FAQs – Lightspeed Trader
During pre and post market you have to use limit orders. Market orders will reject. Also, the LSPT route is not available during pre and post market.
After logging onto www.lightspeed.com, go to Reports, Daily P&Ls, Click on your 1LD account number which will take you to a Daily Summary page. Once here click on the “MTD” Tab in the menu bar. You can then select the date period on the left hand side. On the right hand side you will see icons of possible formats in which to upload.
To access the short requestor you can email [email protected].
My Pattern Day trading account now has a balance of less than $25,000 and I have no buying power. What are my options?
Pattern Day Trading account which fall below $25,000 at the close of business have two options. You can request Non-Pattern Day Trader status once per lifetime of the account, or fund to $25,000. Non PDT accounts are limited to a total of three day trades during any five day period.
Why does the profit on my screen not reflect the real profit I actually made in this stock since I bought it?
The default pnl for LS Trader “Marked pnl” is mark to market system which goes off the previous close. When holding a position overnight you will get a pnl each day based on the previous day’s closing price.
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My margin account with a balance of less than $25,000 is limited to three day trades in any five business day period. How are day trades counted?
The number of day trades is counted based on opening transactions. For example, if you bought 100 shares, then bought another 100 shares, and one hour later sold all 200 shares, that is two day trades. If you bought 200 shares and then sold 100 shares one hour later and an hour sold another 100 shares, that is one day trade.
I am getting a reject “Cannot exceed buying power” but I am using less than my total buying power on my screen.
Some symbols are non-marginable. In these cases you can only use your free cash available, not your buying power (for margin accounts) to open positions. On LS Trader if you see a “100%” on the top right of the quote box, this indicates the symbol is non marginable.
Green E = Easy to borrow, you can place a short order at anytime
Grey L = Locate required. You would need a locate to place short orders which can be obtained by emailing [email protected] to request a locate. Please provide account number, symbol and amount of shares.
Red T = Threshold symbol, No locates available.
Red CB = Stock is currently under a circuit Breaker and may not be shorted on Bid
I downloaded the software and VPN install at home but when I try to log in, I get “Connection Failed.”
Make sure you are clicking on the VPN Login exe Icon and not the Lightspeed Trader shortcut Icon. When you log into the VPN, Lightspeed Trader will automatically start on its own.
When I installed the VPN client, I had to first turn off Norton before I could connect to the VPN. Is this necessary?
We ask that customers who would like to connect via VPN only disable the “worm blocking” feature on Norton under the email options and uncheck “Stealth Blocked Ports” under the firewall options on Norton. Disabling these features should not pose a security risk for you.
By default, the ESC key is always programmed to Cancel All Orders. Users can also map Cancel Keys anywhere on the keyboard in the Keyboard Tab,
Yes. In the “Trading” tab, under the “Cancels” sub tab users can set the ESC key to cancel all but DAY orders or to do nothing at all when pressed.
Can I set Lightspeed to cancel all of my orders at the end of the regular trading session (4pm EST)?
Yes, first select ‘Utilities’, then ‘Configuration settings’ in the top left corner of Lightspeed Trader and go to the “Trading” tab. Use the “Cancels” Sub tab to check “Cancel All Orders on Market Close.”
By default the Lightspeed keyboard key for this function is “\”.
Your layout is automatically saved every time you log out. If you made changes to your layout that you are not happy with and you do not know how to undo them, there is an option when you log out to NOT save configuration changes or changes to your keyboard mappings.
Yes, ask your Relationship Manager about permission to leave your DAY orders open after logout.
Users can click on the “L” icon in the top left corner of any window and select Lock from the menu. This will ensure this window is displayed on all of your pages
There is a list of available indices available for download on the website. All indices are preceded by a “.”
The Lightspeed Trader Design Tab offers a drop down to Mark P&L by Last Trade or Inside Market.
Please contact your Relationship Manager about these quote entitlements.
To integrate ECN quotes in the Level 2, right click on the Level 2 and select settings. Under ‘Integrate Direct Quotes’, you can check ECN’s you would like to integrate and adjacent, select a number of price levels to integrate, or uncheck the ECN if you would not like them displayed at all.
Right click on a Level 2 and goes to Settings, you will see a list of ECN’s under Integrate Direct Quotes. Uncheck the ECN if you do not wish to show it. Off to the right of the same screen you may also type any Market Maker or Exchange in the Exclude MM’s section to remove them from your Level 2.
The Liquidity Replenishment Point is a volatility control for NYSE securities built into the Display Book to curb wide price movements resulting from automatic executions and sweeps over a short period of time. When triggered, LRPs automatically convert the market temporarily to “slow” or “Auction Market” only mode, allowing specialists, floor brokers and customers to supplement liquidity in response to the stock’s volatility. Automatic executions resume after a manual trade takes place or automatically after a specified time period.
Right click on the Level 2 screen and choose ‘settings’. Then click on the MM Boxes tab, Price Levels sub tab. Here you are equipped with a dropdown to set a specific ECN always on top.
Right click in your Market Maker Box and select “Settings”. Select the “Design” sub tab and check “Show Margin Requirements.” When this option is checked, the Margin Requirement will appear in the top right corner of the Level 2 with an Icon, displaying 25% (marginable) or 100% (non-marginable).
Right click in your Market Maker Box and select “Settings”. Select the “Design” sub tab and check “Show Borrowable Indicator.” In the top left corner of the Level 2 you will now see an indication of the stock’s borrowability at the start of the day. E = easy to borrow (colored green), H = hard to borrow (colored yellow), T = threshold security (colored red).
