Hi Guys, I'm new to trading and I opened a demo account with CMEG and using the Trader Elite Pro platform. I'm trying to use hotkeys to enter and exit the markets but they don't seem to be working. In the screenshot you can see y settings for the hotkey. I have the price set at Ask + 0.05. Whenever I press the hotkey, it creates a buy order at that price even though the market is not at the price, for example if price is at 2.25 and I press the hotkey, my entry is 2.3 even if the market never goes there, and there are a bunch of sellers at 2.25, 2.26 and so on. What am I missing here?
this shouldn't happen. May be because it is Demo acc. Live account should execute at best offer available through+.5. Try to change price to only ask in Demo. One more thing, in demo you will get execution of all quantity no matter how many are available at bid or offer at that price. e.g. if offer has 200 qty for 20.4 and next offer is of 100qty at 20.50. Your demo will execute a order of 10000 qty at 20.40 if yo want to. Live account execution is very different than Demo. Also you will get executed even if 1 qty print on your order price in demo but not in live account.
Yeah I think this demo account is stupid. The market was at 2.50 and I tried a buy order at $1 and it executed that and showed me an instant $150 profit (100 shares). This is not gonna help me, I'd rather fund an account and buy really small quantities to practice. Yeah?
Yes, but be very careful of feeling confident and increasing size. Trading has a deceptive lure that can makes us greedy. Very difficult to overcome. Stay small, consistency is your prize, not big returns.
focus on mastering your platform, broker & software. once we can ask YOU questions about the software you are using, move to the next phase. paper trading will help you learn to master your software and learn to execute strategies, based on having an edge. Once you learn these you can focus on what many claim is 90% of trading, ie the psychology which paper trading cant really train you for other than testing your edge. of course you can not even begin to work on the psychology if you dont know what your edge is or even how to operate your software. a saying that I wished I listened to more when I was starting out is " dont worry the market isnt going anywhere". Depending on what phase you are as a trader actually making money right now may be detrimental to your development. just IMHO. To answer your question, (I am not familiar with the software you are using) But it sounds like maybe your hotkey is set to buy at Ask + .05. so when you send it will put the order out at that price, which from your post sounds like it is doing so. Make sure it is set to a limit order to buy with max at .05 above the Ask. Also, every software is different, there is no conglomerate on trading software (as of now) so if you share with the forum your software other members would be able to help you much better, than just guessing, as I just did. update*** I googled it and although I could be wrong I believe you are using Sterling Trader, check to make sure that is your software, and you will get much better help from others who are familiar with Sterling Trader. welcome to trading and good luck!
Thanks for your cautionary comments but I have some experience with Forex and thankfully psychology is one thing I don't have to worry about. I talked to CMEG support and they told me a live funded account comes with a simulator which is better than the demo. It apparently fills in a more realistic manner so I will be using that instead. @Stockboy CMEG told me Traders Elite Pro is powered by the sterling platform. My settings are the same as everyone else is using on the internet, its probably the demo account that fills it wrong. I will update the thread when I trade on the simulator and then live if this issue occurrs on them or not.