Order Types Explained
Vložit
- čas přidán 17. 04. 2019
- Want to Learn More ❓❓ Get info on My Strategy and Courses here: www.warriortrading.com/strategy/ 📈
Before we continue...👀
💰Remember, day trading is risky and most traders lose money. You should never trade with money you can’t afford to lose. Prove profitability in a simulator before trading with real money.
❗❗My results are not typical. We do not track the typical results of past or current customers. As a provider of trading tools and educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers perform better or worse than traders as a whole.
❌Do not mirror trade me, or anyone else. Mirror trading is extremely risky www.warriortrading.com/why-mi...
🍏 All of the content on our channel is for educational purposes only. No data, content, or information provided by Warrior Trading, the Site, or the other products and services of Warrior Trading, is intended, and shall not constitute or be construed as, advice or any recommendation to buy, sell or hold a particular security or pursue any particular investment strategy.
✔️If you don’t agree with those terms and our full disclaimer (www.warriortrading.com/discla..., you should not continue watching our videos.
Still with me?
Now let’s dig into some helpful information …
What’s my story? ✏️ You can read it here: www.warriortrading.com/ross-c...
And check out my broker statements here 📝 www.warriortrading.com/ross-c...
Our website is filled with free info 🔎 Start with this guide, no opt-in required: www.warriortrading.com/day-tr...
Learn about my stock selection process, how I determine entries/exits, my strategy, and more in my free class 💻 Register here: www.warriortrading.com/free-d...
#daytrading #warriortrading #rosscameron #stocks #learntotrade
Warrior Trading // Ross Cameron // Day Trade Warrior
Thanks Ross! 03:00 that was the exact mistake I made first time with my limit order
Also, Ross I love your channel. I'm brand new to day trading, trying to be very disciplined and practical with my approach and expectations. I am trying to learn as much as possible, I was wondering if there were any reasonably priced books that you have read that you have found to be especially helpful? I am so new that even trying to get a grip on the basics seems overwhelming at times. I am certainly capable of learning material, and I know that there or no shortcuts, but I am trying to find the most methodical and didactic way to approach this. Any feed back would be greatly appreciated, thanks!
Thanks Man ! finally someone explains it well !!
You're welcome Sherif!
I bought the class but you are doing a great service by educating the people! Let's go momentum!
I love to do it Danial, glad to have you on board!
hows your progress been since you've started? If you dont mind me asking
Still trading?
Nice. Short and specific. I've joined the pro group and am learning a lot. I think I'll be starting the simulator this week. Thank you for your no b.s. approach.
How is your trading going?
Hello Ross, I just signed up for CMEG and I'm currently using Trader Elite Pro. What would you recommend as the best HotKey set up to catch and a stock right when a news Catalyst comes out before reflecting in the chart?
-I want to set up my stock to buy 75% of my buying power if I find a great new like FDA Approval...
- what would you recommend under the Price Drop down e.g Current, Market, Last, Bid, Ask
-Destination: there's the Default, Current, ARCA, NSQD, NYSE, SMART, VELOCITY, and [Best]. what would you recommend as the best routing.
Also, what would be the best set up to get out of a stock like that?
Love you man. Thanks for sharing the knowledge
Thank you!
Thanks Ross! As a Warrior Pro member for 5 weeks, I needed that.
Glad this was so helpful Mark. If you ever have any questions while going through the course you can always reach out to team@warriortrading.com and we'll be happy to help!
Mark im a new student. How are you doing a year later?
Thank you for the free info!
You're welcome Mitch!
perfect, the best video on the different types of orders.
Glad you enjoyed it!
Awesome video, I'm new to the trading community and I'm happy some peoples like you are taking their valuable time to explain "simple" things that are not so simple until you just listen to this kind of video. Thanks again !
Hey! Thank you!
thanks for the video. what market data i need in lighspeed to daytrade?
What a great video very helpful thank you so much!!!
It's my pleasure Daniel!
finally!! you really know how to teach!! thx!
It's my pleasure!!
