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myrtie100: Tough question as I don't think there is a best procedure. It will depend on whether you can watch the market during the day. When I was working (for others) I used pending buy stop orders and only found out if I'd bought something when I got home. Most of the time the close was higher than my entry. Sometimes it wasn't. The buy stop orders got me into the best trades. Slippage increased since those days and I stopped using the conditional orders when I "retired". I don't know whether this is a good thing or not, because now I miss the trades that go through the BO level and take off. I hate chasing the next day, so I do miss some good ones. Missing a good trade is probably worth a lot more than accumulated slippage in thin markets. You would have to check this, of course.If we've found a high probability setup then we should just take it asap. Slippage is frustrating but a cost of doing business.
myrtie100: Tough question as I don't think there is a best procedure. It will depend on whether you can watch the market during the day. When I was working (for others) I used pending buy stop orders and only found out if I'd bought something when I got home. Most of the time the close was higher than my entry. Sometimes it wasn't. The buy stop orders got me into the best trades. Slippage increased since those days and I stopped using the conditional orders when I "retired". I don't know whether this is a good thing or not, because now I miss the trades that go through the BO level and take off. I hate chasing the next day, so I do miss some good ones. Missing a good trade is probably worth a lot more than accumulated slippage in thin markets. You would have to check this, of course.
If we've found a high probability setup then we should just take it asap. Slippage is frustrating but a cost of doing business.
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