Quick way to enter stop orders?

[Jason H. 53]

As some of you have seen in another thread, I have a device set up so I can quickly enter and exit trades. It's very efficient until I get to setting stop loss orders. I find I still have to go to the montage window, change the order type to "STOP" and enter a trigger price. It's incredibly inefficient. Does anyone have a better way?

[PeterD 49]

I don't speed up my stop orders too much on the theory that if you're setting a STOP, you shouldn't be looking for an immediate out. I use a pop-up from Montage. I'm not positive which setting gets it, but under Setup -> Trade Settings I have both the "Disable Stop Order Confirmation" and "Enable Fast Stop Limit Order" buttons unchecked.

 

When I go to enter any STOP (limit, range, trailing, market*) in Montage I just change my Route to STOP the pick SHRT or BUY. Then, the window pops up and I fill the rest.

 

 

*NOTE: I DO NOT use Market Stop orders. I have been screwed by them several times being filled VERY far from my target price when a stop moves too fast. I will note that if you use a Range or Trailing stop it also becomes a market order at execution, but this is unavoidable.

 

 

 

 

[frank2403 5]

I got hotkeys set up at -20 cents and +20 cents (Ctrl+B for short trades and Ctrl+S for long) that I enter as soon as I get into trades so the market can't screw me too much. Then, I double click on my stop order so the price and the amount of shares are filled in the boxes. Then I change the trigger price to be exactly where I want it and click the replace button. That's the quickest and safest way I found to enter a stop loss. The only thing you have to pay attention to with this setup is to remember to switch the amount of shares on your stop loss when you sell some and put your stop at break even. If not your gonna end up buying some shares to the other side. I hope this helps.