Hot keys are a function you can add to your platform of choice through Cobra Trading. Basically, this functionality is a shortcut that you can utilize in order to streamline your day trading process.
Hot key functionality can be used to a great benefit. However, you need to understand this tool can do some damage to your account when used without care or preparation. So let’s talk about best practices for utilizing this feature..
You can bind a specific action to a hot key, for example, Ctrl+1. Of course, you should use whatever key combination that is easy for you to memorize. And you can make the action you’re binding as specific as you like. For instance, if you want to buy 100 shares on a particular route, you can set that action to Ctrl+B. This way, whenever the moment is right for you to enter the trade, you don’t have to manually type in your order size and click the necessary buttons to confirm the action. All you need to do is press your selected hot key to enter a trade.
The same can be done for both buying and selling, and you can have them further customized for various position sizes and routes. You can even set up a key to exit all of your positions at once in the case of a black swan event or bad news. Your platform comes with preset hot keys that you can tailor to your personal preferences. And you can even have a hotkey do several actions at once, for example, buy an order and set up a stop. Hot keys can make your day trading process so much easier and faster!
However, don’t rush into setting multiple hot keys just yet. At Cobra Trading, we highly suggest getting used to them slowly. Start with a single key combination just to ease into it. And once you’re accustomed to the first one, you can start adding more.
Additionally, we suggest using a smaller position than you normally would. Say, if your size is typically 1000 shares, let the hot key trigger the trade at 200 shares at a time. The main reason for this precaution is that mistakes can be made way too easily in the beginning. For example, you might tap the key twice, which in turn, repeats the action twice by mistake. But if you start off with a small enough size, this error will not be as consequential for your account.
Furthermore, it can be easy to mix up the hot keys and invoke the wrong action when using too many keys at once. You don’t want to be in a situation where you accidentally sell your position instead of adding more shares to the trade. That’s why we recommend adding them at a slow pace and letting your muscle memory adapt over an extended period of time. Otherwise, it can get too complex too soon, making a mess of an otherwise great system.
In conclusion, hot keys are a fantastic feature for most day traders and scalpers. However, this feature should be used with caution. It’s meant to simplify your trading and make your executions faster.
If you have any questions about this functionality or any other features that Cobra Trading platforms offer, please contact us.