QiT uses limit orders to enter all positions. We identify a candidate, according to the rules of the algorithm, then we make the market come to us.
At least 70% of the time, our limit orders don’t get filled because the market didn’t do what we asked it to do so we just walk away from it and go on to the next trade.
However, there are times when our limit order is the daily low (daily highs for shorts) and we end up buying at daily lows. There isn’t a trader out there who wouldn’t identify this as a very good trade. Unfortunately, not everyone will get filled at those daily lows. Some QiT members will be, some will get partial fills and some will not be filled at all.
As a service what do we do? We originally thought we wanted to be as fair as we could to all members so we implemented a rule that required everyone who got a fill at daily lows to exit the position the next morning bringing all members back in sync. This seemed to be the fairest way to handle it.
Well, we’ve come to realize this is not the fairest way to handle it. These trades are typically very profitable and requiring the members who were filled at daily lows to exit the next morning, “punished” them because they were potentially leaving money on the table.
So we will consider all fills at daily lows as a valid trade. If you are filled the algorithm will manage it until its closed. However, if you are not filled, just watch it. I know it will be frustrating to “watch it” but recognize when you are filled, and others are not, they will be “watching” you make money. Believe it or not, it all works out even.
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