Automating stop loss based on account percentage

[Anthony1231 0]

Hey everyone,

The general rule is to never risk more than 2% of your account value on any trade. Is there a way to automate DAS to trigger a stop loss based on a 2% loss of account value, but still be able to manually stop out prior to the 2% being hit, with a marketable limit order if you feel like the trade is going against you? 

[KyleK29 258]

For being able to remove the STOP automatically, you can add this to the end of your SELL ALL (or COVER ALL) hotkeys: ; CXL ALLSYMB;  --> That clears any open orders for the selected symbol. I use it on all of mine because there were times where I forgot I set price-orders and exited the position. 

Example for my SELL ALL (Long) Hotkey:
 

;Share=Pos;Price=Bid-.05;TIF=DAY+;SELL=Send;CXL ALLSYMB

DAS's scripting is very very limited. You *can* make a hotkey that would send  a STOP order at 2% account value, but it's complex. The 2% account value (some have it as 1%, which is what I think Andrew has in the books) is setup dependent. It should be calculated on your stop distance, which changes with every setup (might be .10 back or .30 back).

Fjmocke has a hotkey here: 

 

If you see my comments at the bottom, there's a version that uses account risk % (original version uses a $dollar amount). I'm working on a new version that will include the Buying Power offset (e.g. if calculated shares is > than buying power available, use lower value). The commands for are very eye-gouging because of DAS's lack of scripting, so I'm also building a tool for the community to set up their hotkeys via a GUI.

I hope to have those out shortly and I'll post back here to let you know.

 

Edited September 27, 2018 by KyleK29