From Craig Cobb at Trade with Precision:
One of the most frequently asked questions I find clients asking me is how do I raise an order. The most frequent frustration is the client tells me they have been put in or taken out of a trade but it doesn’t look like it hit the level on their charts. This can often come down to how you raise your orders.
So for the benefit of all I will break this down as to long and short scenarios with visuals in the hope that you will copy the information displayed and save it into your trading education folder.
To go short.
Once the level of entry has been found based on your strategy it’s now time to get the numbers for your order correct. Notice how on this deal ticket (below) you have a buy side and a sell side with both prices different. The buy side is the price at which you will be quoted at if you wish to buy and the sell side is the price you will get if you wish to sell.
So if I am looking to go short and I want the exact numbers for this then I need to choose the SELL option for my chart which is as simple as going to chart type and then hitting sell. This is shown on the chart below. Now I can find out my exact entry level to go short for this order.
Now that I have found my entry price it’s time to find the exact stop loss level so that if the trade goes against me then I will be taken out. I need this to be correct to save any frustration so I go to the buy chart. This is as simple as clicking chart type and then buy as shown in the chart below. Now I can find the exact stop level for this trade.
To go long.
OK so now that I have provided the visual and explanation for going short I am sure it won’t take too much to work out that you reverse the process for going long. I will however just to be certain write down what is needed to go long.
When going long you are buying so your entry price needs to be based off the buy chart which is as simple as going to chart type and clicking the buy option.
With a stop loss on a long trade it will be a sell price so you click chart type and choose the sell option as this will now give the exact numbers for you to work from.
Now I guarantee that some will read this and scratch their heads and I fully understand this, there are lots of buy and sell words in the mix! What I do hope is that you can either copy this or write it down so that next time it comes to raising an order you can read this and get the hang of the exact order process. After a few goes of it you will have it without even thinking.