Page 16 - Futures Money Machine-Study Session #6
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McDowell’s Tips …
How you place the order in is very important. What is even more important is how you keep up with
your orders. This is where good organizational skills are important. I suggest the “Trader's
Assistant” record Keeping System and Trade Analyzer available at TradersCoach.com.
As for the type of orders: Please note that your broker may have a different name for some of
these so check with them for so you are sure you are placing the kind of order you want.
• “STOP” An order that becomes a market order only when the market trades at a specified price;
also called a “stop-loss” order. For Example if you wanted to place a BUY STOP at 1120 and the
market was at 1124 that would not be a good order. The market would have to be somewhere
below 1120 for this to be a good order.
• “OPEN” Order- An order that remains in force until canceled or until the contract expires. Also
called a “Good ‘till Cancelled” order. We do not recommend that you use this type of order.
