Learn the Ins and Outs of Custom Order Entry in Lightspeed Trader® in Our Webinar Recap

webinar

Here at Lightspeed TradingTM, we provide you with the tools that you need to succeed as an active trader. This includes offering various educational resources for our clients. We regularly host webinars that give new and veteran traders alike tips for developing trading strategies, as well as an inside look at some of the in-depth customization options offered by Lightspeed Trader, our flagship stock and option trading software. Our most recent webinar, “Fast and Effective Order Entry,” hosted by Joe Ely, our VP of Strategic Business Development, took an in-depth look at how active traders can execute their trading strategies faster and more effectively with customizable Hot Keys and Hot Buttons.

Order Entry Basics

One of the features all traders who are new to the Lightspeed Trader platform should look at is their tier sizes. To change this, click the cog in the upper right corner of any window and click on the “Tier Sizes” tab. Next, adjust the tier sizes so that when you press a key on the number pad, it will correspond with a certain number of shares. For example, if you frequently buy 100 shares of a given stock, you can map the quantity of 100 to the “0” on your number pad. Each key can be set to correspond to a preset number of shares. You will then want to adjust the Order pop-up window before setting up other hot keys. Again, click the cog in the upper right corner of any window and then on the “Order Popup” tab to adjust the price and shares keyboard shortcuts. With these features customized, when your order confirmation window pops up to place an order, you can quickly adjust the price by an amount that you determine by using the left and right arrow keys. For instance, you might want to have the price adjust by increments of $0.05; the left arrow key would lower the price by that amount, while the right arrow key would raise it by the same amount.

Setting Up Custom Orders

After adjusting the tier sizes and order pop-up, traders can create their own custom orders and assign them to a Hot Key. To do this, enter the Custom Orders tab in the settings, and create a new command. After entering a name for the order, you’ll first enter the exchange where you want to route the order, such as ARCA or NASDAQ. (You can also enter “STOP” for a stop order.) There are various settings you can change, such as whether your order is visible or hidden. While most of your orders will probably be set to visible, if you’re creating a target order to sell, you may want to select the hidden option. You can also set the size of the order, or even set it to sell all of your current shares by selecting “full position.” Lastly, you can select the option of whether you want a window to pop-up to confirm your order or not. The pop-up option is helpful for traders who want to verify their order first while choosing not to have the pop-up will increase the speed of the order entry.

Traders can set up multiple custom orders for different scenarios and map each one to a different trading Hot Key, allowing for rapid and seamless order entry.

To view the entire webinar and learn more about creating custom orders, click here.

If you’d like to see for yourself why Lightspeed Trader is one of the best trading tools for active traders, request a free demo today.

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