The Hot Quote Screen
When the user clicks "New" in the Trading Client panel a new trading window will appear, with Hot Quotes appearing as the default.
The Hot Quote Screen features a user-defined trading window, single or double-click trading, a graphically interfaced market depth and last-traded prices.
|Figure 4: The Hot Quotes Screen.|
Adding Contracts to the Hot Quote Screen
To add a new contract, click the + Add button in the lower-left of the screen and highlight the contracts with the corresponding expiration date you want to watch and trade. To remove a contract, simply highlight it and click the - Remove button.
|Figure 5: Adding Contracts on the Hot Quotes Screen.|
Placing Orders from the Hot Quote Screen
First, set your lot size at the bottom of the Hot Quote Screen; this will become your default lot size.
|Figure 6: Setting Lot Size on the Hot Quotes Screen.|
To place a limit order, hold the cursor over the bid or offer to bring up the price tick bar and select the price at which you want to enter the order.
|Figure 7: Placing a Limit Order on the Hot Quotes Screen.|
You will then see an order confirmation screen similar to the following, and you can go ahead and enter the order once you have reviewed the details.
|Figure 8: Limit Order Confirmation Window.|
Placing a Market Order
To place a market order from the Hot Quotes screen, simply click on the bid or offer order volume. In the example below, the offer order volume is highlighted - you would click there to buy at the market. Conversely, you would click on the bid volume to sell at the market.
SEE: How To Place Trades With Interactive Brokers' WebTrader: Placing An Order
|Figure 9: Placing a Market Order on the Hot Quotes Screen.|
Doing this will produce another confirmation window as follows.
|Figure 10: Market Order Confirmation Window.|
To see the full range of order types, highlight the contract you want to work with and click trade.
|Figure 11: Pulling Up the Trade Window By Highlighting Contract.|
This will bring up the following more detailed order entry window.
|Figure 12: Order Entry Window.|
This window allows multiple parameters to be entered at once, including One-Cancels-the-Other Orders (OCO).
An example of an OCO might involve a sell limit and a sell stop being entered, with one being canceled as soon as the other is filled. It is also possible to set intermarket OCO orders; if an order in one market is filled, the other is canceled.
|Figure 13: Entering an OCO Order.|
|Figure 14: Entering an OCO including a Buy Limit and Buy Stop.|
SEE: The Stop-Loss Order - Make Sure You Use It
Real-Time Position Display
The Position Tab in the trading window displays real-time profits and losses, real-time position management and a trade history. Commissions are deducted automatically from P&L. It is possible to view P&L and positions for multiple accounts, in real-time from the same window.
|Figure 15: Real Time Position Display.|
The J-Trader Reflector Screen™
The Reflector Screen is a unique depth-of-market (DOM) screen, also sometimes referred to as a price ladder. It allows single-click trading and order cancellation/amending. In addition to the full depth of market for a contract, it includes "inside prices" (prices without volume that are between the bid and offer).
To launch the Patsystems Reflector screen, highlight a contract from the Hot Quotes screen and click the Reflector button at the bottom of the Hot Quotes screen.
|Figure 16: Pulling up the Reflector.|
SEE: The Best Applications For Online Trading
|Figure 17: The Reflector Screen.|
The current best bid and best offer are shown on either side of the horizontal bar in the center of the Reflector screen. In the above example, the blue price is the current best bid and the red price is the current best offer. The number of lots last traded appears in green to the left of the price traded. In the case above the quantity last traded was 1 lot, shown next to the best bid of 13004. The outer columns show working (W) and filled (F) orders; for example W15 would represent a working order of 15 lots.
The Reflector Screen allows multiple order types, including trailing stops and bracket orders. A bracket order is the simultaneous entry of profit and stop loss levels along with the initial trade. A trailing stop is an order that allows you to raise your stop automatically as the market moves in your favor. This tool allows you to lock in profit and stay in the trade, letting the profitable trade continue to move in your favor.
The Reflector screen also features a Reversal Button that allows you to flip your position from long to short or vice versa with a single click. The flatten button closes all your positions with a single click, an especially useful feature if the market becomes unexpectedly wild as a result of a news event, for example.
Your net position and global P&L are shown at the bottom of the Reflector screen.
SEE: Direct Access Trading Systems
The Status Screen
|Figure 18: The Status Screen.|
The status screen allows you to check the status of all working, filled and completed orders.
SEE: Risk Management Techniques For Active Traders
Beginner's Guide To J-Trader: Configuring J-Trader with the Settings Screen
TradingMaking use of the tightest stops in entering and exiting positions is what this three-part system is all about.