Track 'n Trade LIVE Futures
How to Place Orders with Trailing Stops
In this video I want to take you through and I want to talk about the Order dialogue box. You'll notice in the Trades tab, control panel that we have a little button down here that says, "BS" it stands for Buy & Sell. This button is also located on the button bars, so we have access to it in multiple locations. When you click this button it loads your cursor with an arrow, allowing you to place an order on the screen. Of course, the default order is a Stop order. A Sell Stop is below the market. If you slide above the market, it turns green and that would be a Buy Stop.
If we go ahead and release the mouse button, the difference between this button, and the normal Stop button is that when you release the mouse button, you get the Order Dialogue Placement window that pops up automatically. Now, this is where we have the ability of coming in and placing a number of different features on the Stop orders. Stop orders are very valuable orders, in the fact that they have the ability to have multiple capabilities attached to them. One of those capabilities is to automatically trail. Track 'n Trade can automatically trail behind the market by a number of different features: Percent Open Profit, Dollars Behind, number of Price Bars, and we have a number of Automatically Mathematically Calculated Trailing Stop formulas that you can trail behind. Or we can trail behind by a number of Tics or Pips behind the market.
So lets come in here and lets trail the market by the number of Price Bars back. Now we can come in here and we can put 3.1. 3.1 means that we are going to trail behind the market by 3 price bars and 1 minimum move. Okay? Now we're going to trail until break even. We're going to use the filter Lower Highs, and Higher Lows. We can go ahead and click that, then we hit Okay. This is going to place this order onto the screen, you'll notice it's behind the market. It's going to have an auto trailing Stop feature placed on it, okay?
You'll see that on the line, you'll see that it's 3.1 bars with the filter turned on. So this order is being automatically trailed behind the market, if the market turns around, comes back and touches it, it will fill the market and in anticipation of the market continuing to drop. So that's the ability to come in and use the BS button to automatically pull up that dialogue box. One important feature, I'm going to go ahead, and I'm going to right click on this, hit delete.
One important feature to remember is that when we use a normal Stop order button, we come in and we place the Stop order, it places it into the market automatically. But there are no automatically trailing stops capabilities or functionality. You'll notice that the box did not pop up. If we right click on that box, we come down to Edit orders, we now have the same dialogue box and we have the same capabilities. So this button here, the BS button is basically just a shortcut to getting access to this dialogue box.