Overview
This lecture introduces how to trade using the ProjectX trading platform, focusing on platform basics, key features, and preparing for hands-on use.
Getting Started with ProjectX
- ProjectX is a trading platform designed specifically for futures trading.
- The platform offers tools for order placement, market analysis, and risk management.
- Users must create and verify an account before accessing trading features.
Platform Navigation & Features
- The dashboard provides real-time quotes, charts, and trade execution options.
- Order entry allows market, limit, and stop orders.
- ProjectX supports customizable chart layouts with a variety of technical indicators.
- Account balance, open positions, and trade history are accessible from the main menu.
Risk Management on ProjectX
- Built-in tools help set stop-loss and take-profit levels for every trade.
- Margin requirements and available buying power are displayed on the platform.
Preparing to Trade
- Users should familiarize themselves with the interface through the demo mode before live trading.
- Reviewing platform tutorials is recommended prior to placing real trades.
Key Terms & Definitions
- Futures — financial contracts to buy or sell an asset at a predetermined future date and price.
- Limit Order — an order to buy or sell at a specific price or better.
- Stop-Loss — an order set to sell an asset when it reaches a certain price to limit potential losses.
- Margin — collateral required to open and maintain a leveraged trading position.
Action Items / Next Steps
- Practice using ProjectX in demo mode to understand navigation and features.
- Watch any platform tutorial videos provided.
- Ensure account setup and verification is complete before live trading.