Guide to Placing Orders: Important Beginner Trading Video
As a trader, if you are fortunate to find yourself making significant gains, it may be easy to ignore the mechanics of your trading. It’s better to have a solid foundation and assess whether you’re using the best type of order. If you are a scalp trader, you would probably want to avoid slippage because each tick counts. Alternatively, if you are always going for large moves, your strategy may indicate you should get in at a certain point regardless of slippage, where an MIT order is more suitable.
Understanding the differences among the order types is essential. It’s one of the primary ways to curb unnecessary risk and maximize potential reward. This video teaches you just about everything you need to know…
In case you’re wondering how to get the red stop loss line and green profit target line on your chart, you should click on the Chart Trader (Hidden) setting at the top of the chart window. The Chart Trader panel itself is a bit simplistic (the SuperDOM is preferred), but its ability to drag and drop orders to new locations/values is useful. Also, there is the simple visual benefit of seeing the profit target and stop loss near progressively plotting price candles.
The trading signals displayed are from the Trade Scalper and Atlas Line. The Atlas Line focuses on fewer, larger opportunities whereas the Trade Scalper goes for many, smaller opportunities.
We like to think of the SuperDOM as a “remote control” for placing orders. Remember, your order still has to get filled. If your order does not get filled, you’re not “in a trade.” As John Paul says, there are three primary order types. The market order is probably the simplest, it’s a, “Hey, get me in, whatever goes” kind of order. The MIT is somewhat similar, but that’s for a specific price level rather than just jumping in at current (market) price, willy-nilly.