Trading
Last updated
Last updated
The contract drop-down selector allows traders to quickly choose and switch between different contracts to trade from the Order Card. To search for a contract, click the drop-down and search the list of available contracts, or click and type the symbol in the contract field.
For quick access to frequently traded symbols, you can add them to Favorites. To do this, just click on the star symbol located next to the name. When a symbol is added to Favorites, it will appear at the top of the search list in all the component's contract drop-downs.
The order type field allows traders to choose from various order types to execute their trades. Traders can select Market Orders, Limit Orders, Stop Orders, and Trailing Stop Orders.
When placing a Limit or Stop Market order, you must enter the order entry price before executing the order.
Limit Orders:
Buying: Ensure the limit price is at or below the current market price
Selling: Ensure the limit price is at or above the current market price
Stop Market Orders:
Buying: Ensure the stop price is above the current market price
Selling: Ensure the stop price is below the current market price
NOTE:
Limit Orders let you set a specific price to buy or sell. If the market price hits your price, the order is executed, guaranteeing the price but not the execution.
Stop Market Orders execute once the set stop price is reached, ensuring the trade goes through but not at a guaranteed price.
When placing a Trailing Stop Order, you must enter a trailing distance in ticks. This is the amount by which the stop price will trail the current market price. For example, if you set a trailing distance of 10 ticks and have an open long position, if the market price rises (in your favor), the stop price will automatically adjust to stay 10 ticks below the current market price but does not move down. NOTE: In ProjectX, a Trailing Stop order can be opened without having to have a position opened. Once the stop price is triggered, the Trailing Stop order becomes a market order and executes at the best available price.
Traders can adjust the number of contracts they wish to buy or sell using the up and down arrows in the "# of Contracts" field. Alternatively, traders can choose a predefined contract size and adjust the quantity using the plus (+) and minus (-) buttons.
When a market order type is selected in the Order Type field, the Order Card component will display the current Bid price on the left, the Ask price on the right, the Last Trade Price at the top center, and the Price Change at the bottom center of the contract.
The account drop-down selector allows traders to choose which account to execute the order from. Upon selecting the account, all components on the platform will switch to the account chosen.
Buy Market - immediately executes a long position at the current market price
Sell Market - immediately executes a short position at the current market price
Join BID - executes a working buy order at the current highest bid price
Join Ask - executes a working sell order at the current lowest ask price
Close Position - executes a closing market order for the symbol selected in the component, whether long or short at the current market price
Reverse Position - closes the current position with a market order of equal quantity and opens a new position in the opposite direction with the same quantity
Cancel Orders - cancels one or more working orders for the symbol selected in the component
Flatten All - closes all open positions across all accounts
Cancel All - cancels all working orders across all accounts
