I recently purchased the Elgato Stream Deck for daytrading. Why, you might ask, because this thing rocks for getting in and out of trades quickly.
Since I started my daytrading journey about a year ago, I’ve gone through a lot of different programs, brokers, computers, and many other things. Fine-tuning for speed is critical and I finally feel comfortable enough to add hotkeys to my repertoire. I also recently built my daytrading pc from scratch and now it was time to kick it up a notch.
Hotkeys were something I wanted to start using, but to be honest, I was intimidated by the whole concept. A click of the mouse on the right object on the screen seemed like such a better way to trade. However, since I started using this stream deck, I’m feeling more and more confident with it and determined this will help my trading.
Table of Contents
Tradestation Hotkeys and Macros
To start, you have to set up your macros and hotkeys on Tradestation or whatever broker you are using. A macro tells the system to do something specific. Examples include buying a stock, selling a stock, cancel an order, or anything you want. The options here are pretty wide. You’ll have to figure out what you want to use. I’ll stick with the basics, but if you watch the video on here or on my channel, you can see more details.
Once your macro is created, you then assign a hotkey to that task. Say you have a macro for buying 100 shares at the market. How will the system know? Well, with a hotkey of course. So, let’s say you assign it SHIFT+1. If you are on the trading screen and you hit SHIFT +1, you will automatically place an order for 100 shares.
If you start working with macros and hotkeys, I suggest you go into the Tradestation simulator and set them up. Then, once they are set up, practice using the hotkeys either on your keyboard or by using the Stream Deck, which is what I’m going to talk about next.
What I use the Stream Deck For?
Based on the name, the Elgato Stream Deck is for streamers on outlets like YouTube and Twitch. But don’t let the name fool you. This thing is capable of all kinds of switching and opening techniques. If you’ve watched some of the best streamers or content creators, they will most likely be using some kind of device.
I can use the stream deck for my day-to-day work as well. Opening programs, websites, and much much more. It’s pretty remarkable.
Currently, I use it strictly for day trading stocks. You can program each button for different executions. Each button has its own command.
Stream Deck Software
A device like this requires a program to get it set up. The Elgato Stream Deck has downloadable software that will manage your deck. A simple user-friendly interface makes it easy to get started. You can find the software here.
I was a bit apprehensive at first, but once I started creating my buttons there was nothing stopping me. Like everything, there is a small learning curve. Since I was only using the hotkey buttons, I was able to complete this task in under an hour. If you are using it for other purposes you will have to dig in and learn about each of those other system commands.
The image below shows what it looks like. You may have a tough time seeing the dimensions, but try to imagine a slightly oversized deck of cards sitting on a small stand. It really isn’t that big. The buttons appear to be some kind of clear plastic and although they don’t seem to be the best quality, they do the job quite well. The backlight behind each icon is bright enough to make each one stand out.
Creating Elgato Icons
Elgato provides an icon creator on their website. This comes with a lot of stationary icons that you can download and start using right away. Since they didn’t have icons for daytrading created, I decided to create them myself. I took an icon background color and then applied the text I wanted for each button. You can even see how I created the line at the bottom of each button to make it look a little cooler. Leave a comment below and I will send you the background images.
Using it for Daytrading
I have a long way to go before I can consider myself a professional trader. Getting through my first year has been a large climb, but I’m seeing positive results. Moving to the Tradestation platform has made a large impact on my gains.
Currently, I use the deck mainly for exiting my open orders. I usually scale out of my positions, trying to gain the bigger move as the stock climbs. I can then send orders in different quantities as it moves up. The execution has been amazing since I started using it. I also have a cancel button, which cancels any open orders really quickly. The other big button I have is the PEACE OUT button. This button is the close button if I need to get out of stock super quick.
Although I do have a few buy buttons, I’m not really using them that much other than on news plays. I can enter into a trade with 100 or 300 shares at the market super fast. If I feel like I want more shares I can always hit the button more than once.
You’ll have to play around with it to really see what it can do. The video will go into more detail about how I use it for daytrading.
Cons of the Stream Deck for DayTrading
I think this unit is a great tool, but because it wasn’t fully meant for daytrading, it might be more money than you want to spend. Do I think it is worth it? Yes. You have to be willing to spend around $150 and they do have bigger units if you want to go crazier.
In terms of daytrading and technical issues, I did have a problem with the first button being very sensitive. Since the first or second day, this issue has vanished. I’m not sure if it will come back, but I suggest you make this button one you don’t want to use very much.
You need to be conscious of this device at all times. If you have your platform open and you press one of the buttons by accident, the order will trigger. As easy as it is to enter and exit a trade, remember it is always active unless you put it in sleep mode.
Would you spend the $150 again if you had a chance? Yes, no doubt. In the short period of using this, I’ve discovered that I could be a much faster trader. Yes, there was and still is a learning curve. Remember, this past year has been one long learning curve. If you plan to be in this for the long run you have to put in the effort.
I really hope this Elgato Stream Deck for Daytrading review comes in handy. There will never be the perfect tool for us retail traders, but if you can increase your speed by a little bit, you’ll increase your chances of success. Practice with this unit before you go live. If you have any questions let me know.
You can see the price of the Elgato Stream Deck Right Here.