Beginner's Guide To E*Trade Pro: Trading
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  1. Beginner's Guide To E*Trade Pro: Introduction
  2. Beginner's Guide To E*Trade Pro: Getting Started
  3. Beginner's Guide To E*Trade Pro: Navigation Console
  4. Beginner's Guide To E*Trade Pro: Charts And Settings
  5. Beginner's Guide To E*Trade Pro: Trading
  6. Beginner's Guide To E*Trade Pro: Checking Order Status
  7. Beginner's Guide To E*Trade Pro: Advanced Features
  8. Beginner's Guide To E*Trade Pro: Conclusion
Beginner's Guide To E*Trade Pro: Trading

Beginner's Guide To E*Trade Pro: Trading

E*Trade Pro's order entry system allows traders to create orders for listed (NYSE/Amex) and Nasdaq (NMS, small cap and bulletin board) securities as well as options. Since options are an advanced trading concept, this tutorial will focus on the placing of stock orders. Using the E*Trade Pro platform, traders can:

  • Place stock orders

  • Place basic and complex options orders

  • Place conditional orders

  • Prepare orders

  • Select routes for orders

  • Check the status of existing orders

  • Change and cancel orders
Placing Stock Orders
In E*Trade Pro, there are several ways to place a standard stock order:

From the Order Entry Window

  • Display the order entry window. To open the window, click the Order Entry icon in the Tools ribbon on the Navigation Console (see Figure 20).

Figure 20: The Order Entry icon in the Tools ribbon on the Navigation Console.


  • The Order Entry window will appear, shown in Figure 21. Select the appropriate account from the Account pull-down menu.

Figure 21: The Order Entry window with Stock tab highlighted.


  • Click the Stock tab (shown in yellow circle in Figure 21) if it isn't already showing.

  • Enter the Symbol, Quantity and Price Type (such as Limit or Market).

  • Specify the Price, if required, and Term (such as Day or Good Till Canceled).

  • Select the market center of your choice from the Destination menu. The available market centers will depend on the Price Type and Term of the order.

  • Check the box for all-or-none (AON), if desired.

  • Click the Trade button that corresponds to the type of order to be placed.
If the Order Preview is turned on, a message will appear that displays the order details (see Figure 22). Check the order and then click "OK" to send the order. If the Order Preview is turned off, the order will be submitted as soon as the Trade button is clicked. To enable or disable Order Preview, check or uncheck "Preview Orders" in the Order Entry window's right-click menu.

Figure 22: The order confirmation window.
Image courtesy: E*Trade Securities LLC.


Note: Check the box for Prepare Order to place the order at a later time. Check the Reserve box to make only a portion of the order visible to the market at any given time.

From a Watch or Positions List

  • Display the Watch List or Position List containing the appropriate stock; a Watch List is shown in Figure 23. To open a Watch List, click the Watch List icon in the Tools ribbon.

Figure 23: An E*Trade Pro Watch List.


  • Double-click the stock's ask or bid price based on the type of trade that is to be placed. This will populate relevant fields and menus on the order entry window. Figure 24 shows different order types and actions for order placement.

Figure 24: The different order types and corresponding actions.


Note: If the Bid and Ask columns are not visible, customize the window's settings by right-clicking on the window and selecting "Settings." Select the "Column" tab and use the center "Add" and "Remove" buttons to change the column headers. Figure 25 shows an example of adding the "Ask" column to a Watch List window.

Figure 25: Customizing the Watch List columns in the Watch List Setup window.


  • Click the Stock tab if it isn't already showing.

  • Entry the Symbol, Quantity and Price Type (such as Limit or Market).

  • Specify the Price, if required, and Term (such as Day or Good Till Canceled).

  • Select the market center of your choice from the Destination menu. The available market centers will depend on the Price Type and Term of the order.

  • Check the box for AON, if desired.

  • Click the Trade button that corresponds to the type of order to be placed.
SEE: Understanding Order Execution

If the Order Preview is turned on, a message will appear that displays the order details. Check the order and then click "OK" to send the order. If the Order Preview is turned off, the order will be submitted as soon as the Trade button is clicked. To enable or disable Order Preview, check or uncheck "Preview Orders" in the Order Entry window's right-click menu.

Notes: Check the box for Prepare Order to place the order at a later time. Check the Reserve box to make only a portion of the order visible to the market at any given time.

From a Market Depth Window

  • Display a Market Depth window for the appropriate security (see Figure 26). To open a Market Depth window, click on the Market Depth icon in the Tools ribbon.

Figure 26: An E*TRADE Pro Market Depth window.


  • Open the local Order Entry ticket by clicking the up or down arrow labeled "Show/Hide Order Entry" on the Market Depth window. The Order Entry window appears at the bottom of the Market Depth window, as shown in Figure 27.

Figure 27: The Order Entry window appears at the bottom of the Market Depth window. Click the arrow next to "Hide Order Entry" (shown in the yellow circle) to close the Order Entry window.


  • Double-click the stock's ask or bid price based on the desired trade type. If the local Order Entry window is open, all relevant fields will be populated. If it is closed, the main Order Entry window will open with relevant fields populated.

