Very often we have had folks come into the Blue Point Trading chat room and ask – what kind of order entry tools do you use? It is our belief that if you are a Day Trader, Order execution is equivalent to the strategy that you may use when trading. To be successful in trading you need to have a good set of tools to work with. So what are the qualities of a good order entry system? The following are the key points I look for in an order entry system:
- One click entry.
- Ability to have the system automatically enter the stops and targets after the initial entry.
- Screen space if you trade multiple instruments.
- Ability to connect to your broker via an API.
- Scale in and scale out properties.
- Handle all the various types of orders.
That being said, some may use an order entry system which is trading within the Charts.
These can work as well, but if you are an active trader, the entry should be able to be made within one or two clicks. Why? Because when markets moves fast you need to be able to enter a position quickly. Therefore, if you are using an html based form entry, this is simply not fast enough.
What kind of Order Management System are you using?