A short selling restriction (SSR) is triggered when a stock is down 10% or more from the previous day close. In that case, regulators and the exchanges restrict short selling of the stock when its price is dropping. You can only sell short on the ask, you cannot sell short directly to the buyers (on the bid). It means that the priority for selling is for the sellers who currently hold positions, not for the short sellers who are wanting to profit from the downward movement. If you want to sell short, you have to queue up on the ask side and wait for buyers to come to you. Real sellers, on the other hand, can accept bids from buyers and get rid of their positions.
The SSR is designed to give the real sellers, who own the stock, a priority to sell over the short sellers on the market. Therefore, when a stock is in SSR mode, I send my orders to sell on the ask, and then I must wait until my orders get filled. I cannot use a marketable limit order for short selling when a stock has an SSR placed on it. For more information about SSR, Google it on the Internet, send me an email, or check our website Forum for additional information.
The most important advantage of Hotkeys is that when a stock suddenly moves, you can press your Hotkey to sell your full or half-position on the bid without having to type in the new bid price or your number of shares. It is impossible to consistently profit from day trading without mastering Hotkeys. Part of your education includes trading in simulators for a few months, and during these months, you must master your Hotkeys. I have made many mistakes while using Hotkeys and you no doubt will also make some. That is part of the learning process in day trading, and that is why it is extremely important to practice in real time simulators and practice with Hotkeys while you are mastering trading strategies. Hotkeys are an amazing tool, but they must be used with caution and with sufficient practice to prevent errors. Day trading is difficult enough. Don’t let unfamiliarity with your Hotkeys make it even more difficult.
It is very common to make some mistakes when you are getting used to Hotkeys. When I was learning to use them, I had stickers on my keyboard to help me to keep track of the different key combinations. When I try to define new Hotkeys, I always make sure that I practice with them only in my simulator account. It takes some time, but eventually you will remember your Hotkeys and use them efficiently. Another important reminder is to always use a wired keyboard that is plugged into your computer. Wireless keyboards can send repeat keystrokes, errant keystrokes, or can fail to send orders at all, especially when low in battery power. This could impact and quite simply mess with your trading. I have seen traders end up in difficult and costly situations because their wireless mouse or keyboard was low in battery power and did not work properly. I even keep an extra keyboard in my office, ready to go, just in case something happens to the keyboard I’m using. On one occasion, I spilled water on my keyboard while trading, and the keyboard stopped working. Fortunately, I did not have any open position at that moment. I immediately purchased two new sets of keyboards and mice and I keep one set as a backup next to my trading desk.