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Increase returns on the system that you’re currently using for trading. Use our Real-Time Risk Management/Order Entry Add-on to increase order entry time & efficiency while reducing calculation errors & slippage.
Order Entry Guidelines
Rules for order entry
PositionSizer is a really powerful tool, but as with any tool, measures must be taken to learn the full capabilities. Order type is an important parameter that must be discussed in depth before fully understanding why or when we should use a certain type of order. There are 4 options inside PositionSizer which we will discuss below. When you are done reading click on the link to watch some video examples on order type.
Market orders
should be used when the trader wants to be sure to get in the market and is not so worried about the price in which he gets filled. These orders fill instantly where ever the market is at the current moment. To use this order you would be holding your mouse on the "Trade Position" button and clicking when your price arrives at your calculated entry point.
Beware! If you enter a market order with a 10 pip stop while risking 1% and the market moves 10 pips from your entry price, you are actually risking 2%. You add 10 pips contained in your stop and the 10 pips between where the market is currently and your calculated entry price. If the market price gets to far away from your entry point then you will want to re-size.
Stop Limit orders
should be used when the trader wants to be sure he does not encounter slippage. You may miss a lot of trades using these orders because the market moves fast quite often, although this does depend on the market you trade. I would suggest that they are used on higher time frames but can they be used as desired.
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