Note: If the Bid and Ask columns are not visible, customize the window's settings by right-clicking on the window and selecting "Settings." Under the "Custom View Configuration" section, use the center "Add" and "Remove" buttons to change the column headers.


  • Select the appropriate account from the Account pull-down menu.

  • Entry the Quantity and Price Type (such as Limit or Market).

  • Specify the Price, if required, and Term (such as Day or Good Till Canceled).

  • Select the market center of your choice from the Destination menu. The available market centers will depend on the Price Type and Term of the order.

  • Check the box for AON, if desired.

  • Click the Trade button that corresponds to the type of order to be placed.
If the Order Preview is turned on, a message will appear that displays the order details. Check the order and then click "OK" to send the order. If the Order Preview is turned off, the order will be submitted as soon as the Trade button is clicked. To enable or disable Order Preview, check or uncheck "Preview Orders" in the Order Entry window's right-click menu.

Note: Check the box for Prepare Order to place the order at a later time. Check the Reserve box to make only a portion of the order visible to the market at any given time.

Using Speed Keys (Hot Keys)
Traders can use speed keys, using a single computer keyboard key or a combination of keys, to define the terms on an order or to cancel orders. To use this type of order entry, confirm that speed keys are enabled. To turn on speed keys, right-click the Order Entry window and check "Use Speed Keys." A list of default speed keys is shown in Figure 28.

Figure 28: A list of default speed keys and key combinations used for rapid order entry.


To set up an order using speed keys:

  1. Display the Market Depth window from which the order will be created.

  2. Press the speed key(s) for the desired order type.

  3. Make adjustments to the order, if necessary.

  4. Select the appropriate Trade button or press Enter.
If Order Preview is turned on, a message will appear that displays the order details. Otherwise, the order will be submitted as soon as the Trade button is clicked. To enable or disable Order Preview, check or uncheck "Preview Orders" in the Order Entry window's right-click menu.

Placing Conditional Orders
E*Trade Pro allows traders to place numerous types of conditional orders to help enhance and automate trading strategies. Conditional orders are advanced order types; prior to placing a conditional order, traders should fully understand its function and application. The Help menu provides detailed information regarding each conditional order type and how to place this type of order. Traders can place the following conditional order types:

  • Bracketed: An order that is two orders in one (an upper or lower market order trigger) and either a trailing stop or a fixed hidden stop, depending on preference. The trigger and stop serve as brackets around the stock's current price.

  • Contingent: An order (shown in Figure 29) that allows a trader to automatically place an order when a price condition that is set for the price of a stock, option or index is met. For example, a contingent order can be placed that triggers a sell order for an open stock position if a specified index fall below a certain level.

Figure 29: A contingent order.
Image Courtesy: E*Trade Securities LLC.


  • One-Cancels-All: An order group that consists of two or three individual orders. When any of the orders meets a trigger condition, it will be submitted and any remaining orders in the group will automatically be canceled.

  • One-Triggers-All: An order group that consists of two or three individual orders. When the primary order in the group is executed, any remaining orders in the group will be activated as live orders. This order type is particularly useful for entering positions with simultaneous protective stop loss and profit target orders.

  • One-Triggers-OCO: An order group that consists of a primary order and a secondary One-Cancels-Other (OCO) order group. When the primary order is fully executed, the OCO order group will be automatically activated.
SEE: The Pros And Cons Of Automated Trading Systems

The basic directions for placing conditional orders are as follows (please review the E*Trade Pro Help menu for specific directions before attempting to place any conditional orders):

  • Display the Order Entry window and select the Conditional Tab, as shown in Figure 30.

Figure 30: Select the Conditional Tab of the Order Entry window to place conditional orders.


  • Click the tab that corresponds with the desired conditional order (Bracketed, Contingent, etc.).

  • Fill out the necessary fields for the particular conditional order type.

  • Click "Submit" to submit the order(s).
If the Order Preview is turned on, a message will appear that displays the order details (see Figure 31). Check the order and then click "OK" to send the order. If the Order Preview is turned off, the order will be submitted as soon as the Trade button is clicked. To enable or disable Order Preview, check or uncheck "Preview Orders" in the Order Entry window's right-click menu.

Figure 31: The Confirm Place Order window for a conditional order.
Image Courtesy: E*Trade Securities LLC.
Beginner's Guide To E*Trade Pro: Checking Order Status

  1. Beginner's Guide To E*Trade Pro: Introduction
  2. Beginner's Guide To E*Trade Pro: Getting Started
  3. Beginner's Guide To E*Trade Pro: Navigation Console
  4. Beginner's Guide To E*Trade Pro: Charts And Settings
  5. Beginner's Guide To E*Trade Pro: Trading
  6. Beginner's Guide To E*Trade Pro: Checking Order Status
  7. Beginner's Guide To E*Trade Pro: Advanced Features
  8. Beginner's Guide To E*Trade Pro: Conclusion
Beginner's Guide To E*Trade Pro: Trading
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