Scenario Question

[kmpc1]

Let's say I see the market moving in a direction I like and I want to get in quickly. I do so in this particular case with a market order that has no strategy attached. A few things I'd like to do/know:

1. At this point is it possible (or how would I) put a stop in place.

2. Also, lets say I decide that I am done with this trade, but think I can get away with an extra tick. If I close out at the market I am giving up a tick. How can i (is it possible) to submit a limit order creating a OCO situation (in other words keeping my stop in place) while I play for the extra tick.

The videos are very helpful. I'm not certain that this particular use case is covered (perhaps it cannot be). Any guidance you can provide will be appreciated in an effort to enable this type of behavior.

Thanks!

[NinjaTrader_RyanO]

Hello kmpc1,

Thank you for your post.

1) If you have an open position without any stop loss or profit target orders protecting it you can easily add these exit orders.


Please see a post in our support forum that outlines how to accomplish protecting an open position.


2) It's hard to say if closing with a market order will cost you a tick, because it's just as conceivable that using a market order will work in your favor as a market order will get filled at wherever the market is when trade the is executed at the exchange.

The other thing you can do is submit a profit target using the instructions in response to your first question and then manually adjust that order so you can play for the extra tick and still have the security of a stop.