I want to know how you handle situation when you place LIMIT order and it doesn't executed in exchange due to sudden spike or other reasons. The order remains open for throughout day.
I understand that we can use Market order but for large qty there is huge slippage cost.
How do you handle such situations> @HowUTrade you might have experienced this, any views?
Yes, Cancelling order is one option. What I am doing currently is: wait for 60 sec, if order is Still open then modify the limit with current price (only if LTP is within 0.5% of my original limit price)
Yesterday, One of my Limit order was not passed, the algo modified the LIMIT to 0.4% of original Limit price, then price went in opposite direction. So total loss was SL price + 0.4% of the limit price.
Just wanted to know how professional traders handle such situations. is there any other way we can follow other than cancelling the order?
Yes, a novice trader uses MARKET order and the professional one uses LIMIT order.
We always use LIMIT order for entry.
You can cancel a order if not executed within certain period (We use 60sec).
You can refer this link https://kite.trade/forum/discussion/comment/16303/#Comment_16303
for general basic idea on how to do that.
Yes, Cancelling order is one option.
What I am doing currently is: wait for 60 sec, if order is Still open then modify the limit with current price (only if LTP is within 0.5% of my original limit price)
Yesterday, One of my Limit order was not passed, the algo modified the LIMIT to 0.4% of original Limit price, then price went in opposite direction. So total loss was SL price + 0.4% of the limit price.
Just wanted to know how professional traders handle such situations. is there any other way we can follow other than cancelling the order?