StopLimit entering-exit HOW?

[igorvlassov]

Hello,
sorry for silly questions, I'm only programmer, not a trader, but:
if I want to place stop limit sell order in hope it closes automatically on stop or limit price and return some profit or loss what must I do?
If I enter with EnterShortStopLimit func is it enough?
Or I must enter with EnterShort and execute ExitShortStopLimit right behind?
Or how?

Thanks and sorry for disturbance,
Igor

[NinjaTrader_Ben]

Hello,


I suggest reviewing this thread on the various order types:

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

Note you will probably want to use two order types to do what you want. For example: First call SetStopLoss() and/or SetProfitTarget() then EnterLong().

[igorvlassov]

Thanks!
I have some more questions:
1. Can you say what advantages your SetStopLoss/ SetProfitTarget/EnterLong() method has?
2. Order filled. Is it it's end and my profit/loss or something else needed to complete trade?
3. I probably must to track entry order and his connected stop/limit orders separately. What method you can recommend for? Is method from SampleOnOrderUpdate sample good for this?

Thanks again!

[NinjaTrader_JoshP]

1. They are convenient. Just call them and they will automatically place you a stop/profit when you enter the market.

2. Not sure what you are referring to. An order being filled just means that particular order has filled. Depending on what position you have you will want to sell it.

3. If you want to control everything then follow that sample.

[igorvlassov]

Hello, Josh,
Thanks for answers,

1. They are convenient. Just call them and they will automatically place you a stop/profit when you enter the market.

But they don't return IOrder object So seems I must follow 3.

2. Not sure what you are referring to. An order being filled just means that particular order has filled. Depending on what position you have you will want to sell it.

As I said I'm not trader but I need to know the typical process in common.
First, I enter sell order for ex. It become filled then. What this means? Is it means the other side agrees with my price or is it means order already selled? If first what must I do futher? Must I put exit order or what?

[NinjaTrader_JoshP]

1. Right.

2. If you receive a Filled state on your order there is nothing else to do. That is the final terminal state. If your order was to sell 1 contract of something and you get a filled state it means you have sold 1 contract. Since you are not a trader it may be helpful to find some literature on google to cover the basics for you.

[igorvlassov]

Thanks, Josh!

I tried to read something in Ivestopedia. I'm afraid my English not so well to read more serious books. Plus I often see terminology difference on different sources. I think I must read some Russian book about but I'm afraid, again, Russian-English terminology difference.

Thanks again, Josh
and Merry Christmas!

Igor

[NinjaTrader_JoshP]

Merry Christmas to you too. Good luck.

[igorvlassov]

Since you are not a trader it may be helpful to find some literature on google to cover the basics for you.

Josh, I found a lot of literature in Inet and some trader recommendations about. Because of them I started to read JAPANESE CANDLESTICK CHARTING TECHNIQUES by Steve Nison. But I wondering is it true start. Can you recommend me some book please?

[NinjaTrader_Bertrand]

Hi Igor, we can't recommend any special ones, but I guess you have to get used to English as the language of choice for the investment / trading world. You can take a look at online bookstores, people run various lists with their favorite books there...