Market limit order

pranaman

New member
I'm reading "How to Day Trade for a Living: A Beginner’s Guide to Tools and Tactics, Money Management, Discipline and Trading Psychology" by Andrew Aziz. He mentions "Marketable Limit Orders", which are orders at ask price + an offset, and bid - offset, for example:

buy at Ask + $.05 (buy at Ask price, up to $.05 more)
sell at Bid - $.05 (sell at Bid price down to $.05 below)

in case ask price moves up before buy order gets filled, or bid price moves down before sell order gets filled.

He uses DAS Trader. I tried to emulate this up in ToS, and also called support. We got close by going to Active Trader and got "Buy the Ask" and "Join the Bid" buttons to appear from clicking the gear icon.

If there is no way to do it in the GUI, wondering if I can do it with a script and assign them to hotkeys, like he also mentions in the book:

Buy 400 shares at limit Ask+0.05
Buy 200 shares at limit Ask+0.05

Buy 200 shares at limit Ask+0.05

Sell 1/2 position at limit Bid-0.05
Sell full position at limit Bid-0.05

anyone know if that is available, or if it can be created with a script?
 

rad14733

Well-known member
VIP
Can't be done as you have described, unfortunately... However, you could probably accomplish the same functionality with a conditional order but not from the Active Trader panel other than saving a conditional order in the Right-Click Order Template list... Not sure about the partial sell orders though... Try it in Paper Trading or OnDemand to verify...
 

pranaman

New member
thanks. If I edit a Buy order, I see

dfpZBQe.png


and when I click the small gear on the right I see

Etqt7bV.png


so, not exactly as I thought, but I tried to place some 1000 share orders with AT, in paper, and they went through fast enough:

DjelXW6.png


Now working on how to best sell partials as price goes in favorable direction, quickly executing "1/2 of all shares" sells, and 1/4 of.

I've saved some as Right-Click Order Templates, as selling at Last, and also 1% trailing stop loss to sell partials, to ride the run.

How do you guys best set up your buy and sells? Do you use any scripts, hotkeys?
 

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