There are three ways to place a Directed Trade:
1. Enter an order manually
First, select the appropriate account number (or use the default if you have set up a default account in General Settings). Next, enter a stock symbol or use the dropdown to select a previously entered symbol. Once you have entered an account and symbol, you must fill out the additional required trade details prior to placing your order. This process can be streamlined by selecting default fields in your Directed Trading Settings, although this is not mandatory.
If you have not selected any defaults in Settings:
- TIF will default to Day
- Condition will default to None
Type will default based on your account type—cash for cash accounts and margin for margin accounts. The Type field will only display if necessary to process the order. In addition, if you select Reserve or Discretionary Reserve as your order type, the Display field will prefill any value that you have entered on your Settings page.
Moving through the trade ticket can be done in one of two ways:
- Select each field and either type in a value or use the available dropdowns.
- Tab your way through the trade ticket, populating fields as they are highlighted.
You can either type in information or use the keyboard to quickly select items from the dropdown list, such as B for Buy or L for Limit. You can also use the arrows on your keyboard to cycle through a dropdown list. For fields such as Quantity, type in the value you want and hit the Tab key to enter it and move on to the next field.
Note: You can also use the arrows on the keyboard to quickly increase or decrease the quantity or price that you have entered into a field. Using the arrows will move quantity up or down by 100 shares and price up or down by $0.01.
2. Enter an order by selecting a quote from the book
First, select the appropriate account number (or use the default if you have set up a default account in General settings). Next, enter a stock symbol or use the dropdown to select a previously entered symbol. To quickly prepare your order, select one of the quotes displayed in the depth of book. Your trade ticket will be automatically populated with the following:
- Action ‒ Selecting an Ask price will populate an action of Buy; selecting a Bid price will populate an action of Sell. If your long/short setting is set to short, selecting the Ask price will populate an action of Buy to Cover and selecting on the Bid price will populate an action of Sell Short.
- Quantity ‒ Selecting Quantity will populate the size associated with your chosen quote.
- Note: If you have chosen a maximum book quantity in Settings, this quantity will take precedence over the size selected in the book.
- Order Type ‒ This will default to Limit.
- Limit ‒ This will default to the price of the quote you selected.
- Route ‒ This will default to the market center that posted the quote you selected. If Fidelity cannot route to the market center chosen, a default route will be selected.
- All other fields will be prepopulated:
- TIF to Day
- Conditions to None
- Type to the default type for that account (if required)
You can manually modify any or all of the fields in the trade ticket after you have selected a quote. In addition, selecting another quote will override any existing information in the trade ticket.
3. Enter an order using the shortcut buttons
First, select the appropriate account number (or use the default if you have set up a default account in General settings). Next, enter a stock symbol or use the dropdown to select a previously entered symbol. To quickly prepare an order once you have created shortcut buttons, select one of your shortcuts. Your trade ticket will be automatically populated with the parameters you set up.
A few things to remember about shortcuts:
- For shortcut buttons to appear, they must be enabled in the Stock Shortcuts section of the Directed Trading Settings.
- There must be a recognized quoted market from which to price the order.
- To refresh the price on your trade ticket, select the shortcut button again. When you do this, remember that any other changes made to your trade ticket will be lost.
- The Maximum Book Quantity setting does not impact the shortcut buttons.
You can manually modify any or all of the fields in the trade ticket after you have selected a shortcut button. In addition, selecting a different shortcut button will override all existing information in the trade ticket.