The OrderBook iis a real time list of your orders and their status. Live orders are always red. These orders will stay live until they are filled, until you cancel them, or until they time out. Princeton'straining course will teach you about day, day+, Now, and GTC orders as well as other details of the orderbook.
The order entry below is set up to use a Now order. A Now order is sent only to ecn's at the best bid or offer, preventing a market maker from being able to hold your order for a long time (called backing away).
Order Entry setup for a Stop-Market order.
The Trailing Stop is a fantastic feature that automatically moves your stop as the price changes. Notice the "trail amount" field. You set the stop to any value. For example: Suppose you owned CSCO at 30. You then enter the trail amount of 1/2, and click the sell button. Your first stop would be set at 29 1/2. If the price went to 30 1/4, your stop would automatically move to 29 3/4. If the price continued up to 33, your stop would move to 32 1/2. If the price then came down to 32 1/2, a market order would automatically be entered to sell the stock. Now, traders can go to the bathroom (you know what I mean) or leave their computers and not leave an order totally exposed to catastrophic risk.
The Realtick 7 Reserve order gives you some real benefits over other systems. For example: Suppose you owned 2000 shares of a slow moving stock and you decide to sell it. If you put out a 2000 share sell order you could scare away the buyers causing the price to drop. The reserve order will show 100 shares in the level 2 screen and when they are sold another 100 shares will automatically take its place until all 2000 shares are sold. The reserve order can help you keep a profitable trade profitable.
The will teach you about all these wonderful features!