Limit or market entry
We entered the same 2,074,842 backtested signals two ways: at market, and with a limit order waiting at the signal's own price. The limit filled 89.2% of the time. On 1 hour charts, 67.7% of market entries reached the first target against 65.7% of the limit orders that filled.
Last updated 30 September 2026. Figures from the scanner run of 2026-11-01, every published timeframe, market data through 2026-11-01.
The same signals, entered two ways
| Timeframe | Orders placed | Filled | Market: reached target | Limit: reached target | Market: after spread | Limit: after spread |
|---|---|---|---|---|---|---|
| M1 | 533,870 | 84.9% | 66.1% | 60.1% | -35R | -34R |
| M5 | 761,918 | 88.8% | 66.1% | 61.8% | -16R | -18R |
| M15 | 301,874 | 92.2% | 66.7% | 63.8% | -9.3R | -11R |
| M30 | 159,861 | 93.3% | 67.3% | 64.9% | -5.8R | -7.5R |
| H1 | 84,903 | 94.2% | 67.7% | 65.7% | -3.3R | -5.0R |
| H2 | 45,311 | 95.3% | 66.8% | 65.2% | -3.3R | -4.9R |
| H3 | 30,553 | 95.3% | 67.2% | 65.6% | -2.1R | -3.8R |
| H4 | 22,806 | 95.6% | 67.6% | 66.1% | -1.2R | -2.8R |
| H6 | 47,601 | 90.1% | 67.5% | 64.0% | -0.6R | -5.4R |
| H12 | 40,157 | 89.4% | 67.1% | 63.2% | -0.5R | -6.0R |
| D1 | 45,988 | 88.4% | 66.6% | 62.2% | -0.9R | -7.2R |
Which trades a limit order misses
A limit order waits for price to come back to the entry. A trade that is going to lose comes back, by definition: it has to pass the entry on its way to the stop. So a limit order at the signal price fills on the losers. The orders that do not fill are the ones where price left without returning, and those are winners.
That is why the limit column's win rate is lower in every row. It is the same set of losing trades, with some of the winners removed.
What the limit gains is price. It does not pay the spread to get in, and it enters at the signal price or better, so each filled trade costs less. The last two columns show which effect was larger on each timeframe.
Every figure is from the backtested record STS Trading publishes: fixed rules run over real price history, one trade at a time, entered at market unless the piece says otherwise. Markets are pooled at one fixed target and none is left out. R per 100 trades is what 100 trades made or lost, in units of the amount risked on each.
It is a description of past data. It is not a forecast and not advice, and slippage and overnight financing are not included.
What to take from it
- A limit entry is not free improvement. It trades a better price for a worse selection of trades.
- The fill rate is part of the record. A limit book with a good win rate and a low fill rate is a record of fewer trades than it looks.
- A missed order is not a loss and not a trade. It is left out of every win rate and trade count.
- Which entry suits you also depends on things a backtest does not hold, like whether you are at the screen when the signal fires.
More research
- What the spread costs, timeframe by timeframe
The same strategies before and after costs, from 1 minute to daily.
- Which markets carry the edge
One set of rules on every asset class, and very different results.
- How many trades make a win rate
How far a month's win rate sits from the full record, by sample size.