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A lot of people trade via a DOM and I'm wondering why. If you want to put a limit between the spread I see the advantage of dom trading but why else? You're already looking at a chart and it's easy to right click and put in a limit order at the level you want or other type of order. If you want to execute a market order you can do that too, in the right panel in NT and MC. So why use the Dom? So far I prefer the chart method but if there's an advantage to dom I'd like to check it out.
Can you help answer these questions from other members on NexusFi?
I trade from the charts and I really like it, but ...
Sometimes entering DOM orders can be faster and simpler.
To enter a Stop Limit order in the DOM with confirmation turned off;
1. Place cursor in appropriate price square
2. press scroll wheel
To enter a Stop Limit order Trading From Chart with confirmation turned off;
1. Place cursor in correct position on chart
2. Right Click Chart
3. Move cursor up to click on Stop Limit Order @ Price
4. Move cursor over the "Check Mark" and click
There are times , especially with CL, that the extra time it takes to place your order from the chart will allow price to zoom past you before the final click and then you have to chase price or miss the trade.
I suppose you could also argue that it is more efficient to move stops on the DOM with one click enabled.
If you are scalping all of this can be very important.
I don't scalp , so trading from the chart works for me.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
The con of the DOM is that you need a separate window by instrument traded. With the chart method you can always create your orders (stop/profit) before a signal materialises and just drag them when your signal is about to form. This way you get the same benefit the DOM provides without moving your eyes off the chart.
The MultiCharts DOM offer the same benefits as you described as above. You can plan ahead of time the exists
(stop/profit) and even set different profiles once certain levels of profits have been achieved. It's a very intuitive DOM.
O know that DOM does require an additional window that some may not like, but it may add certain precision as far as order placement.
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