Simple View
Simple View is the default setting for the Order Ticket sidebar. When this view is selected it will give you access to all the typical options you might want to use when placing an order. There are more complicated options that will be listed in the Advanced View section of the readme.
Details
The Order Ticket has the following factors that you can set up to make your trade. Be sure to start at the top of the Order Ticket and fill the details one by one going downward. Also keep in mind that an Order Ticket can be prefilled by using the sets blue buy buttons or red sell buttons seen in widgets such as the Chart.
Account
This dropdown list will allow you to select which of your accounts that you want the trade to be placed under.
Symbol
This dropdown list lets you choose the asset you want to trade. Both the name of the asset and the symbol will be displayed, such as "/ES - E-mini S&P 500".
Price Data
Below the Symbol selection, you will see a cluster of data about the asset, as seen in some other widgets such as the Chart. It will display 3 columns of information about the current market. The first on the left is the last price in the market. Below that is a percentage change for the price that day, in blue for positive and red for negative. In the middle column is the bid price and the quantity of those bids. In the right column is the ask price and its quantity.
Quantity
Below the Price Data you will find the Quantity selector to specify the size of the trade. The box can be clicked and a desired number written in, or if you prefer you can use the dropdown box and choose from common quantities.
Flags
Click anywhere on this box to open the list of possible flags. These will tell the order how long to stay active. Below they are listed and explained.
GTC
Good 'til Cancelled. This flag will set the trade as active (a "Working Order") until you cancel it manually. This will cause the trade to remain fillable beyond the day it was filled, so exercise caution. This is one of the default flag options you may select when using prefilled order buttons seen at the bottom of the Chart and other widgets.
Day
The Day flag will cause this trade to remain a working order until the end of that trading day.
This is one of the default flag options you may select when using prefilled order buttons seen at the bottom of the Chart and other widgets.
Fill or Kill
This flag marks the order to fill fully immediately for the price and quantity, and if it cannot, the order cancels. You must use this flag in combination with a Stop/Limit order type so you can specify the price.
Immediate or Cancel
Use this flag to immediately have the order fill as much as possible at the price you specify and cancel the rest. You must use this flag in combination with a Stop/Limit order type so you can specify the price.
Buy
This button is located below the quantity selector and beside the Sell button. Each trade is either a Buy or a Sell, also called a long or short position. When buy is selected, this button will be blue. When sell is selected, it will be a dark grey. Click this button to toggle your trade between buy and sell. You will notice when a trade is set as a buy, the quantity (just above this button) shown will be positive.
Sell
This button is located below the flag selector and beside the Buy button. Each trade is either a Buy or a Sell, also called a long or short position. When sell is selected, this button will be red. When buy is selected, it will be a dark grey. Click this button to toggle your trade between buy and sell. You will notice when a trade is set as a sell, the quantity (just above and left of this button) shown will be negative.
Order Types
Market
This order type is used to buy/sell the asset at whatever price the market currently offers. This is the only order type that you do not need to specify a price.
M. If Touched
Short form of Market If Touched. This order type lets you buy or sell a Forex asset if the market moves to the price you've specified, like a Limit Order. It is different in that it fills at the price the market offers, even if it doesnt match the exact value of this order. It is not used in Futures trades.
Limit
This order type is used to set up an order that will automatically buy at or below the price you specify, or sell at or above the price you specify. The price you get in the trade is guaranteed to be in this range. This order will be shown on the Chart with an X in a circle to close it.
Stop
This order type is used to set up an order that will automatically buy at or above the price you specify or sell at or below the price you specify. This will make it a market order, not guaranteeing the price. This order will be shown on the Chart with an X in a circle to close it.
Price
The price input box is below the Sell button. It is used with all the order types except Market. This will allow you to input a price for the order. If you click on it, a cursor will show for you to type in the price you choose. If you click once more you will see a dropdown list of recent prices you put in this window.
Stop Loss
This button is below the order type selection box. It is inactive by default, with the button appearing in grey. Click on it to activate it for the order you are creating, which turns the button red. Use this button to set an automatic exit point for a losing trade to 'stop the loss' from becoming larger. For a buy order the Stop Loss belongs at a price below the price that the trade is entered into. For a sell order the Stop Loss belongs at a price above the entering price.
For Futures assets, the Stop Loss will be expressed in amount of ticks.
For instance, the "/NQ - E-mini Nasdaq 100 Index" futures have a tick size of 25 cents in price. This means that if you Use Ticks on your Stop Loss and type 3, it will set the Stop Loss 75 cents below the price of the position for a buy position, or 75 cents above for a sell position.
For Forex assets, you specify the price level for the Stop Loss, instead of using ticks.
Trail Stop Loss
Trail Stop Loss allows you to modify your Stop, setting an amount of ticks of profit needed to automatically pull up your Stop Loss.
Example: You choose 4 for Trail Stop Loss and then the market price goes 7 ticks into profit. Since it was at least 4, the Trail triggers and it will move your Stop 7 ticks higher for a long, or 7 lower for a short.
Breakeven
If you use this option to modify your Stop Loss, it will bring up your stop just above your position, once a certain number of ticks of profit are reached.
Example: You choose 6. Once the price of the asset goes 6 ticks or more above your position, your Stop Loss will be moved to 1 tick above your position.
Take Profit
This button is below the Stop Loss button. It is inactive by default with the button appearing in grey. Click on it to activate it for the order you are creating which turns the button blue. Use this button to set an automatic exit point for a profitable trade to "take the profit" (to potentially avoid it reducing). For a buy order the Take Profit belongs at a price above the price that the trade is entered into. For a sell order the Take Profit belongs at a price below the entering price.
For Futures assets, the Take Profit will be expressed in amount of ticks.
You can also click the Use Ticks checkbox to allow the input of a number of ticks, instead of a price. For instance, the "/NQ - E-mini Nasdaq 100 Index" futures have a tick size of 25 cents in price. This means that if you Use Ticks on your Take Profit and type 3, it will set the Take Profit 75 cents above the price of the position for a buy position, or 75 cents below for a sell position.
Reset
You will find this red button at the bottom of the Order Ticket sidebar. Click this to clear all the fields in this sidebar and reset it for a new filling.
Confirm
This blue button is at the bottom of the Order Ticket sidebar. Clicking this will confirm the details you have input for the trade, and send it out as a Working Order to be filled.
Updated over 5 years ago