In this video Ross, from Warrior Trading, walks active traders through how to enter an order in an order entry window on Lightspeed Trader.
Hey everyone. Ross here from Warrior Training. So, I want to do a quick video for you on how to enter an order using your order entry window. Pretty simple, right? Let's get into it.
All right, so, what you have here is this is the Lightspeed Trader platform. This is desktop software and you can see here; I've actually got four order windows open. I've got an order window for Apple ($AAPL), Facebook ($FB), Bank of America ($MER-K), and General Motors ($GM).
Now, the way I use these windows here, I have my level 2 window, which shows me the depth of the market. I can see the current price, the bid is on the left, the ask is on the right. I'll have a separate video where I talk about level 2, but for right now, I've got the bid on the left, the ask on the right. Right here we've got the order entry window.
So, if I want to take a trade, there's a couple ways that I can do it. Generally, the easiest way is to click the price that I want to get in at. So, if I want to get in here, 23, I'll double click 23, 22 and then I've got my share size right here and I can choose to change that to whatever I feel is appropriate. I can go ahead and take the order by pressing buy.
Now, you can select which market you're going to send the order to, whether you want to use ARCA, BATS, AJEX, LSPT, LSPD. These are both Lightspeed smart routes, NASDAQ, NYSE etc. There may be others available as well. I choose NASDAQ, I do pay an additional ECN fee to use NASDAQ, but I still prefer it.
It's a limit order. My shares by default are hidden, which means if I go ahead and place an order on maybe a more thinly traded stock, like this one for instance. If I place an order to buy at 96, my order will not show up in the market depth. All right? So, it doesn't show up there, other traders will not be able to see it. It's a hidden order.
I've got my sell button, my buy button. If I wanted to short it, I would go ahead and press the short button. Then, time in force, this is whether it's a day order, a good to canceled order, one-hour order, a one-minute order, a 30 second order. I personally just use day orders.
So, I'm going to pull up a test stock here. ZVZZT, this is the NASDAQ test stock. So, I can use this to place orders and they're not going to be real trades. So, I'll go ahead and say 1,000 shares. I want to get in at $10.02, NASDAQ, limit, hidden, day, buy. Boom, I'm in the trade with 3,000 shares.
All right? So, now I want to go ahead, and I could put a sell order too. I could just double click 61. I could put a sale order up there to sell at 61. Probably not going to get filled. That's a good way away. I can cancel the order by right clicking this order right here and going to cancel. And then, I can just go ahead and click $10.01, press sell and I'm out of the trade.
Just like that. All right? So, I hope this has been a helpful video. If you have any questions, don't hesitate to reach out.
In this video, Ross from Warrior Trading explains the Short Sale Restriction (SSR) rule. This rule was introduced in 2010 and is also referred to as the Alternative Up-Tick Rule. On Lightspeed Trader, Ross explains how to these are notated on the trading platform.
In this video, Ross from Warrior Trading explains the time and sales window on Lightspeed Trader. This goes hand in hand with the level 2 window on the trading platform. This allows traders to see what other traders are doing with a specific stock, and whether they are buying or selling.
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