platform that accept "market if touch" order type

due to a limited Internet access (24/7 Internet access cost about 5 to 10 times my current paycheck, so I have to rely on dial-up) i build a system that goes like this:

- prior to 17:00 EST (Asian open?) i calculate my entry-exit for the day (mind you, 17:00 EST = 04:00 a.m in my place).
- set entry, TP, and SL as soon as the market open.
- disconnected.
- prior to the next 17:00 EST: check yesterday's trade result and calculate entry-exit for the day.
- and so on.

so far i only did it on paper. i use my CMS' VT for my demo account but only to check the charts and prices. if i'm not mistaken, my system uses "market if touch" order, right? there's "entrystopbuy/entrylimitsell" order if i right-clicked the chart, in which i found "set stop" and "set limit" buttons. is this the "market if touch" order i'm looking for---i can't check it out cos this order was greyed when i have virtual money (demo).

i also demoing with OandA, but i cannot set entry, TP and SL points at the same time. they seem to have "market" order only. when i used "limit" order, it has to be fullfiled before i could set TP and SL points. is this one of OandA's weakness, or just my ignorance of their platform?

and, last one, can anyone please tell me which other platform also accept "market if touch" order type.

Thank you.

VT from CMS
They are named non market orders:
-stop entry order
-limit entry order

Good luck and share specifics with us.

what the heck is a "market if touch" order? My guess is limit orders?

On Oanda's limit order ... when the market price touches your entry price, then it will place an order for you. The TP and SL can also be set too if you check the box on the left for TP and SL

An order which becomes a market order if and when the specified price is reached. The order is carried out at the first available price after the specified price has been reached, which is not always equal to the specified price.

So it is not necessarily a limit or stop order...

Scott

sounds very similar to me...

Market if touched

An MIT (market-if-touched) is an order to buy (or sell) an asset below (or above) the market. This order is held in the system until the trigger price is touched, and is then submitted as a market order.

Stop
A Stop order becomes a market order to buy or sell securities or commodities once the specified stop price is attained or penetrated.

Limit

A limit order is an order to buy or sell a contract at a specified price or better.


The difference is the MIT can have a trigger price that is not always the price at which the execution will take place. They do not have to be the same price.

Here is a good listing of various types of orders for anyone who wants to know.
http://www.interactivebrokers.com/en...Matrix.php#mit

thank you everyone.

This isn't quite the correct answer.

MIT is a trigger point that becomes a market order in EITHER direction of the market.

Contrast this a stop entry which creates an order in the direction of the market. (if the market moves UP, a BUY stop entry would create a long order).

Thus, with an MIT, you can actually create a SELL order if the market comes to the trigger point.

MIT orders would be ideal in the scenario where you believe the market would quickly reverse. Thus, if you were to put a limit order, you may not get filled if the market merely touches the price and then reverses. On the other hand, if you were to use an MIT, your order would get filled on the way back in the other direction (so for example, if the price moves UP and kisses your order, a market order would be triggered and you'd be guaranteed a SHORT fill on the way back down).

Simple, but effective if you're good at spotting reversal points.

All true in the normal sense of 3rd party brkrge trading where he has to find a match to trade with you. However, in retail Fx trading the Brkr IS the other side of the trade & therefore {theoreticaly} will fill ALL Limit or Stop orders if the price reaches that level. {Fast Markets Excluded but that would be the case in both scenarios}

Therefore, if it is your preferance to trade After the price has been touched, you may want to limit your search to ECNs.

Sorry I can't help you with that bit.