss order does...

PS:
I know about the stop-limit order but I assume we are not talking about that. The stop-limit order does not guarantee we get out of the trade, which is the whole idea behind a stop los s order.

[op684]

bob100, you're right and I thought about that before.

But see, the issue I have is this. Sometimes I would observe the market to hit the price where my stop-loss-buy-order is, before immediately going back down, and it would not turn my order into a market order to get me out; my order would still be lying there.

That's what made me wary that something's going on that shouldn't be.

That's what a stop-loss is; once the market reaches and makes even one tick at the price where your stop lies, then your stop should immediately become a market order and close your position at that price (in this case, buying at ask price where your stop was, and which was triggered by the market making a trade at that price).

All it takes, is for some big guy to push the market up (or down) to a certain price and buy as little as 1 contract only 1 time, to automatically trigger all the stop orders lying at that price. I guess that's one of the facts of trading we have to accept, and move on.

Unfortunately, the only option I see is to put a stop-loss farther out, thus increasing risk.

Last Thursday, I missed out on a 200% profit, because the market went up exactly to the price where my stop was, taking me out, before immediately dropping down like a ton of bricks a dozen points. That hurts, A LOT!!! lol