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You're giving up a tick if you execute MIT. At least a tick. You're also open to greater price risk in thinner markets.
If your limit orders are not getting filled there's something else going on. Monitor your position in queue using the EPIQ column in MD Trader or Market Grid. You'll know your worst case position in queue that way. CME is rolling out MBO as well. MBO will provide actual position in queue at the matching engine. This rollout will be gradual...and there's been some problems already...but this will be a great piece of information for traders to monitor and use in their trading.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
So what it boils down to is choose your pain, as I suspected. Well, I tend to prefer market orders. I rarely fret about a missed extra tick when I hit my profit target. I scream bloody murder when I get stopped out after hitting my profit target for the third time in a row on the same day.
Your point is well taken - there will often be times when using one or the other would have yielded a better result. Too, I am learning about the DOM and I may be able to have more success with limit orders if I learn how to spot market condition where getting a fill with a limit order looks more likely.
Thanks Ron, that is a great way to look at it! I have been studying the lessons on the order flow at Jigsaw (which are amazing!) and I started to see when it would be more advantages to use a limit or a market order based on the order flow. It's going to take a lot of practice, but with hard work I think I can learn when to use each type based on what the order flow is telling me. Great answer! Thank you!
Yes, I have experienced these latency issues myself. It was one of the reasons I decided to try to lean NT and I am getting ready to transfer at least my futures account soon.
Not an easy thing for me to do. I am a slow leaner and I hate learning new platforms so once I did get comfortable with TOS it wasn't easy to decide I need something else. But the latency issues were really an impediment.