Normally, you would have to pull up each stock and then cancel the specific order. You notice the futures starting to collapse hard and quickly decide to pull all the limit orders until you find out why the market is tanking. For example, you may have 10 different buy-limit orders in for 10 different stocks. This can mean the difference between getting a bad fill and dodging a falling knife. One of the most convenient hot keys is the “Cancel All Orders” function. Hot keys are a boon for trading fast moving volatile stocks. This shaves a lot of time from the normal “point-click-cancel and repeat with new price” routine. Additionally, you can set a hot key to buy a limit on the inside bid or sell limit on the inside ask with a set number of shares. The speed advantage becomes most noticeable when having to placing multiple orders on different stocks. While point and click is fast, using a hot key to place your buy and sell orders can shed seconds off your trade execution. The most obvious benefit of hot keys is speed. Once you get acclimated through repetition, you will find them indispensible. Benefits of Hot KeysĪlthough they may seem extraneous at first, there many benefits of using hot keys. In order to be useful, hot keys should be easy to remember and used often to reinforce the habit. When there are too many hot keys, it’s easy to accidentally duplicate the same actions to different hot keys as well. ![]() Re-configuring the F5 key to a task on your trading platform could present conflicts that may cause malfunctions in both programs. ![]() For example, the F5 key may already be configured to refresh your screen in another program. Make sure you aren’t using a hot key that is already configured in another program. Consideration: Hot Key Conflicts and Overlaps The goal is to make your current strategy more efficient by automating common tasks. Set up as many as you need but don’t feel the need to overdo it. The user can also add additional hot keys or re-configure the default hot keys. Most basic hot key functions are set by default. Additionally, more advanced trading platforms will allow you to create your own series of actions to configure to your choice of hot keys. Depending on your broker, the list of actions can be very extensive. ![]() Users can edit/change the hot key to the action. Trading platforms have pre-set actions usually linked to default hot keys. The hot key is the key or combination of keys that trigger the action. The action is the task(s) that the user is trying to perform. There are two parts of a hot key set-up, the “action” and the hot key. You can choose between pre-made hot keys or custom scripts. Hot keys can be set up in the SpeedTrader PRO via Setup > Hot Keys. Most online trading/charting and especially direct access trading platforms provide hot key functionality. The extra seconds that are shed can result in better entry/exit prices, faster trade executions and less distraction. On a trading platform, the main benefit is speed, which leads to efficiency. Whereas it may take a few mouse clicks and/or additional inputs to perform the task, a hot key can be easily configured to complete the task with a single keystroke or combination keystroke. Hot keys are shortcuts that execute a pre-selected task or series of tasks at the press of a single or combination keystroke.
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