Stop mkt & stop limit w/offset in fast markets

[VinnyB]

Still on the SIM so please forgive the newbie questions, but I'd rather lose fake money first :-)

In a fast market like today's 8:30 EST jobs #, what's the best type of order to use to get in?

For example, I placed a buy stop limit at 8773 on the YM and a stop limit sell at 8997.

I know it's a sim trade but obviously it worked becasue the direction was correct. When I analyzed the trades, the buy filled at 8773 and the sell filled at 8808. I'm assuming that, once live, that 8773 stop limit buy probably would not have gotten filled.

Is that correct?

Next, why would the 8997 fill at 8808 if a stop limit? Do stop limits become markets? If that's the case, then why not a stop market?

The reason I'm asking is because I'm coming off another platform [not TS as in my other posts] and I always got screwed [i.e. the stops were always filled way out from limit order. TS couldn't even handle the data but it appears that NT can and I'd like to take advantage of moves that I was never able to...but obviously be smart about it.

Bottom line is: I'd rather get missed than get in at a really bad fill.

Can the stop with offset help me with this?

Sorry for such a long post. I'm just hoping that someone that trades "events" can suggest the type of buy or sell stop order they use to get in and out.

Thanks all,
V.

[NinjaTrader_Bertrand]

VinnyB, a StopLimit is just a limit order activated by a stop price. With the offset you can define how much room for a fill you 'accept'. You'll have to decide for youself which is the bigger risk, not being able to participate because you don't get a fill or paying the spread to get in (market order). If your quick enough you can of course place multiple limit orders in advance and cancel as needed (be careful with too much order modification worsening your position in the queue at your price level). Unfortunately you can't really predict which limit orders will fill, but in liquid markets you can assume if price trades through your limit, you would have probably gotten a fill.

[VinnyB]

Got it...thanks Bertrand!