Track 'n Trade LIVE Futures

How to Use the Trade Tab

Video Transcript

In this video, we want to cover the Trade Tab within Track 'n Trade. You can see here that we have the Trade Tab selected, within the Control Panel. At the very top we have our Mini-Tic chart, which represents the last 200 trades. Notice at the top of the chart we have the Bid, the Ask, and the Last Amounts listed. Along the bottom we list the Spread amount, along with it's average high and low. Next, we have the Mini-Accounting window. This is where we can see at a glance, all of our most pertinent accounting information. Notice that we have blue hyperlinks symbols listed within this window as well. Which can be clicked on for more information. For example- if we click the blue dollar sign, next to chart open PNL, it rotates to diplay the percent return on margin. If we click it again, it rotates to display the number of Tics. If we click it again, it rotates back to displaying the dollar amount, once again. Each blue hyperlink provides this type of information for each individual line item.

One line item I want to highlight in more detail is the portfolio margin line. We default this line to the Maintenance Margin. This is what we call the Look Ahead Margin. Since this is the Margin amount that will be required if we maintain our trade, from one trading session to the next. Such as from a daytime session, into the night-time session. Again, this is what your required margin amount will become. The next line is the Usable Margin Amount. This line is defaulted to the Day Session margin. Which is generally the lower amount, and the amount you enter or exit trades on for the current trading session, only. But when you click the blue text, it will switch over and show you the maintenance as well as the initial usable margin. The next row is your Cash Balance, which includes your cash balance and any closed profit or losses.

Here's a screenshot of what it looks like if your account were to be on margin call. Notice here, we're displaying an example of what your Mini-Accounting window would display if you are experiencing a Margin Call. What this means is you may only close currently open positions, to reduce your margin requirements. Or you may wire additional funds to your trading account, to get you off of the current Margin Call.

The next row is the Equity Margin Ratio. Which is calculated by taking your total account equity and dividing it by the initial margin of each open contract. Then multiplying it by 100, to get a percentage.

This row is a measure of how much of your account equity is being utilized for open trades. A higher percentage means you're using less of your account equity, and the lower percentage means you're using more of your account equity for open positions.

Next, I'll show you a few screenshot warning examples.

This Low Margin notice is what you would see if your equity margin ratio drops below 8%. This Liquidation warning is what you would see if your equity margin ratio drops below 6.5%. Letting you know you are close to the 5%, which is the level at which the clearing firm may close out all or some of your open positions, due to excessive risk currently in the account.
This Liquidate Now notice is what you would see if your equity margin ratio drops below 5%. Letting you know that you should close some of your own open positions. Because the clearing firm is most likely in the process of closing some of your positions, already. Due to the excessive risk currently in your account.

The next row is the Account Equity Row, which is your total account value, which includes any open profit or loss. The Low Margin notice is what you would see if your account equity drops below $900.

The Liquidation Warning is what you would see if your account equity drops below $750, letting you know you are close to the $500, which is the level at which the clearing firm may close out, all or some of your open positions, due to insufficient funds, currently in the account.

The Liquidate Now notice is what you would see if your account equity drops below $500. Letting you know you should close some of your open positions, because the clearing firm is most likely in the process of closing all of your positions due to insufficient funds in your account.

These are the notices you may see where you have both a Low Margin warning for your accounting equity ratio, and a Liquidation warning due to a low account equity. In this situation you would want to take action based on the higher priority notice, and comply it with the liquidation warning.

Moving on, you'll notice on the very bottom of the Mini-Accounting window, we display for your convenience, your number of long and short contracts per chart. As well as total long and total short positions, account wide.

Also, notice that we include the individual profit and loss amount per Tic. As well as the day margin amount in static form, just below the Mini-Chart window, as well. Which is also found on the Key tab.

Next, you'll see where you enter the quantity for the number of contracts you would like to place with each new order. You can increment the quantity up or down with the spinner arrow here. Or you can just click a Quick Quantity button here. Notice that the default quantity starts here with 1 and increments up to quantity 20. These buttons are user-definable, by simply right clicking and changing the amount.

The green and red BS button, Buy/Sell arrows, will open up Order Placement Dialogue Box. That allows you to customize your order, in a number of different ways. We cover these features in greater detail in Order Placement videos.

The next set of buttons are used for quickly dragging and dropping the different types of orders listed onto the chart. Also, for quickly exiting all the orders on either the chart or all the orders in your entire book.

The quick custom order or Q-OCO buttons are user-definable buttons that allow you to quickly place multiple orders on a chart, and into the market simultaneously. (For more advanced muti-order trading strategies). Including OCO or One Cancels Other orders, as well as OTO or One Triggers Other orders. We cover these buttons more in depth in Order Placement videos. The last thing I want to show you is that by sliding this window up, we reveal Track 'n Trades full size detailed Accounting window. Over here on the left hand side is where you find the buttons that give you access to your pending orders, open orders, and closed orders tables.

This has been a quick summarization of how to use the Track 'n Trade Live Trade Tab.