Setting Stop Loss and Target

[drodz 2]

Hello everyone. I have been training in sim and I'm wondering about setting my targets and stop loss. I have been doing my best at the open up until 10am.

Because of the fast movements in price, I'm wondering what the process should be when setting my targets and stop loss. I'm supposed to know this before going in the trade right? Should I be doing a mental math, rough estimate before going in? It seems like that's the only way due to the volatility.

[Abiel 475]

Kyle´s hotkeys do this for you, have you used it? 

[drodz 2]

8 hours ago, Abiel said:

Kyle´s hotkeys do this for you, have you used it? 

I haven't used it yet. It looked so complicated upon reading that I wanted to work on some DAS basics first.

Doesn't the script set a hard stop? I thought it wasn't a good idea to set a hard stop loss. I read that it can be subject to manipulation.

[Abiel 475]

You define if you wanna stop loss or not in that script. Believe me, the last thing you need to worry about stop loss is market manipulation. A stop loss is your safe net to avoid huge losses and keep you in track to become a consistent trader.

The script looks threatening but once you set it up you forget about it, it makes your life easier. Some traders don´t like this script because they don't have control on the # of shares in each entry, but most traders are so happy using it. 

If you want to try a simplified version of Kyle´s hotkeys try the Equalized Equity Risk per Trade, just change the $500 risk for whatever risk you want in each trade.

[Terrence McIntyre 0]

That hotkey from Das Trader creates a stop loss on a preexisting order correct?

[Terrence McIntyre 0]

On 7/2/2020 at 12:14 PM, Abiel said:

Kyle´s hotkeys do this for you, have you used it? 

Can the script be modified to use sim the reason I ask is because I changed the script and added ACCOUNT=TRxxx and it entered a live trade.

Edited July 6, 2020 by Terrence McIntyre
Added information

[Justin 264]

2 hours ago, Terrence McIntyre said:

That hotkey from Das Trader creates a stop loss on a preexisting order correct?

Do you mean the hotkey from Kyle? It is not for a preexisting order. It sets a stop price and an enters you into a trade all in one hotkey.

2 hours ago, Terrence McIntyre said:

Can the script be modified to use sim the reason I ask is because I changed the script and added ACCOUNT=TRxxx and it entered a live trade.

Can you share the script you tried? That should prevent you from trading on your live account.

[Terrence McIntyre 0]

Essentially the same script from Kyle with the added ACCOUNT=TRxxxx

StopPrice=Price-0;DefShare=BP*0.925;Price=Ask-Price+0.00;SShare=20/Price;Share=DefShare-SShare;
DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;
Price= Ask+0.05;TIF=DAY+;BUY=Send;DefShare=200;ACCOUNT=TRXXXX;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice-0.05 ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

Edited July 7, 2020 by Terrence McIntyre

[Terrence McIntyre 0]

Question from the script from Kyle its explained as you click on the chart to where you want the stop to be is that the price or the candle?  I'm assuming the candle?

Edited July 7, 2020 by Terrence McIntyre
Added information

[Terrence McIntyre 0]

On 7/6/2020 at 6:17 PM, Justin said:

Do you mean the hotkey from Kyle? It is not for a preexisting order. It sets a stop price and an enters you into a trade all in one hotkey.

Can you share the script you tried? That should prevent you from trading on your live account.

Essentially the same script from Kyle with the added ACCOUNT=TRxxxx

StopPrice=Price-0;DefShare=BP*0.925;Price=Ask-Price+0.00;SShare=20/Price;Share=DefShare-SShare;
DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;
Price= Ask+0.05;TIF=DAY+;BUY=Send;DefShare=200;ACCOUNT=TRXXXX;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice-0.05 ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;