Lightspeed Trader, Lightspeed’s flagship trading platform, has been lauded as one of the best stock trading platforms on the market. Active traders appreciate its customizable screens and the platform’s straightforward design which allows for ease of order execution. Recently, Joe Ely, a registered Lightspeed representative, hosted a webinar that dealt with placing advanced orders on the Lightspeed Trader platform. Below, we cover some of the highlights of his presentation.
Lightspeed makes it simple to place a plethora of order types. Users simply click the drop-down menu under “Order Entry” and select the type of order that they would like to place. One of the standard options is a market order, that routes your order for immediate execution at the prevailing market price, which may not necessarily execute at the price you had expected, due to market volatility. The Super Smart order can be customized to send your order to multiple destinations simultaneously, increasing the chances that it will be filled. Another type of order is non-routable, which means that the order will only go to the exchange specified by the user. This option is useful to avoid paying additional routing fees.
Perhaps one of the greatest functionalities of the Lightspeed Trader platform is the ability to customize hotkeys. Active traders can use hotkeys to swiftly make adjustments and place orders to take advantage of opportunities as soon as they appear. Ely recommends that those who are new to the platform first set up tier sizes. For each tier, a number pad key corresponds with a number of shares. The preset sizes use increments of one hundred (i.e., “2” for 200 shares, “3” for 300 shares, and so on), but they can be customized to suit your typical trade volume.
Lightspeed knows that for professional traders, every second counts. Additional hotkeys can be mapped to the keyboard to adjust prices, rather than using the mouse to point and click. For example, a user could set the right and left arrow keys to correspond with adjusting the price of a share by $0.01.
For even faster order execution, users can set up hotkeys that correspond to a custom order. The routing market, order size, and other adjustments can be preset for orders that the trader makes frequently.
The webinar in its entirety can be viewed here.
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