Market If Touched (MIT) Orders vs Pending/Limit Orders?

Market If Touched vs Pending/Limit Orders

Most people I’ve spoken too don’t know what a market if touched (MIT) order is, and yet they are the most common order type I use for targets. You got to find out why…

So MIT orders or Market If Touched orders are easiest to explain if you think of them as a pending order but with one difference. That difference is what happens when price reaches the value of the pending/mit order. Below you will find a list of supported brokers.

So let’s compare…

  • A pending order HAS to fill you at the price you specify or BETTER.
  • A MIT order doesn’t, when price hits the level of the mit order , it turns into a market order meaning that it will fill you on the next available price if it’s better or worse.

So why is this useful? You remember when the Swiss floor broke and the EURCHF went nuts causing FXCM to take out a huge loan just to survive? Well if all of a sudden your profit jumped up 800 pips you probably don’t care if you got taken out for a 750 pip profit or an 850 pip profit, you just want OUT! Well this is why you would want to use a MIT order.

eurchf market if touched order

Why Use A Market If Touched Order?

The point is simple. It’s probably very useful for targets when you just want to be flat. During times where we have gaps, or huge gaps like the eurchf you could have gotten out, locking in much bigger profits if price gaps.

So use them as you see fit, but let me give you one BIG warning. If you’re doing this with NinjaTrader, there are some brokers that hold your MIT orders on their servers, meaning you can shut down your computer and that order is pending. Then there are some brokers that don’t support MIT orders so they are held locally on your NT8 platform. This means if you shut down your NT8, your orders won’t get executed. So how do you know if your broker supports them or if you need to keep your NT8 running?

What Brokers Support MIT Orders?

So use them as you see fit, but let me give you one BIG warning. If you’re doing this with NinjaTrader, there are some brokers that hold your MIT orders on their servers, meaning you can shut down your computer and that order is pending. Then there are some brokers that don’t support MIT orders so they are held locally on your NT8 platform. This means if you shut down your NT8, your orders won’t get executed. So how do you know if your broker supports them or if you need to keep your NT8 running?

NinjaTrader Support Provided This Information
The below information is true as of July 29th 2016 18:37 GMT. It’s always best to check with NinjaTrader to see if there were any changes to this information.

Base technology: MIT support
CQG: Simulated
FXCM: Simulated
Interactive Brokers: Native
MBT: Simulated
Rithmic: Native
TDA: Simulated


As far as MetaTrader users, your out of luck, MT4 doesn’t support mit orders period. For those of you know know about mt4 and the inner on how they work, you probably know why.

2 Comments on “Market If Touched (MIT) Orders vs Pending/Limit Orders?”

  1. Hello John, I use the Tradestation platform and their Matrix app. I get in and out of trades very quickly (scalping). My success depends on rapidly filling my limit orders. I have been having issues with getting my buy and sell limit order filled on time. I have been working with the technical staff to fix the problem, There has been a definite improvement, but there are still many instances where my limit sell order will be ignored while other orders (as seen on the time and sales window (prints) have closed at a much higher price than mine. I have been thinking that maybe the “If touched orders may be the cure. I am more concerned with speed than the price. Of course if I could improve both, that would be best.. I am considering moving to another broker that may have a quicker system to execute ordersI have a very good system and have developed it using the simulation platform from TS… If you have any insights as to how to improve the speed (and price) for filling my orders I would be interested in working with you. Thanks, Joel

    1. Hey Joel,

      Sorry I’m not a trade station user so I think you would be best in their support channel’s hands. I use NinjaTrader for all our stuff here but if you do ever switch and need a hand I can certainly help you at that point 🙂

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