ProjectX offers a comprehensive set of tools to help traders execute orders and manage positions with ease. Whether you’re a beginner or an experienced trader, you can customize your trading strategy using a variety of order types and features.
Types of Orders
Here are the different types of orders available on ProjectX:
- Market Order: Executes at the current market price.
- Limit Order: Filled when the market reaches the specified price set by the trader.
- Stop Market Order: A pending order that triggers when certain conditions are met, often used to limit losses or enter a position after a confirmed market move.
- OCO (One Cancels the Other): Allows you to place two orders simultaneously. If one is executed, the other is automatically canceled, helping with risk management and automation of strategies.
- Filled Order: An order that has been completed in the market.
- Open Order: A pending order waiting to be filled. This is also referred to as a working order.
- Trailing Stop Order: A stop order that moves with the market at a predetermined distance, locking in profits as the market moves in your favor.
- Risk: The amount of USD you’re willing to risk on an individual position. When this amount is reached, the position closes, and your loss becomes realized.
- To Make: The USD amount you want to make on a position. Once this profit target is reached, the position is closed, and profits are realized.
Order Ticket
The Order Ticket makes it easy to place different order types on ProjectX. You can select Buy or Sell, as well as Market, Limit, Stop Market, Trailing Stop, and OCO orders. Other options include Cancel All, Flatten All, or Reverse Position.
Time & Sales
The Time & Sales feature provides real-time updates on market activity for the selected product. You can filter trades by size or other criteria by visiting the System Settings section.
DOM (Depth of Market)
The DOM (or "ladder") displays the market depth and volume profile, helping traders make informed decisions. It offers one-click trading and allows for automation directly from the DOM itself.
Placing Limit Orders: Left-click in the Bid or Ask column to place Limit Orders.
Placing Stop Orders: Right-click in the Bid or Ask column to place Stop Orders.
Drag-and-Drop Orders: Hover over an order, click, and drag it to adjust its placement within the DOM.
Once in a position, the DOM highlights your position in blue and displays your theoretical profit and loss. These values update automatically as you adjust the size of your position.
Trading Activity
At the bottom of the platform, you'll find detailed information on your account and trading activity:
Accounts: View all your active accounts in one place.
Positions: View or close open positions. You can also adjust your Risk and To Make values in USD.
Orders: View all completed and open orders for the current trading day. You can also cancel open (pending/working) orders.
Trades: Shows all completed (round trip) positions.
Quotes: View current market conditions for all available futures products.
Order Confirmations
Order confirmations are available on your chart and DOM. To enable Order Confirmations on ProjectX, follow these steps:
1. Log in to your ProjectX account.
2. Click Settings on the left-hand side of the screen.
3. Click Risk Settings.
4. Under Order Settings, click "Show Confirmations."
5. Click Save.