Placing Orders on Super Gadget Menu

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Video Transcript:

Hello, traders. Welcome to the thinkorswim tutorial and the fourth module, Trading. In this lesson I am going to teach you how to place trades with the super gadget menu buttons.

Super Gadget Menu

Now, to do so we are going to go to a chart. Right here we are on the Euro-US dollar chart and we are going to enable the super gadget menu. To do so go to the grid menu and click on the show sidebar in cells. Now we have the super gadget menu on the right side of our charts. Now, we already know how to place trades with the dashboard by using the buy or sell buttons and with the active trader by using the buy and sell side of the ladder. This lesson will focus on the trade button of the super gadget menu. If you click on the trade button on the super gadget menu, you will see that you will get these hot buttons on the top side of your chart. Now this is great when you are using, let’s say we are going to use four charts right now and we are going to choose to look at the E-Mini S&P 500 in one, the Euro-US dollar on our main chart at the top left side of the grid. Let’s look at crude oil and let’s look at the GBP-USD all right? These are just examples and we are going to enable the trade button on all of them.

And this is actually very important for all of you traders out there that want to send out quick orders to the exchanges without having to go through the confirmation boxes that thinkorswim prompts out whenever you choose to place an order. Now, as you can see, we have the hot buttons on the top of every chart right here. The first thing we’re going to do is we going to edit our predetermined sellings for each order. On the Euro-US dollar, for example, we are going to choose to buy or sell three mini lots every time, okay? And if you want to be able to send your market orders without having to go through the confirmation menu or the confirmation box, click this auto send and remember to mark your order as a market order.

Now that we have this, we are going to do the same on the E-Mini S&P 500, right here it’s buy or sell two contracts. Okay, well we need to do the same, right? And of course it’s a market order because these are hot buttons on the GBP-USD it’s going to be a 40, I’m sorry 20 mini lots, 2 mini lots, or 20,000 units on market. And in crude we are going to choose to trade three contracts, okay? Auto send and at market and remember to put this timing force on a daily basis. This means that, well it doesn’t matter because it is a market order so it is going to get filled automatically but if it doesn’t it’s going to be canceled at the end of the trading day.

Placing orders on thinkorswim platform

Now, let’s say that we want to sell the Euro-US dollar right here, we’re going to sell market as you can see our three mini lot sell order on the Euro-US dollar has been sent. We want to buy, let’s say that we want to buy the E-Mini S&P 500 with our credit term and in settings we have our two market order or two contracts long, we are two contracts long on the E-Mini S&P 500, we want to sell the GBP-USD we have two mini lots filled on the GBP-USD and we want to sell crude oil. We have three contracts sent out on market. Now if you click on these yellow arrows pointed up, you can see right here that on our fill only positions we have the four positions that we just sent out, okay? Of course that we have sent out more positions to the exchange today but the last positions are the positions that we decided to trade right now.

Remember that you can flatten your positions by clicking on this flatten button right here. This will close 100% of your position on the E-Mini S&P 500, the Euro-US dollar, and in crude oil. Also if you want to reverse your positions you can do so by using this reverse button right here. And basically this is how you are going to be buying and selling, well, contracts. Stock or units on the FX pairs by using your credit term in hot buttons.


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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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