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Different type of orders/order entries and platforms


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Different type of orders/order entries and platforms

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  #1 (permalink)
houston, tx
 
Experience: Beginner
Platform: IB, ToS
Trading: CL, GC, ES, etc.
 
Posts: 27 since Aug 2018
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PLEASE HELP!
Iím an absolutely beginner in futures/commodities tradings and could be asking stupid questions here . Iím currently using Thinkorswim platform to do paper trading and donít find it very friendly to use. My questions are as followed:
1. I have a hard time understand the type of orders to use even tho the platform does provide some simple explanations/videos/tutorials but not very in depth. I kinda understand the simple ones such as market/ limit/stop/stop limit BUT NOT on the trailstop/trailstoplimit/std/ask/mark orders and how to enter the order.
2. How are the orders supposedly used to strategize the trades? I assume itís for that purpose?
3. Does each brokerís platform have similar order types or vary greatly? I find it difficult to use ToS and been thinking to try Tradestation or Ninja Trader 8. Any suggestions? Thoughts?

Thanks so much in advance.

Sincerely,
Ted

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  #3 (permalink)
Legendary Market Wizard
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moneyboy888 View Post
PLEASE HELP!
Iím an absolutely beginner in futures/commodities tradings

Ted -- as you are a beginner, I suggest you not even worry about the other order types.

Stick with limits and stops for now. Understand the purpose of these, and how to comfortably enter and cancel orders. Be able to do this in your sleep, on a paper account, before you ever enter a live trade.

Cheers!

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josh View Post
Ted -- as you are a beginner, I suggest you not even worry about the other order types.

Stick with limits and stops for now. Understand the purpose of these, and how to comfortably enter and cancel orders. Be able to do this in your sleep, on a paper account, before you ever enter a live trade.

Cheers!

Good to see you around @josh.

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