With any trade execution hot keys, you can pre-select the routing preferences or enable Smart Route which will automatically decide the best routes to take. Any time that is spend on execution is time spent away from monitoring price action especially when multiple stocks are involved.ĭirect market access (DMA) trading platforms usually come with pre-set hot keys and the ability to configure them to accommodate your needs.Ī quality trading platform that is built with the trader in mind will supply the basic hot keys and enable further customization so they fit the needs of each individual trader like a glove. Hot keys give you the agility to apply actions to multiple stocks and even baskets of stocks in a fraction of the time of doing it manually. This enables you to focus your attention on strategy and tracking market movements instead of fumbling in a panic to get actions completed. They dramatically speed up your reaction time by coupling the multiple steps you would take to complete an action to a single keystroke. Hot keys are a convenient extension of your reactions and responsive execution tactics and tools. Therefore, it’s critical to always test your hot keys first to see how they work. New traders can inadvertently hit the wrong hot key or mistake the intent of the commands and end up losing money. Since actions can result in material effects to your trading account, it’s very important to fully understand the mechanics and the potential outcomes of each command. Hot keys are a very simple form of automation that triggers actions or a combination of actions. Hot keys execute actions on your trading platform like ‘Cancel All Open Orders’ whereas shortcuts perform functions like zooming in on a chart.īefore we move forward, it’s important to understand that hot keys can be dangerous when used improperly.
To be clear, don’t mistake hot keys for shortcuts. Hot keys can be linked to a single keystroke (IE: F2) or a combination of keys pressed simultaneously (IE: Control + R). It also enables you to combine a number of actions all triggered by the press of a hot key. It simplifies and speeds up the manual steps you would ordinarily take to perform an action. Hot keys are pre-selected commands that execute actions on your trading platform at the simple touch of a button (keystroke) or combination of keystrokes. The doing part can be augmented with the help of your trading platform using hot keys.
The knowing part relies on your trading methodology and experience built over time.
Knowing and doing are two different animals. The ability to react quickly and execute multiple actions with the smallest amount of expended effort can be augmented with the help of your trading platform. Speed and efficiency are the hallmarks of seasoned traders.
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