Traders depend on the speed and efficiency of their trading platform to meet the needs of their investment strategies. Sometimes, fast and effective order entry can be the determining factor between getting into (or out of) a trade at a profit or a loss. That’s why we have created one of the best stock and options trading platforms, Lightspeed Trader, designed with one central focus: speed of order entry.
Recently Lightspeed Rob Livson, VP of Business Development, hosted a webinar reviewing how to take advantage of the features of Lightspeed Trader for fast and effective order entry. The following recap should provide a general overview of the webinar, highlighting some of the key additions to the platforms, while answering some general questions.
Quality-of-life features are central to this update. Our additions should effectively enhance your user experience, improve the customization of the window layout, and make it easier to navigate to your most-used functions.
One way we’ve made order entry easier is by adding configuration settings to set up orders as hot buttons. This allows you to set up a series of predefined orders to assign as a hotkey or custom order, making order management that much simpler and more efficient. For convenience at scale, hot button window selection will prepopulate the entry at 100 shares with the inside bid. With the ability to hotkey an immediate order, traders can purchase with one single click. To mitigate accidental purchases, you can set up a confirmation prompt to finalize your trade with an additional click.
With the ability to make custom orders for each option, you can create a series of hot button windows with different categories without having to jam them all into one that will react with any position chosen. For example, you can initiate a switch position, immediately buy 500 shares, immediately put in a stop, and immediately a limit, and within three clicks you can purchase a position.
We have added the ability to set stops with a variety of personalization features. You can create stops with predefined amounts, standard stops, stops based on bid, stops based on ask, stops based on position price, etc. This should give you greater control over purchasing information you see and ultimately choose to act on.
We have been asked to do an average price field or a break-even, a feature available in this new release. To have access to this feature now, email [email protected] to get a beta version, as it is not available in our standard website download at this time.
Demo layouts are transferable to your live account, but you cannot convert your actual live account into the demo mode. Once you transfer from your demo to your live account, you can load your saved layout.
Additionally, for after-hours trading, the platform will show which routes work best with each position. Not much has changed on that front, but this should help you make the best of your after-hours trades.
Those looking to learn more about the additions to the trading platform can watch the webinar in its entirety here. All traders who utilize Lightspeed’s trading platform are welcome to contact the VP directly for assistance with setting up hotkeys and deciphering other platform nuances at [email protected]om. For more information on the newest and most improved version of Lightspeed Trader, our premier trading system for day traders, please contact us at 888-577-3123.
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