Hello there, Protraders!
Managing multiple positions during some aggressive trading or choppy market segments many times was quite a challenge probably for most us. I've used "was" because visual trading is got so popular that even generic platforms gained it in their latest updates. But now this very useful tool is pretty a standard in modern platforms and so it is in Protrader.
In order to manage your position directly from a chart, simply pick position that you wish to modify. When you check it by mouse click, you will see TP and SL marks but also close button and revealing menu. Now just drag SL or TP up or down to the desired level and drop. Please note, that every position is placed not only on certain level but also in certain time - it is marked as a point - and it has SL and TP levels right below and right above. Thanks to this you will easily tell the difference between stop and profit orders assigned to other positions.
You can also place and modify stop and limit orders directly on your preferred chart. Open the "order entry" panel, set up the amount, hold ctrl key and click with left or right mouse button on a desired price level and your stop/limit order appears where you wanted to. If you would like to set Stop Loss or Take Profit order, follow the above instruction. Such advantage allows you to place multiple orders in a while by just clicking here and there, below or above price, right or left mouse button.
Many traders use partial entries, blocks of awaiting orders, or just high speed trading and they need the ability to modify their orders as quick as possible. When market is hot and price goes up and down it's often a matter of seconds when your order needs to be modified. And it's ok, when there is only one order to change in such short period of time. But if you manage 2, 3 or more positions in the same time, and you need to set it Break Even or manually drag their Stop Loss, then you find visual trading function very useful.
Placing market is really simple, you just have to click "buy" or "sell" in most generic platforms. In Protrader 3 you have the ability not only to use liquidity of the market but also to supply it to the market. The add ask and add bid orders makes you save spread and gives you chance to put your offer into the market at slightly better price. Also market orders are often filled with the slippage. It's very unfavorable to most trading strategies because generates costs, that are hard to determine and the overall cost is multiplied by the number of transactions with slippage. The "buy ask" and "sell bid" are eliminating such problem telling your broker to find offer at exact price determined by bid/ask.
After checking one of visible orders on the chart, you will see values for: actual profit/loss, Stop Loss and Take Profit size. It allows you to recognize and manage your risk/reward and risk-to-capital ratios. It gives you quick information about position's overall value and actual P/L of it.
Active trading with such functionality available becomes a pleasure and you can focus on trading the market instead of fighting with the platform trying to find the right position and type numbers into modification box.
Visual trading is also very helpful when used with another Protrader tool: the grid. I will make another article about this feature soon.
Have not tried PTMC yet? There is no better way to boost knowledge than to use it! Start trading with PTMC now!