Awesome explanation, 2024 will all be learning and practicing on paper trading. However, I will practice as if it is real funds.
Thanks! No "market orders". That eliminates mistakes. Thanks again.
Thanks for watching!
Thank you for the lesson
My pleasure!
Hey Ross. Just starting to get into day trading more seriously. You have helped me tremendously. Do you ever use a trailing stop order or just stop orders? Also, When you are trading pre market, do you still use the limit orders or do you use market orders pre market ?
Ross answers these questions and many more in his live webinars! If you haven't had a chance to attend yet, one of the best ways to learn how to get started with trading would be to join us in the next Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
Thank you for this video. Been using market orders 😅
Thanks for watching!
Ross what screen mount do you use? Been following you for a bit now. Hoping to become a warrior trader soon as well. Thanks for all the knowledge you’ve shared that has helped me understand the market.
hey! I use Ten One Design Multi-Monitor Mounts
Hi Ross, I’ve recently read your book, ‘How to Day Trade’ and found it very interesting and helpful. As a beginner (who’s just being introduced to day trading), is there any other book, or books your recommend reading to get a deeper understanding of day trading?
Hey Rhodri, that's great to hear! Here is a list of books we have put together, including Ross' best selling book “How to Day Trade": www.warriortrading.com/best-day-trading-books/
Let's say I'm interested in buying a stock or ETF to hold long term, and I'm interested in guaranteeing the trade will go through that day, is there a guide on the limit I should set to get a bit of savings on the final price I end up paying? Thank you.
When your limit order get's partially filled and then filled again and again until you buy all the shares you asked for, does your broker charge you commission on each partial fill? Because thatll be expensive if so . thankss
Great video...Very helpful subject and easy to understand..
Glad to hear it TradingMonkey, you can find other useful trading related articles and videos over on the Warrior Trading blog here: www.warriortrading.com/blog-posts/
Trading monkey!! I missed you buddy. I hope to see you around
I just learned something new in regards to Market Order. I use to think it was the price the stocks are currently selling at...you know, that big price number next to the stock symbol. So whatever price it was at, that was the market price. Now I know that it might not be at that price because it's simply not available at that price and that it could be much higher.
And also learned that even with Limit orders, you're still not guaranteed to get that price because of sudden drops. It's scary lol.
Good explanation of limit vs. market order
Thank you!
Thank you Ross. I've been making those mistakes that cost me thousands
Happy to help, stick with it Shawn
Ross. What exchange do you use ??
Hi Ross. Great video. Could you do this kind of video for short sellers as well? Thank you.
If you are shorting the same things apply just in reverse.
Trying to decide between limit vs market orders for my trading. My fear is that my limit orders will not sell and then I will lose money because none were available in the price range when I wanted to sell then it will take more time to re-enter the order where if I just placed market order I would have been better off? Are my fears unfounded? Have you ever issued limit orders and had them not go through? What do you prefer to use and how to you know limit orders will actually execute?
Most traders will use a limit order rather than a market order. It’s best to have a planned entry of say “$3.05” if the stock is say breaking past $3 very quickly so you don’t miss the entry point. If you just do a market order you may miss in this ex $3 and $3.05 and get a market order of $3.15 if not even worse depending on the movement of the stock.
It can be okay to use a market order if you want to quickly get out of a stock ASAP. So if you didn’t set a stop loss then if a stock was shooting down quickly you could sell it at market value. But again it’s usually best if you go in with a plan. Planned entry, planned exit, planned stop loss, and a overall strategy / why.
All great points, thanks for sharing!
Warrior Trading thanks! Just trying to pay it fw to help out as well. I’ve been through a lot on my own trading journey myself. 👌
Maurice thanks for the further explanation, just wondering if i placed a limit order cause i only want to enter the trade only when it hits $3.05 (not anything below) is this possible with this order type? or does it fill me in a any price below this up to $3.05?
Hi Ross, can you please explain the difference between buying the ask vs. buying the market (i.e a buy limit order on the ask vs buy market order). Thank you.
