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Essential Day Trading Terms For Day Traders

A working knowledge of day trading jargon is essential for all traders. Most day traders already know a few basic words, so we'll start there. If you still have questions, we'll move on to more complex terminology. Let's discuss more about other essential day trading terms you need to know.

What Are Hotkeys

Key instructions known as "hotkeys" allow you to automate the sending of orders by simply pressing a certain sequence of keys on your keyboard. Trades are entered and exited via the use of Hotkeys, which are often used by professional traders. No mouse or manual order entering mechanism is used by them. Manual input is sped up by using Hotkeys. It is possible to make a lot of money trading the Open, but it is also possible to lose a lot of money if you don't respond soon enough. The correct usage of Hotkeys is often what separates the losers from the victors in video games.

The majority of day trading techniques need trading at a fast rate of speed. The market may move quite quickly in day trading, particularly as the market opens. Even in the blink of an eye, a stock might reach your entry or exit price. It is essential to utilize a trading platform that has Hotkeys in order to be able to day trade properly. You should have all potential trade combinations in your Hotkeys if you want to trade at rapid speeds. Without the use of Hotkeys, day trading is almost impossible to be profitable.

Buying Long

Here are some buy long strategies you can apply in your trade:

  • Buy 400 shares at limit Ask+.05 Alt+1
  • Buy 200 shares at limit Ask+.05 Alt+Q
  • Buy 100 shares at limit Ask+.05 Alt+A

Sell 1/2 position at limit Bid-.-05 Alt+2 Sell full position at limit Bid-.05 Alt+3

2D red chart showing the waves of the market
2D red chart showing the waves of the market

Selling Short

Here are some selling short strategies you can apply in your trade:

  • Short 400 shares at limit Bid-.05 Alt+4
  • Short SSR 400 shares at limit Ask Alt+5
  • Short 200 shares at limit Bid-.05 Alt+R
  • Short SSR 200 shares at limit Ask Alt+T
  • Short 100 shares at limit Bid-.05 Alt+F
  • Short SSR 100 shares at limit Ask Alt+G

Buy to cover 1/2 position at limit Ask+.05 Alt+6 Buy to cover full position at limit Ask+.05 Alt+7

Summary

You'll remember that "buying long" implies that you purchase shares at a certain price in order to sell them later at a higher price. My buy orders are in blocks of 400, 200 and 100 shares. Marketable limit orders are used to purchase at the ask price plus 5 cents. Marketable limit orders to sell half or entire positions at the bid price - 5 cents - are what I call my "sell" Hotkeys.

The bid price and a price of no more than 5 cents below it are accepted by traders when they are selling to guarantee that their order is completed swiftly. Half of my holding in DAS will automatically be calculated in shares. Additionally, the machine will take into account the current bidding/asking prices and place their order at the specified price.

A similar strategy is used by traders who short sell at the bid price or at a price that is no lower than 5 cents below it with the purpose of repurchasing the shares at a lower price. "Buy to cover shorts" is a common phrase used by traders. Limit orders to purchase half or full positions at the ask price Plus 5 cents are known as hotkeys. In order to have their purchases completed as quickly as possible, most of them are prepared to pay higher prices (up to 5 cents).

About The Authors

Camilo Wood

Camilo Wood - Every day, to make a conscious decision to do something, say something, or act in a way that will improve my work experience. I assist organisations in disrupting the status quo of transition. I teach them how to turn their community from enduring change to evolving through change using a realistic and repeatable structure.

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