TIF - time in force

[michelle99]

PROBLEM: I placed a short order on the 6J yesterday with (TIF=Day) with a simulation account - it did not fill by the time I went to bed. This morning I switched my computer and the order still existed and filled a few minutes later. Obviously being placed yesterday with TIF=DAY this is not at all what I expected.

I am using NinjaTrader brokers (continuum data).

QUESTION 1: Is this unexpected behavior of the above because I was using a simulated account?

QUESTION 2: : If I enter an order with TIF=Day what definition of a "day" is used and who defines it? That is, where does the logic sit that says "Ahh it's the JPY/USD futures contract and that closes at time xyz today so for these orders have not been filled by then I will cancel them". Is it at the broker themselves and so they are in control of cancelling orders correctly? Again you can imagine if my Ninja Trader is off I need to be sure TIF=DAY works as expected.

QUESTION 3: Perhaps I just have the wrong understanding of TIF?

Thanks in advance,
Michelle

[NinjaTrader_Jason]

Hello Michelle,

1. Yes, this is as expected for simulation accounts. The order can only be cancelled when NinjaTrader is running. If NinjaTrader is shut down, it cannot cancel any orders. Since you trade a simulation account, the order does not reside at a broker or some server. The order remains internally in NinjaTrader.

2. Live orders submitted with TIF set to Day will be cancelled at the end of the trading session at the broker.