This article will help answer common questions and give some extra details on Ross Cameron's process of entering positions, taking trades, etc. If you're looking for how-to information for using hotkeys in the WT Sim, please see this article here.
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 an Excel list of his common 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 our trading simulator, 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, and reading level 2 as part of chapter 6 of the Day Trading: Strategies & Scaling Course (Part 1). We also provide several hotkey files that can be installed in Lightspeed, or CMEG as a Sterling platform. You can reference this page here for where to find resources for specific platforms and trading tools.
Warrior Pro Members:
- If you still have questions, we’d encourage you to watch:
- Day Trading: The Basics
Chapter 9: Level 2 Market Depth & Hot Keys - Part 2: Hot Keys & Hot Buttons
Day Trading: Strategies & Scaling Course (Part 1)
Chapter 6: Level 2, Tape Reading, and Hot Keys/Buttons - Part 4: Hot Keys
Live Trading Archives: you can see Ross' use of hotkeys in the video dated 07/21/2020
More free free resources 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/
- If you aren't a member yet, join our next webinar to learn more about Ross' strategy, see some real trade examples, and learn more about our programs: https://www.warriortrading.com/free-day-trading-class/
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