Working Your Orders

Perhaps the most easy-to-overlook feature of Trade Unafraid is the ability to work your orders.

If you've ever gotten price improvement on your fill, you know what a benefit that can be.  Good fills put you ahead.  Bad fills just suck.

One of the things you can do in software that you simply cannot do by hand is work your orders.  You can have Trade Unafraid put your order price somewhere in between the bid and ask.  It can then quickly and repeatedly adjust the order price, giving a little at a time, until you finally get filled.  

You can also define a cut-off point (a limit) where if price gets too far from the original price, you give up on working the order.  For entries, this means skip the trade, because you'd be chasing.  For exits, it means just accept the market price to get out.

Because you have different objectives for entries, take-profit exits, and stop losses, you can configure each of these with their own configurations.  You might be very patient with targets and not work orders at all, or maybe just a small amount, for stops.  As with the rest of Trade Unafraid, it's always up to the trader how the software should perform.

Some of our users even like to "sit on the bid," placing their buy order at the bid with 0% adjustment.  This means that as quotes move, the order is adjusted to always follow the bid price.  This guarantees either a favorable fill or no fill at all.

In a product filled with "flashy" features, this is a quiet capability that can make a big difference.