How to Place Trades – Important for Beginner Traders

Still confused about placing orders? Do you know what the different types of orders are? Are you sure you’re using the best type of order for your trading method? This video sets out to answer these questions and many more. You’ll see a demonstration of the various order types (MIT, limit, stop-limit, market etc.).

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In case it is not clear, orders are placed using NinjaTrader’s SuperDOM (Dynamic). Yes, you could use Chart Trader, but we feel that limits the “view” and easy access to various order types. To open a SuperDOM in NinjaTrader, go to the Control Center > New > SuperDOM (Dynamic).

The SuperDOM consists of the current price (in yellow, typically) along with buyers and sellers who have engaged the market at various price values. Some people really take all that (Level II) data into consideration, but in most cases, we tend to ignore it and favor chart price action instead.

The inexperienced may be unaware of NinjaTrader’s order placement shortcuts. For example, using the Ctrl key (on a Windows keyboard), you can switch between a limit and an MIT order. Also, from our experience, a fair number of traders have no idea how to move orders around. Within the chart, if you enable Chart Trader, you can drag and drop order to reposition them at different values. This is covered around the 10:00 point in the video. You may want to pull out a pen and piece of paper to take notes. Review those notes later to commit this to memory.

By the way, this was a live webinar. We answered questions from attendees. Thank you to everyone who attended!

You can learn how to day trade in eight weeks by taking part in our eight-week Mentorship Program. All courses and software are included with Lifetime Licenses. The next class begins Nov. 2. That’s right around the corner!

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