This step-by-step guide walks you through the process of creating an Auto Trader from scratch. It covers everything from selecting a broker account and choosing a trading strategy to setting trade parameters, management rules, and safeguards. By the end of this guide, you'll know how to configure an Auto Trader to automate your trading effectively while protecting your account.
Click on the black "Create an Auto Trader" button.
Choose the broker account to tie the Auto Trader to.
Note: Each Auto Trader is tied to a specific trading account. If you have multiple accounts, you must create a separate Auto Trader for each.
Decide whether to create an Auto Trader from scratch or use a pre-configured option.
For this example, select "Create from scratch."
Select the strategy you want to trade (e.g., selling puts, buying puts, ratio spreads, iron condors, debit spreads, credit spreads).
For this example, choose "Sell a put."
Select the asset you want to trade.
Configure the trade parameters, such as:
Days to expiration (DTE).
Entry method (e.g., delta or dollar out-of-the-money).
Example: Choose a 10-delta trade, which is a basic and standard setting.
Define how often to enter the trade:
Options include once a week, multiple times a week, every other week, or once a month.
Example: Choose once a week on Wednesdays.
Specify the trading session (morning, lunch, afternoon, or any session).
Configure additional conditions, such as:
Entering on red days.
Avoiding FOMC days.
Collecting a specific credit amount.
Using Trading View webhook integration.
Most users, including the presenter, do not typically use these advanced settings.
Define how to manage the trade once it’s active:
Take Profit Percentage (e.g., 80%).
Stop Loss Percentage (e.g., 200%).
Early management days (e.g., close when there are 21 days to expiration).
Optionally, set take profit or stop loss by dollar amounts or use trailing stop loss for dynamic adjustments.
Protect your account by setting:
Buying power limits (e.g., 10% of your account balance).
A market crash safeguard to close positions during extreme market conditions.
Optional: Require email trade approval for manual confirmation before executing trades.
Review all settings in the Auto Trader overview.
Ensure everything is configured as desired.
Click "Save the Auto Trader" to finalize the setup.
Your Auto Trader is now ready to automate your trading based on the configured rules and safeguards!
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.
