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Which order type shall be coded?
I have been facing a dilemma, unsure which order type I shall apply. Typically we work with two types of orders, Market order or Limit order, both have some pro and cons.
: Order is executed very fast.
: there is a chance that you might get a freak trade.
: No change of freak trade.
: order might get delayed for execution, but if you put IOC order some time your partial order is executed but still status says order cancelled*
Since we are coders and we want as little as a possible intervention. Please suggest me some way where I just have to code it once and do not need to touch my code/trade during order execution.
How about this, you place an limit order with some offset from the available offer price, if its not executed in next 30 seconds then change the order price to new offer price + offset (if its ok). continue this untill it gets filled. After some number of attempts if the order is not filled, then fire the order with Market order.