Remember, if you are granted permission to short these stocks this indication will NOT update.
Lightspeed Trader uses the word Bid to mean pop-up buy and offer to mean pop-up sell. In addition, the Bid keys will populate with the Inside Bid Price and Offer keys will populate at the Inside Offer Price, while Buy keys buy at the Inside Offer Price and Sell Keys sell at the Inside Bid Price.
Tier and Full mean the same thing: they will both send your Tier Size.
Closeout Orders will close out up to your Tier Size and Closeout Full Orders will close your entire position.
What if I do not want my Closeout Orders to send an order when I don’t have a position, is this possible?
Yes, there is a setting in the keyboard Tab. When this is checked, all Closeout and Closeout Full orders will NOT send an order if you do not have a corresponding position in that stock. If this is not checked, these orders will always send your “Tier Size.”
I don’t want my Tier Sizes to permanently change when I manually set them. Can I have them reset to the default after retyping?
Yes, there is a setting in the Tier Sizes Tab, “Reset to Default After Retype.” This will reset all Tier Sizes to the default setting every time you type up a new stock.
Custom Stop Orders will be triggered when symbols Trade at your Stop Price or better. The default STOP orders are triggered by trades. When logged into the secure area of lightspeed.com, click on ‘Downloads’ then ‘Trader Software and Documentation’ to review the Lightspeed Trader Stop Orders Guide which explains the finer points of all of the Lightspeed Trader STOP Order options.
Be sure that your Stop Command is mapped to a market order that will fill your order to its entirety. If you map a Sell Stop Command to a Limit Sell, it is possible the order may not be completely filled.
If you have already created a Custom Stop Order, simply select Stop Command from the Type dropdown. Then select the Custom Stop Order from the Command dropdown.
You must use “Quote1” the first Level 2 in your palette in order to execute Baskets.
Every time I try to cancel all pending orders using the SHIFT+\ key I get negative fake shares added to my positions. How do I stop this from happening?
By default Lightspeed Trader uses that particular key combination to add Phantom shares. Since many software applications this same keyboard mapping is used to cancel all open orders, you may make the Shift+\ keys cancel all open orders by selecting this on the Trading Tab, then ‘Cancels’ sub tab.
Yes, the Trading tab is equipped with a Warnings Tab for setting your own Risk criteria and a Confirms Tab for different scenarios.
If your through amount is greater than Zero, your Smart Order will try and execute with ECN’s FIRST within this amount. This will cause your order to attempt to execute with an ECN at a worse price than a market maker on the inside. We recommend setting your Smart Order Through Amount at Zero and your Allowance amount at your Marketable Limit.
The difference between Through and Marketable limit is Through will simultaneously spray all participants up to your Through amount immediately. Marketable Limit is the amount you are willing to let the Inside Market trail up (when buying) or down (when selling) and continue to execute your order. The Through amount cannot be higher than your Marketable Limit.
Smart Orders are Lightspeed Trader’s proprietary Orders that will execute with the best priced participant, one order at a time. Supersmart Orders are a more aggressive proprietary Smart Router that sends many orders simultaneously on your behalf. INCASmart is the Nasdaq Smart Router, Nasdaq controls and routes your orders themselves.
Users can create custom orders and type RASH in as the market of choice. This will send orders to the Nasdaq Smart Router like RASH orders do. You can also use the INCA Smart Keys to access the Nasdaq Smart Router.
Yes, use the Increments tab to build an ECN Scroll List and select “ECN Scroll for your up/down arrows” or for “Repeating Command.”
Hidden orders are only accepted on certain venues. To hide an individual order, select the amount of shares you wish to be hidden under the ‘visible’ section of the order entry form. The amount of shares will be what you route to have executed, while visible will be the amount that is visible.
Lightspeed Trader protects customers from sending odd lot orders to certain venues because of prohibitive pricing enforced by these ECN’s. We recommend placing your odd lot order on Nasdaq (ISLD).
Yes, to change the Display in your Order Window, right click and choose the “Change Display.” Here you can add or filter out Active Orders, Cancelled Orders, or Executed Orders.
Right click on the Chart and choose “Settings”. Under the ‘Chart Parameters’ tab, you can change the time frame under Period, select the Interval, and the number of days or weeks back you’d like to view.
Yes, you can get an audible alert when an execution occurs by checking the box in the Trading Tab, Warnings sub tab – look in the lower right for ‘Execution Sound’.
I am unable to see more than 3 days back of intraday data on my Lightspeed Chart, how do I go further back?
Lightspeed Chart data only displays 3 days of intraday chart history, regardless of the minute bar time frame you choose.
The Lightspeed Trader clock represents the time on the PC Clock. To edit it, log out of Lightspeed Trader, change the PC Clock and log back in. We recommend setting your clock to the Eastern Standard Time and Time Zone while trading, for best results.
The recommended DPI setting on the local PC is normal (96) or small (100) for Lightspeed to be viewed properly. To set your windows DPI setting, select the Advanced Settings on the Windows Display Properties, Settings sub tab.
We recommend Windows XP or above, a minimum of 1 GHz Pentium 3 processor speed, at least 3GB RAM, and at least 300 MB free disk space.
Lightspeed Trader demands a suitable download speed in order to run properly. Whether it’s DSL or Cable modem is irrelevant, just be sure your download speed is a minimum of 800 kbps. If you are unsure of your internet download speed, consult your ISP for a test.
Yes, we do offer a MAC version of the software which can be run on the operating system version of MAC OSX 10 or higher.
Lightspeed’s hours of operation are 4AM to 8PM EST on weekdays only.