Sierra Chart - Overview of Trading

Overview of Trading

Essential Settings

  1. Essential: Select Chart >> Chart Settings on the menu. Make sure the Tick Size is set properly for the symbol of the chart. If the Tick Size is changed, be sure to uncheck Automatically Set Tick Size. The Tick Size represents the smallest increment that the symbol trades in. Keep in mind that the Tick Size also depends upon how prices are quoted by a particular data feed. For example, with TT by default there are no decimal places, so the Tick Sizes for TT should not use any decimal place unless you are using a Price Multiplier to add decimal places. Here are some typical examples:
    -For typical stocks, set to .01.
    -For mini S&P futures, this is usually set to .25.
    PLEASE NOTE: The Tick Size is a very important setting and cannot be wrong. If set incorrectly, order prices may be wrong. Keep in mind if you change the symbol of the chart, then this setting needs to be verified and possibly changed.
  2. Essential: Select Chart >> Chart Settings on the menu. Set the Price Display Format properly for the symbol of the chart. The Price Display Format is the number of decimal places that the symbol requires is displayed or the denominator for a fraction display. For a typical stock or for the mini S&P futures it would be .01. If this setting is set to too many decimal places, then normally there is no harm in this.
  3. Essential: Decide if you want to use the Session Position or the Service Position on your charts, and for Flatten and Reverse. Select Trade >> Global Trade Settings. Either enable or disable the option Use Session Position for Charts, Flatten and Reverse.
  4. Optional: If you want to have the Profit/Loss values to be displayed as an actual currency value that considers the contract size, and not as a value based only upon the prices of the symbol, then you need to specify the Currency Value per Tick. This setting only affects the Profit/Loss values displayed on the Trade Window for the chart, the Position line on the chart, and on the Worksheet System for Trading study Worksheet. To set this, select Chart >> Chart Settings on the menu. Set the Currency Value per Tick to the proper currency value per tick for the symbol of the chart. This is optional and can usually be left at 0. Keep in mind if you change the symbol of the chart, then this setting needs to be verified and possibly changed. This setting does not affect the Profit/Loss values displayed on the Session and Simulated Trade Positions tab of the Trade >> Positions Window.

Difference between Simulated and Non-Simulated Mode

When trading from Sierra Chart, there are two trade modes. Simulated and Non-Simulated. Trade Simulation mode is the default. This can be activated or deactivated by selecting Trade >> Trade Simulation Mode On on the menu. To be in Trade Simulation Mode, make certain there is a checkmark by Trade Simulation Mode On. When you are in Trade Simulation Mode, all trades will be simulated. You will know you are in this mode because on the title bar of Sierra Chart, on the title bar of the Trade Window, and in the chart trade mode box at the top left of the chart, you will see [SIM]. Please see this image.

If you are not in Trade Simulation Mode, then trades will be sent to the connected trade service, assuming you're connected to a valid trading service. However, this does not necessarily mean that the trades are actually live because you may be connected to a simulation account from your broker/trading service.

Trade Simulation Mode

Sierra Chart has a complete trade simulation mode feature. When using Trade Simulation Mode, all of your trades will be simulated. For the complete documentation, please refer to the Trade Simulation documentation.

Basic Trading and the Trade Window

For instructions to enter an order using the Trade Window and for complete information about the Trade Window, please see Basic Trading and the Trade Window.

Chart Trading and the ChartDOM (TM)

For instructions to use the Chart Trading and ChartDOM (TM) features, please see Chart Trading and the ChartDOM (TM).

Checking the Status of an Order and Viewing Positions

To check the status of an order and view all of your positions, please see the Trading Status Windows page.

The Trade Window (Trade >> Open Trade Window for Chart) also shows your current position for the symbol that the Trade Window is for.