Beginner's Guide To Fidelity's Active Trader Pro: Trading
To access the trade entry screens, from the Main Menu > Tools > Trade > [choose order type]. There are four primary trade entry screens within ATP:
- Stocks/ETFs & Options: For equities and single-leg options trades
- Multi-Leg Options: For buy writes and multi-leg options trades
- Mutual Funds: For Fidelity and non-Fidelity funds
- Conditional: For conditional order types including Contingent, Multi-Contingent, One Cancels Other (OCO) and One Triggers the Other equity trades
This tutorial will explain how to place a trade using the Stock/ETFs & Options trade entry screen. Additional trade entry descriptions can be found in the Fidelity ATP User Guide, which can be accessed in the Main Menu > Help > Active Trader Pro User Guide.
Once the trade entry screen is open (see Figure 18), confirm that the correct account is selected. If there is only one account, the screen will automatically default to this account. If there are multiple accounts, a drop-down box will appear under the "Account" column.
Figure 18: The Trade Stocks/ETFs & Options trade entry screen.
Next, enter the appropriate symbol in the "Symbol" column. Once the symbol is entered, the Last, Change, Bid and Ask details will automatically display, as shown in Figure 19.
Figure 19: Once the symbol is entered, the Last, Change, Bid and Ask details will be displayed.
Clicking the drop-down box in the "Action" column will display basic trade commands such as Buy and Sell. Select the appropriate trade action, and then fill in the number of shares of stock (or number of option contracts) in the "Qty" (Quantity) column.
SEE: Understanding Order Execution
Next, specify the type of order to be placed in the "Order Type" column, shown in Figure 20. Available order types include:
- Stop Loss
- Stop Limit
- Trailing Stop Loss $
- Trailing Stop Loss %
- Trailing Stop Limit $
- Trailing Stop Limit %
Figure 20: Select the type of order to be placed from the drop-down menu under the "Order Type" column.
If placing a Trailing Stop Loss or Trailing Stop Limit order, the trader will also have to choose Last, Bid or Ask for the trigger price in the "Based On" field.
SEE: The Basics Of The Bid-Ask Spread
Next, specify the time in force for the trade in the "TIF" column (such as Day or Good till Canceled), as well as any trade conditions, such as All or None, in the "Condition" column.
Finally, specify if the trade will be placed in the Cash or Margin account by selecting "Type."
Once all of the required fields have been filled in, a green "Preview" or "Place" button will appear on the right side of the screen, as shown in Figure 21. Note the "Place" button appears if the trader has chosen to skip previews in Trade Preferences.
Figure 21: Once all of the fields have been filled in, click the "Preview" button to review the trade before placing.
Clicking "Preview" opens the Trade Verification screen, seen in Figure 22. Review the order to determine that the trade properties have been properly identified and click "Place Order;" otherwise, click "Void" to cancel the order.
SEE: The Stop-Loss Order-Make Sure You Use It
Figure 22: The Trade Verification screen. Click "Place Order" to continue with the order entry, or "Void" to cancel.
If "Place Order" was selected, the order will be placed and a Trade Confirmation window will appear, as shown in Figure 23.
Figure 23: Once the trade has been placed, the Trade Confirmation window appears with the trade details, including the symbol, quantity and estimated order value.
SEE: Electronic Trading: Small Order Execution System
Checking Order Status
Once the order has been placed, the Order Status window can be used to manage trades. To open the Order Status window, in the Main Menu select Tools > Orders > Orders, or click the Orders button on the Function Toolbar. This opens the Order Status window, which displays a one-line summary of every trade that has been entered. The "Status" column is of particular importance (see Figure 24) because it shows whether or not the trade has been executed. There are five messages that may be displayed:
- Filled: Signifies that the trade has executed.
- Partial Fill: Indicates that part of the requested trade has been executed, but a portion of the trade order is still open.
- Open: Signifies that the trade has not yet been executed.
- Pending Canceled: Shows that a request to cancel the order has been received.
- Verified Canceled: Confirms that a cancellation request has been received and successfully completed.
Figure 24: The "Status" column of the Order Status window.
Source: Fidelity Investments.
Canceling, Modifying and Closing Orders
To cancel an order, open the Order Status window (Main Menu select Tools > Orders > Orders) and click "Cancel," or right-click on the Order Status window and select "Cancel." This opens a screen where a cancellation request can be entered.
To modify an order, from the Order Status window click "Replace," or right-click and select "Replace" from the list. This opens a new window where revised trade instructions can be entered. This screen allows traders to change the Quantity of Shares, Order Type, Limit or Stop Price and the Time in Force.
To close an order, highlight the appropriate trade in the Order Status window, right-click and select the appropriate trade action (such as Sell to close a Buy order). Complete the order entry window and place the trade.
Checking Account Summary
To view up-to-date account information, in the Main Menu select Tools > Accounts > Summary, as shown in Figure 25. This opens the Summary window that has tabs for detailed information regarding:
- Profit and Loss
- Margin Calls
Figure 25: View up-to-date account information by selecting from the Main Menu Tools > Accounts > Summary.
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