Hey Tedla, www.warriortrading.com/bid-vs-ask/
Very helpful Ross. What is the best way to protect yourself when first triggering a trade? I’m guessing a stop loss triggers at your risk threshold ? And trailing stop would be good if your already up on a trade and want to ride it without losing profit ?
If you're already up on a trade using a stop limit sell order would be enough
Thank you 🙏
Hi Ross, I am very grateful for your education in "layman's terms. I have wanted to ask you about the " 1st candle to make a new high."
Is that in relation to the previous candle or the actual high of the term/day?
It sounds straight forward but when I view reference chart, I am not certain to what it relates to. Sorry about the length- I hope this helps a few others as well...thank you for your time!
The previous candle, not the high of day
Just to follow up, if a down trend reverses and confirms uptrend, the uptrend makes a new high at say 10$, wait for the pull back then when it pushes up to 10.05 that's the first candle to make a new high!
Okay this was awesome, thanks
Glad to hear it Ethan! If you like this you may also enjoy the full course on Day Trading that I have put together. For how you can get started join us in the next live Warrior Trading webinar. It's free to sign up and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for attending!
Sign up here: webinar.warriortrading.com/signup
i wonder if you can set a stop limit and the .05 under you can set an order the sells the rest at market. like one trigers all or something. exp sell 2200 of you 3000 but that leaves you at 800 you can sell at .05 at market
Hey James, there are many different ways to setup orders, whether it's bracketed orders or profits targets... the list goes on.We go over many of these in the Warrior Pro course! If you haven't already be sure to check out our webinar for more information on getting started. You'll also get a free copy of Ross's best selling book "How to Day Trade" just for attending.
Sign up here: webinar.warriortrading.com/signup
We look forward to seeing you there!
I'm trying to set my HOT keys up I know I want to buy on bid +.02 but not sure where to set sell because of slippage I don't want to set it at market either
Can I do scalping doing my research in a 200 MA checking my time frame in that stock example 15 or 30 minutes time frame when I will have a pullback or a dip to buy and sell
You can try it, I haven’t personally tested that. Backrest before real money
Hi Ross, May I know if you buy into dip, would you put limit order at bid price or put limit to buy in ask directly?
I would use a limit order, I only use limit orders.
thx ross. So u place the ask directly right? If the move is too fast, wouldn't it be partial fill? So do you place the price higher then the ask to get the full fill? And also if u cut loss for fail break out, do you place the bid lower to get all fill. thanks .
Why would you use a sell limit instead if a sell stop? Because when you put that limit order in the price could drop below it an u never get filled. When you place a stop it gets triggered when the price crosses that line. So wouldnt a stop order help midigate potential losses?
Say current ask is 100 at 5.00, then 100 at 5.01, then 100 at 5.02 and I enter a buy limit order for 300 shares at 5.05, do brokers typically charge that as 3 orders or it still remains 1 order even though there may be 3 executions
Hey Olu, you will only be charged commissions on one execution, even if you are filled in 3 hundred share lots!
Hi. Do you use a mental stop loss during premarket, or a stop limit order? If I understand correctly, a regular stop loss order won't execute during premarket since it is a market order when triggered.
Ross uses mental stop losses that he will execute with a limit order
Very helpful.
Thank you!
do you use OCO?
What are your thoughts about whether students should use trailing stops?
I think stops for new traders are a good idea, but it can vary person to person.
Ross, what happens to the remaining shares above the limit order that don’t get filled? Do those automatically get canceled or are you risking those to get filled later on?
Michael, Ross will usually cancel his order, he only wants to get filled as price moves higher.
Good video, thanks
Thanks for watching!
Hey Ross, how do you sell on the Ask without any price limit? Therefore the execution would be immediate and some slippage might occur. Have not found an order type like this before, as you know a Market Order sells on the bid
hey! I use a hot key to do that, but it's a lmit order.
Hi Ross
Will stop orders and trailing-stop orders also execute if I close my software or lose internet connection?
So, are they on the market or are they software-based?
Thanks
Matt
They are on the market so your orders shouldn't be cancelled. You platform should also ask if you'd like to leave all active orders when you close it.
