Tackle Today: Place the Trade
April 25, 2022
«Order Entry Matters.»
Traders,
The wait is nearly over for tonight’s YouTube webinar on the 7-Step Guide to Trading. We have a top-shelf presentation ready to deploy and are excited to have you join us.
For today’s message, we’re moving into Step #5: Place the Trade.
To be successful with placing trades, you must become familiar with the various order types you can use. Moreover, it’s beneficial if you enter lots of trades in a paper money account to see how they work instead of just memorizing definitions.
Here are a few of the more common order types:
Market orders
Buy or sell at the next available price. You use these when you want to enter or exit immediately. You’re favoring speed over the fill price.
Limit orders
Buy or sell at this price or better. You use these when you want to guarantee you get filled at a specific price. And if you can’t get the requested price, the order doesn’t fill. Note that “or better” means “or lower” when buying and “or higher” when selling.
Stop orders
Send a market or limit order once this price is achieved. Stops are often referred to as triggers. If you want to wait for a stock to rise to a specific price before buying, you will use a buy stop order. Alternatively, if you want to wait for a stock to fall to a specific price before selling, you would use a sell stop order.
Conditional/Contingent orders
These are like stop orders because they allow you to place a trigger on the order. These are used when you place an order to trade options or options spreads.
It takes practice to get down the proper use of all orders, but it will quickly become second nature if you’re willing to put in the time.
🛑 Webinar Tonight! › Trading for Beginners: The 7-Step Guide to Trading with Coach Matt Justice at 8:30 PM EST on YouTube
Learning to trade properly requires a process. This Free Trading Course will help you develop that process so you can make good decisions at each step. Join Matt Justice in this webinar to get an understanding of the 7 steps taught in this course 👉 https://bit.ly/7stepstotrade
① Start at the Top of the Market
② Choose a Trading Strategy
③ Find & Analyze Potential Candidates
④ Plan the Trade
⑤ Execute the Trade Plan
⑥ Manage the Trade
⑦ Journal Each Trade
Video of the Day: 7-Step Guide to Trading – Step 5: Place the Trade
Step #5: Place the Trade. Now it’s time to place the trade in your account.
Chart of the Day: Energy Sector ($XLE)
The sell-fest finally found energy stocks. XLE is falling below the 50-day moving average for the first time this year.
Today’s line up
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.
S.T.E.P. MasterMind Group 8:30 PM EST
In these MasterMind Groups, you will learn directly from our experienced coaches exactly how to apply the S.T.E.P. Swing Trading System discipline in the current market conditions.
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Watch the Stock, Options, Commodity, and Forex Reports to help you prepare for the week.
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