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PLEASE HELP!
I’m an absolutely beginner in futures/commodities tradings and could be asking stupid questions here . I’m currently using Thinkorswim platform to do paper trading and don’t 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 it’s for that purpose?
3. Does each broker’s 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
Can you help answer these questions from other members on NexusFi?
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.