@@DaytradeWarrior Thanks man. I'm testing Sterling via CMEG and also TOS for Ameritrade side by side at the moment until I've chosen. Sadly with the delays in paper trading and not using real markets they don't work 100% hence I had to ask. Appreciate your reply.
Cheers
Matt
If a stock was trending up and I set a stop limit price sell to maximize profit but it never quite reached that price and instead whipped downwards, would I need a second type of order in to minimize losses and not go too low before selling?
If your limit sell price is not reached and you want to sell, you will need to send a seperate order
So what would be more beneficial for Day trading ?? Would it be limit order because every cent counts and avoid the risk of getting an order placed much higher than expected ?
Ross only likes to place limit orders so he never gets filled at a higher price then he expects
thank you ross
You're welcome!
At 6:26 you say if it drops to 9,80 or 9,70 you will still hold shares? Why? Could someone please explain me?
If you haven't had a chance to attend yet, the best way for you to learn more about Ross' strategy would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
Hey Ross, Happy Birthday! What is the ideal order type for only selling if the stock price jumps significantly? A limit order seems best but what if the price continues higher than the limit, would I then lose out on potential greater profits? Thanks!
Hey there! It really depends on your goal when selling and your trading plan. Sometimes getting out fast is most important. In our classes we talk about how order types play into the different scenarios. This guide talks about order types: www.warriortrading.com/day-trading/
@@DaytradeWarrior Thank you! Appreciate you taking the time.
Hey Ross do you sell on the BID or ASK? I sell on the bid because, wont it fill faster because someone is buying at the bid? I have it set to the Level 2 BID (ANY) to get my sell order to fill fastest
Ross tries to sell on the ask if he can, however, if his order isn't filled on the ask quickly, he will sell at the bid.
@@DaytradeWarrior understood thank you!
Ross so is a sell limit order the highest you are willing to sell at?
No it’s the opposite it’s the lowest you’re willing to sell at
Thank you.
You're welcome!
LightSpeed couldn't sell while I had a limit buy, Cross-Orders 😕 never experienced that with TD, why is that and what is that, a way around it?
Sounds like you tried to have a buy order and a sell order out on the same stock before actually having a position on- This can be restricted on some platforms and you will want to contact your broker directly about their rules or restrictions.
Hey Ross, why do you prefer to buy +.05 on the ask and not just use a buy stop limit with +.05 limit
I don't use buy stops. I want to be able to watch the Level 2 as I place my order. A buy stop triggers only when the stop price breaks.
Thanks Ross. I bought a stock and gave it a .76 Stop loss. This morning I noticed that my stop loss was triggered and sold at .784 and the day's low price was at .78. Since the price got nowhere near my .76 stop loss level, I called my broker to ask why I got stopped out and he said that I got stopped out because the BID price hit .76. I'm fairly new to trading. Is this how it works; do I need to adjust my sell stop orders to compensate for the spread?
Hey Jeff, Actually, the stop should only execute once a trade takes place at the stop price. I would recommend double checking with your broker to learn exactly how the stop order functions in their software, so that you can learn how to prevent this in the future. Sorry about that!
I will do that. Thanks for the response
hey ross im still a little confused what type of order type do you use when day trading.. from my understanding(which could be completely wrong) you use market orders when trading but from the video it seems that's the one you don't recommend due to the chance of over-paying for it
I use marketable limit orders. Limit orders above/below current price.
Warrior Trading cool thx .. one more question how do you set up your hotkeys do u use buy a bid and sell at bid or buy at market and sell at market
Awesome video but how do you trade ross
Thanks JK, you can learn more about how I trade here: support.warriortrading.com/support/solutions/articles/19000045007-routing-hot-keys-and-buying-selling-process
Do limit orders behave differently when entered with a hot key? I’ve noticed a few times, for example, I hit my hot ke once the current ask price is at 10.00, but sometimes I’ll watch the price shoot up without filling my order and then I get filled on a slight pullback at say 10.20. I have my hot keys set up to buy a limit at the current ask price but I sometimes get filled way above what I intended. Would anyone like to give their 2 cents?
