This is an order management question.
With the rising volatility in the markets and to assist with order entry, I started to use the "Attach To Indicator" feature based upon the Bollinger Bands indicator.
The BB indicator is set to calculate on "Price Change" or "Each Tick".
I trade MNQ and place an order to buy/sell depending my view.
I've noticed there is a significant number of modifications of orders.
So many that I received a "Rithmic Order Limit violation" from my Funding company.
That is, there has been 50,000 orders this week.
That is obviously excessive and drains my computers resources.
My question(s):
1. I wanted to test my order approach in simulation before going back to live trading. Is there a way to find out how many order modifications I am actually sending?
2. I am comparing using "Modify toward last price only" and not using it. It seems to reduce the number order modifications.
Was that why the feature was created?
Also, does that seem like a viable alternative?
Finally, I wanted to adjust my orders based upon real-time market conditions. So simply setting the BB indicator to on "Bar Close" would miss opportunities and expose to unnecessary risk. Unless I am missing something, please advise
Answers to my questions and further feedback would be greatly appreciated!
Thanks
Irv
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