Below is an overview of the types of orders and how to place these orders on the ProjectX trading platform.
Order Types
ProjectX offers various order types to suit different trading strategies:
– Market Order: Executed immediately at the best available current market price.
– Limit Order: Set to execute at a specific price or better, allowing traders to control their entry or exit points.
– Stop Market Order: Triggered when the market reaches a predetermined price, often used for risk management or to enter positions after a trend confirmation.
– OCO (One Cancels the Other): A pair of orders where the execution of one automatically cancels the other, ideal for setting both profit targets and stop losses simultaneously.
– Filled Order: An order that has been successfully executed in the market.
– Open Order: Also known as a pending or working order, waiting to be filled based on market conditions.
– Trailing Stop Order: A dynamic stop order that adjusts automatically as the market moves in favor of your position, helping to lock in profits while providing downside protection.
Risk Management Order Types
– Risk Limit: Specify the maximum amount (in USD) you’re willing to lose on a single trade. The position automatically closes when this limit is reached, realizing the loss. This feature is sometimes called a Stop Loss.
– Profit Target: Set the desired profit amount (in USD) for a trade. When reached, the position closes automatically, securing your gains. Also known as Take Profit.
– Personal Daily Loss Limit (DSS): Set a maximum daily loss limit that can have 3 different actions: Do nothing, Liquidate only, Liquidate and Block
– Personal Daily Profit Target: Set a personal daily profit target that can have 3 different actions: Do nothing, Liquidate only, Liquidate and Block
Order Ticket
The intuitive Order Ticket on ProjcetX streamlines the trading process. It allows you to:
Choose between Buy and Sell actions, select from various order types (Market, Limit, Stop Market, Trailing Stop, and OCO), access quick actions like Cancel All, Flatten All, and Reverse Position.
Other available actions are linking panels via colors, activating hotkeys, adding additional menus, and changing DOM/Order Card settings. Below is the DOM/Order Card setting menu that is accessed by clicking the Gear Wheel in the Order Ticket.
Time and Sales
Access a real-time feed of market transactions for your selected product. Customize trade size filters in the System Settings for a focused view.
DOM (Depth of Market)
Our advanced DOM, also known as the ‘ladder’, offers:
- Extensive market depth visibility
- Volume profile analysis
- One-click trdaing functionality
- Entry and exit automation
- Supply and demand visualization through volume-at-price data.
DOM Trading Techniques
- Left-click in the Bid or Ask column to place Limit Orders
- Right-click in the Bid or Ask colum for Stop Orders
- Drag and drop functionality for order management
- Real-time position tracking with profit/loss calculations
Account Management
The platform’s bottom panel provides comprehensive account information: overview of all accounts, positions, orders, trades, and quotes.
