In this article, we will guide you through the different stop-loss settings available in the Options Auto Trader. These settings are crucial for protecting your account from significant losses during trading. Let’s dive in!
Log into your account.
Click the “Create Auto Trader” button on your dashboard.
This will take you to the Auto Trader flow where you can set up your trading preferences.
After you click “Create Auto Trader,” the next step is to select your strategy.
Pick the strategy you want to use for this Auto Trader setup.
Once you’ve selected your strategy, you will need to choose how often you want the Auto Trader to enter trades.
Adjust the frequency as needed for your trading goals.
After setting the trade frequency, you will be prompted to set your exit conditions. This is where you can configure your stop-loss settings.
Click on “Advanced” to access various stop-loss options.
Here are the four main stop-loss settings available:
Stop-Loss Percentage
Set a percentage of loss at which the trade will automatically close.
Example: If you input 25%, the trade will close once your loss reaches 25%.
Stop-Loss at Dollar Loss Amount
Set a specific dollar amount for the trade to close.
Example: If you enter $100, the trade will close once you’ve incurred a loss of $100.
Stop-Loss at Options Trade Price
Set the stop-loss based on the price of the options trade.
Example: If you enter a trade at $5 and want to close it when the price hits $10, set the stop-loss at $10.
Stop-Loss Trailing Percentage
This setting follows the movement of the asset as it increases in value.
As the asset's value increases, the stop-loss will adjust to lock in profits or reduce potential losses.
Once you’ve selected your preferred stop-loss setting, make sure all other parameters are correct.
Click Save or Apply to finalize your Auto Trader setup.
After the Auto Trader is set up, monitor your trades to ensure everything is running smoothly.
Most traders will primarily use the Stop-Loss Percentage setting, but feel free to experiment with the other options based on your needs.
Setting up stop-loss options in the Options Auto Trader is a straightforward process that can help protect your trading account. Whether you choose a percentage-based stop-loss, a specific dollar amount, or a trailing stop-loss, these features offer flexibility and control over your trading risk.
If you’re new to stop-loss settings, we recommend starting with the Stop-Loss Percentage setting, as it’s the most commonly used option.
TERMS OF SERVICE: Please be aware that continued use of the Options Auto Trader is subject to our Terms Of Service. If you have any questions or wish to review these terms, feel free to visit the website.
