Warrior Trading Blog

How To Use The Order Entry Window Fast Explanation

order entry

Hey everyone, Ross here from Warrior Trading. I want to do a quick video for you on how to enter a order using your order entry window, pretty simple, right? Let’s get into it. All right, so what you have here is … this the Lightspeed Trader Platform, this is desktop software. You can see here, I’ve actually got four order windows open.

I’ve got an order window for Apple, Facebook, Bank of America, and General Motors. 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, we’ve got the bid on the left, the ask on the right. 

Right here, we’ve got the order entry level, so if I want to take a trade, there’s a couple ways I can do it. Generally, the easiest way is to click the price I want to get in at, so if I want to get in here at 23, I’ll double click 23, 22, and then I’ve got my share size right here. I can choose to change that to whatever I feel is appropriate. I can go ahead and take the order by pressing “buy.”You can select which market you’re going to send the order to, whether you want to use [Archa 00:01:19], [Bats 00:01:19], [Aljex 00:01:20], LSPT, LSPD, these are both LightSpeed smart routes. Nasdaq, [NICE 00:01:27], et cetera. 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 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 button. If I wanted to short it, I’d go ahead and press the short button. Then time and force, this is whether it’s a day order, a good ’till canceled order, one-hour order, or one-minute hour, a 30-second order. I personally just use day orders.

I’m going to pull up a test doc here, Z-V-Z-Z-T. This is the Nasdaq test stock, so I can use this to place orders and they’re not going to be real trades. I’ll go ahead and say a thousand shares. I want to get in at 10-0-2, Nasdaq, limit, hidden, day, buy, boom, I’m in the trade with 3,000 shares. All right? Now, I want to go ahead and I could put a sell order. I can just double click 61. I could place a sell order to sell at 61. Probably not going to get filled. That’s a good ways away. I can cancel the order by right clicking this order right here and going to cancel. Then I can just go ahead and click 10-0-1, press “sell” and I’m out of the trade. Just like that.All right, I hope this has been a helpful video. If you have any questions, don’t hesitate to reach out.

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