Page 17 - Futures Money Machine-Study Session #6
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McDowell’s Tips …
• “LIMIT”-An order that can be executed only at a specified price or better. A Limit order is much
like a stop. The difference is that on a “Stop” you can receive negative slippage however, on a
“Limit” order you must be filled at your price or have positive slippage, or you will not be filled.
• “MARKET”-An order to be executed immediately at the current market price.
• “DAY”-An order that automatically expires if it is not executed on the day it is entered. This is
the type of order that we use and recommend.
• “SPREAD”-An order to simultaneously buy and sell at least two different contracts quoted
differential: sometimes three or more “legs” are involved.