Hey Justin, no, limit orders perform the same whether entered through hotkey or manually. With that said, if you hit your hotkey to buy with a limit order the ask price could spike higher and you may get filled higher than you intended. The reason you get filled below your limit order when manually entering the price is because limit orders are designed to make sure you don't fill higher than the desired order price, but that doesn't mean you can get filled lower than your limit order price. I hope that helps!
When you set your hotkeys to buy at ask, make sure you select market. This way you will get filled at current market ask price
Ross, I really like your intro music, who is it, or did you created it. very catchy nice beats :)
Hey Owen, thank, glad you enjoy it! All of our music is created in house by our talented team here at Warrior Trading.
I am still confused at the difference between a limit order and a stop order. If I have a stock at $100 and I want to sell it when it gets to $120, would I use a:
A) Sell/Limit order/activation price = $120
B) Sell/Stop Market order/activation price = $120
Wouldn't they both accomplish this? If not, why?
A limit order would be the right type of order to use here. A stop order for $120 would execute immediately. You can learn more about the difference between the two here: www.warriortrading.com/difference-stop-limit-order/
I used a limit order instead of a stop limit before...... was in a trade and didn't know because "my entry price was not reached and it tanked........ really hurt....... just a question if I may - your hotkey buy setup, is it limit? and what? Bid +5 or how do you set it up? Great Vid Tnx
Hey Michael, it is a limit order to buy on the ask +.05 cents!
@@DaytradeWarrior - Thanks for sharing that, appreciated dude!!!
hey Ross could i see the IB agreement warrior trading with lightspeed?
thanks
Hey Avito, if you email us at team@warriortrading.com we'd be happy to help you with that!
The same has been sent, thanks
Ross do you use Stop Loss Orders
I use a hotkey to stop out of my positions, I don't use hard stops.
so i injured myself before i started my second job and jumped over a gate and landed on both feet and the shock, just landing on the concrete. so like i couldnt even stand up without like falling over the first day, its been a week and ive been working at my second job despite the pain in both feet/heel and i walk alot at work so ive just been limping around and enduring it
I'm sorry to hear that Shawn, hope you get better soon!
also i love you too man
Hi Im newbie. Trading like this has spread prices like CFDs?
Thanks for your question! We do not trade CFD trading or teach how to do CFD trading here because it is not legal in the USA and the spreads for those contracts can be very wide as well as not available for the small cap stocks we like to trade.
@@DaytradeWarrior Thanks mate! Your channel is really inspiring because your of fast grown and you dont hide your "reds". cheers!
First day trading today about to fuckin kill it
graet lesson
Thanks Yousef!
@@DaytradeWarrior love ross
Will join your course soon hopefully when I get some money , I’m watching you from UK , love the way you explaining everything you just smashing it man ✌️
Sup, Ross. Aye, I'm new to trading and am super excited about getting into day trading with a small $5k account. I'm willing to spend the time to research stocks for trading but dont know where to start...any recommendations are appreciated. There are so many!
I've opened a Webull account and have been messing with their paper trading app but don't know how to pick a stock to trade. I hope this makes sense. I don't know how to research stocks.
Hey Nick, If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of my best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
Ross for when will you have a trader who speaks Spanish on your team?
Hopefully soon Juan!
I only listened to the music
No problem, hope you enjoyed it at least! :)
Warrior Trading sometimes thats just how the brain works huh this stuff is alot to learn and take in
I didn’t understand very well yet
you will! keep studying and watching these episodes!
i don't know why I'm not getting this, ok the difference between a limit and stop order: the stop order will fill your request at your specific price and will not be filled at any other price even if the market goes above or below your specific price (buying or selling) . a stop order will be filled at your request but can be filled at the next market price if your original order price wasn't met?
Hey! Stop limits are risky because they can drop below your limit and then you don't get filled. Stop market is what I've used.
Music 🥴🥴🥴
Thx for the feedback!