v0.8.3 - Market Orders

From How Does Thinking Stuff Decrease Risk?:

No Market Orders

All orders placed are limit orders.

It requires that the price has enough momentum to bust through where your limit order is set in order to get you in to a trade.

Also, with Gain Capital at least, you cannot set a Stop Loss at the same time as opening a market order. A Stop Loss can be added later, however that option is not decreasing the risk involved - for a short time your entire capital is theoretically vulnerable.

While potentially controversial, it is our opinion that using market orders is a sign that you are fearful of missing out on money, and greed wants you to win as much money as you can on the trade, and therefore have to get in now! now! now!

Whereas a more detached, unemotional approach would be to place a limit order, and then allow the price to prove it has momentum by continuing far enough in the direction you wanted so that your limit order is taken up.

In Thinking Stuff, it's (1) all the entry rules are met; and (2) the limit order is set; and (3) the price must then continue in the direction you wanted in order to get you in the trade.

Unless you are implementing a scalping technique, missing out on a couple of pips should not be enough to break your trading system (although we are happy to read through rebuttles to our argument).

To contradict that completely, Thinking Stuff now has market orders. Why? Because someone said they'd subscribe if it had market orders. So now it has market orders.

Yes, I'm a programming whore!

Incidentally, that person did in fact want to do a scalping-like technique.

Market orders are still not allowed for Gain Capital though - only Oanda, because Oanda allows stop losses to be put at the same time as creating the market order.

An Entry Value of "Enter At Market" overrides any other Entry Value setting you might have.

In backtesting, the entry point is assumed to be the Open price of the next bar. This may or may not be true in real trading.

I also did a number of bug fixes.

See the full list of changes at the Change Log. See what's coming next at the Road Map. Also read through the Known Bugs so you know what you're getting. And then go and purchase.

Oh, v0.8.3 was going to be Release Candidate 1, but due to the request for market orders I wanted to get this out as soon as possible. Most likely v0.8.4 will become RC1.

Most likely.