Market Order vs. Limit Order

[CRCatNinja]

If I am trading futures on the GLOBEX, with a 4 tick profit target after a Long Entry, will the following 2 scenarios likely produce different or similar results?

If High >= "Profit Target Price", then Exit Long using Market Order

vs.

At Long Entry, enter ExitLongLimit Order at a Limit Price of "Profit Target"

[NinjaTrader_Tim]

Hi CRCatNinja,

Are you referring to how these approaches would behave in backtesting? Can you please clarify?

[CRCatNinja]

Tim:

I suppose my question is more of an exchange question which in turn, directs me to how best program it. Since the GLOBEX is purely electronic, is there any benefit to placing a limit order? Or will the electronic exchange simply wait for the BID(closing sale) or ASK(closing buy) to reach my profit target?

[NinjaTrader_Tim]

Hi CRCatNinja,

Profit Targets will be sent as Limit orders as well. So placing a limit order to take profit would have the same effect.