Types of Limit orders

[Edge82]

Hi,

I am with Mt4 and want to upgrade (pay) for NT with my broker...(spot forex);

with Mt4 you cant place pending orders within 20 pips of price (its free, so cant expect much).

Please confirm;

b) Can standard 'BUY' limit order can be be placed one tick below last 'ASK' (or market price) price

c) Can we use Marketable 'LIMIT' orders if placing a BUY order above current 'ASK' (or market price)

d) Can a BUY limit order that is placed below market price be Marketable, or can it only be a standard limit

e) does NT allow Stop/Limit orders

Thanks,

[NinjaTrader_Kyle]

Hello Edge82,

Thank you for your post.

1.) Yes, this is possible.

2.) Yes, this too is possible.

3.) A marketable limit order is also possible in this direction.

4.) NinjaTrader does allow for Stop Limit orders.

[Edge82]

Thanks Kyle,

So can do all these orders in standard order window without super DOM (as I currently trade forex)?

Cheers

[NinjaTrader_Kyle]

Hello Edge82,

Yes, this is possible in the basic entry window however just to be clear it would also be possible to trade forex using the Dynamic version of the SuperDOM and place those same types of orders.

[Edge82]

Is there a link to this Dynamic DOM, that I can look at (or read about),

I didnt think it was available in spot forex.

Cheers and thanks again

[NinjaTrader_Kyle]

Hi,

Yes - more information about the SuperDOM is available at this link to our Help Guide: http://www.ninjatrader.com/support/h...7/superdom.htm

[Edge82]

Thanks for your help!

[Edge82]

Sorry just one more query,

a) Does a Buy limit order AUTOMATICALLY become a Marketable Limit order, if placed above current 'ASK" Price

If so

b) How would I make a BUY Limit order Marketable if its placed below current price. (instead of just a normal Limit)

Sorry, I just want to clear all this up prior to upgrading.

Thanks Kyle

[NinjaTrader_Kyle]

Hello,

Limit orders essentailly call for a fill 'at this price or better'.

If a buy limit order is placed above the last traded price, the last traded price is 'better' so the order is filled at market. If a sell limit order is placed below the last traded price, the last traded price is 'better' so the order is filled at market here as well.