in Atlas Line Trading, DayTradeToWin, Price action Trading, Trading Webinar

Beginner Day Trading Methods: How to Place Orders

Are you 100% sure that you’re using the best types of orders for your style of day trading? For example, if you’re scalping for a few ticks, you’ll want to use an order type that has decreased slippage because every tick is important. Slippage, extra risk, timing, etc. are all factors one must consider when using a specific order type. Many day trading platforms offer multiple order types, such as stop-limit, market, and MIT. Each order type has pros and cons.

This video is a detailed 45-minute presentation. You’ll see descriptions along with examples in the SuperDOM. Yes, you can use Chart Trader for order placements, but we prefer the more robust and professional tool for the job. However, a clear distinction must be made: Chart Trader also consists of the red profit target and green stop loss lines that appear on the chart. Therefore, Chart Trader must be enabled to see these lines, although the panel for order placement is not necessary. This setting, “Chart Trader (Hidden)”, is preferred. By the way, the Dynamic SuperDOM is preferred because the Static SuperDOM involves extra costs added due to its use and patent/licensing agreements with a third-party.

Throughout, you’ll see Short and Long signals from the Trade Scalper and Atlas Line. These are price action trading methods described in more detail at DayTradeToWin.com.

One common mistake when using a SuperDOM is not selecting the Instrument (aka market) or a mismatch between the selected instrument in the SuperDOM vs. the chart. Make sure they are one and the same. The SuperDOM’s display of the instrument’s real-time price (in yellow) should match the real-time price of the chart. Yes, if you want to observe and trade multple markets, have multiple charts with DOMs for the respective markets.

Write a Comment

Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.