Market Order When Hit

[heyligerb]

Hi All...

Is there such thing as a "Market When Hit" order? I'm seeing in some of my strategies where my profit target is hit (limit order), but not getting filled.

Does anyone have any pointers on how to handle this?

Slippage is a concern a well. In a perfect environment, the order would switch to a market order at the exchange so there would be no delay between me and my broker...

Is something like that possible?

[NinjaTrader_JoshP]

heyligerb,

Your observation is accurate. Limit orders are not guaranteed to fill because they are trying to get you your limit price.

I believe you could just use a stop order no?

http://www.ninjatrader-support2.com/vb/showthread.php?t=3271

[heyligerb]

Yea I suppose that should work?

It should work as long as ExitLongStopLimit and ExitShortStopLimit allow you to exit at a profit???

Brian

[NinjaTrader_JoshP]

Brian,

Not sure I understand what you mean by "allow you to exit at a profit". A stop-limit order would be when the stop price is touched, the limit order is placed. A stop order would be when the stop price is touched, a market order is submitted.

[heyligerb]

I guess its just semantics... I've always associated stops with losses. I didn't know you could use stops to exit a position at a profit.

Brian