To answer your questions and to give you some extra details on the process of entering positions, taking trades, etc:
1) Ross trades with Limit orders, he doesn’t use market orders. When he is routing his orders he primarily uses direct routing to ARCA or NASDAQ. When he traded at Suretrader they didn’t allow direct routing, so he simply used their Smart Routing which is just called LIMIT. Many brokers have smart routing, at Lightspeed it’s called LSPT, for example. Typically these routes are pretty quick, but direct routing is always preferable.
2) When Ross sends his orders he is buying using a hotkey, that when pressed, will send a limit order via one of his preferred routes. To ensure his limit orders get filled he uses an offset. He sends the order with a 5 cent offset above the ask. So for example, if the ask is 5.10, his hotkey will automatically send the order at 5.15. You can see his list of hotkeys here: https://www.warriortrading.com/wp-content/uploads/2016/03/HotKeyScripts-1.xlsx
3) When Ross is about to take a trade, he first is watching the chart for a clean setup (Bull Flag, etc). Once he has identified his entry, he looks at the level 2 to see if there are a lot of sellers on the ask (this is resistance). If the level 2 looks good he will take an entry on the ask.
4) After he enters positions he does not set automatic stops, although many traders do and that’s okay too! Instead he uses a “mental” stop of 10-20 cents, and will sell if the stock drops that amount by selling with an offset 5 cents below the current bid. If the stock goes up, he will take profit 20-40 cents up, by selling with orders on the Ask price.
5) As part of Fantasy Stock Traders, and even most live trading platforms, you can enter with hot keys, set stops, and set profit targets. This will help you automate the process of taking these trades.
6) Ross discusses the details of using hotkeys, reading level 2, and also provides the hotkey files that can be installed in Speedtrader or Suretrader, as part of Class 11 of the DT Course.
If you still have questions I’d encourage you to watch Class 12 of the Day Trading Course!
Below are some helpful videos on hot keys:
How to Use Hot Keys Video Blog: https://www.warriortrading.com/hot-key-video-lesson/
The Importance of Hot Keys Blog: https://www.warriortrading.com/importance-hot-keys-trading/
Using SureTrader with Hot Keys Case Study: http://www.warriortrading.com/how-to-day-trade/
Here is the link where you can download my hot key settings - http://www.warriortrading.com/how-to-day-trade/.
The link is at the bottom of the page.