The importance of Hot Keys for Trading
We have very few advantages as retail traders. We all know the people who make the most money in the market are the high frequency traders and the big hedge funds. Individual retail traders stand little chance of being successful. But those who are have learned to harness technology to them an edge. One of the critical tools I use every single day are my Hot Keys. Hot Keys are key commands connected with my broker so with the touch of 2 keys I can send live BUY or SELL orders. I can get into or out of a stock in the time it takes me to press two buttons. This gives me a HUGE advantage in the fast moving markets that we’re trading.
As many of you may already know, I love volatility. I search the market for the most volatile stocks because I know that is where the profit potential will be. Unfortunately, it’s all too easy to see a $500 profit turn into a loss because you weren’t fast enough on the sell order. This used to happen to me before I started using a broker that allowed hot keys. Now with my hot keys setup and memorized I’m faster with my trades and more profitable.
Become a “Speedtrader” with Hot Keys
I use hot keys with my preferred broker, Speedtrader. If you haven’t already read my review of Speedtrader you can check it out here. Speedtrader is a direct access broker that utilizes DAS software. This software has highly customizable hot key settings. This means you can create a hot key for almost any buying or selling condition you can think of. My day trading strategies require fast moving stocks, but that means we have to be quick to move in and out. I will often set an automatic stop 20 cents below my entry and then use other hot keys to begin placing orders to sell my position for a 20-30 cent profit. At the touch of a hot key I can cancel all open orders and bail out of my position at the market price. This allows the flexibly most traders require in order to be profitable.
To learn about all my hot key settings check out our Trading Course.