O'Reilly logo

Day Trading Stocks the Wall Street Way: A Proprietary Method For Intra-Day and Swing Trading by Josh DiPietro

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 4

The Mechanics of FASTKEY Order Execution

Your intra-day trades are for only 15 cents. In some cases, such trades form in milliseconds. Because of this, fastkey is essential.

You'll find that when you aren't using fastkey, your back-testing will show you that several of your setups are in the green, but you didn't profit. The reason is it happened so fast that you didn't place an exit order when you should have. This is what makes fastkey so crucial.

I know I sound like a broken record when I say that this topic is by far the hardest to teach on paper, and certainly impossible to master without weeks of hands-on practice. This is the single largest reason why new day traders lose on their intra-day trades. Not utilizing proper fastkey procedure will result in poor intra-day trading.

Using Your Keyboard Keys for Rapid Order Execution

Figure 4.1 is an illustration of a normal PC or laptop keyboard, and the option it has for placing trades. It makes order execution 10 times faster.

c04f001

Figure 4.1 PC or Laptop Keyboard

Most broker platforms have this function, but very few are true direct access.

Placing Orders Directly from a Level 2 Quote Chart (Direct Access)

You can order directly from the Level 2 streaming quote chart. Having said that, I also want to make it clear that I can certainly tell you about fastkey, but I can't show you how to set it up, not here, not ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required