Connect Tradovate to Trading view
Tradovate Trade Copier: Automate Your Trading with Bracket Orders and Advanced Risk Management Settings
Introduction to Tradovate Trade Copier
Today, we are excited to introduce a new feature that allows you to place trades in multiple accounts simultaneously. This solution was developed to address a common issue faced by traders who want to automate trades for multiple clients.
Imagine you have ten clients, each with different Tradovate accounts connected to PickMyTrade. You want to place trades for all of them whenever a buy or sell alert comes in. Our new feature makes this possible, offering a unique solution in the market.
Understanding the Alert System
Let’s start by understanding the current alert system. When you receive an alert, it is designed for a single account. However, if you want to use the multiple account feature, we have added a new tag that allows you to place trades in multiple accounts.
This new tag can be copied multiple times, depending on the number of accounts you wish to include. For instance, if you want to include three accounts, you can specify that by copying the tag three times. The key components of this tag are the token and account ID.
Setting Up Tokens and Account IDs
The token is a crucial part of the alert system. It identifies your account and allows you to place trades. For example, if you have five accounts but only want to place trades in two, you would create two nodes with the same token but different account IDs.
If you have a client with a different ID, you can request their token and include it in the alert. This way, you can pass trades to their account seamlessly. This setup allows for efficient management of multiple accounts.
Risk Percentage and Quantity Multiplier
We have also introduced two additional nodes: risk percentage and quantity multiplier. These nodes offer more control over your trades. The risk percentage node allows you to specify the level of risk for each account. For instance, you might want to expose 10% risk in your account but only 5% in your client’s account.
If the risk percentage is specified, it will override the default risk settings. Alternatively, you can use the quantity multiplier to set an absolute quantity for trades. This feature is particularly useful when you want to scale trades based on specific quantities.
How the Quantity Multiplier Works
Let’s delve deeper into the quantity multiplier. Suppose you want to place a trade with a quantity of three and want half of that quantity for your client. You would set the multiplier to 0.5. The system would then calculate the trade quantity for each account based on this multiplier.
For example, placing a trade for three units with a 0.5 multiplier would result in 1.5 units for the client’s account. After rounding off, this becomes one unit. This feature ensures precise control over trade quantities across multiple accounts.
Managing Multiple Accounts Efficiently
Our new feature streamlines the process of managing multiple accounts. You can place trades for up to 100 clients simultaneously. All trade parameters, including Take Profit (TP) and Stop Loss (SL), are copied to each account. This eliminates the need for manual configuration and updates for each alert.
By using this feature, you can manage all your clients’ accounts from a single interface. This not only saves time but also reduces the risk of errors. Your clients can focus on trading while you handle the alerts and trade placements.
Removing Account IDs and Tokens
If you have defined multiple accounts, you don’t need to pass the account ID or token in the alert. The system will automatically search for the specified tokens and place trades accordingly. This simplifies the alert setup process, allowing you to focus on trading strategies.
For instance, if you want to include your account in the trade, you can simply remove the token and specify your token in the alert. The system will handle the rest, ensuring that trades are placed in all the specified accounts.
Conclusion
Our advanced trade copier feature offers a powerful solution for traders managing multiple accounts. By automating trade placements and providing granular control over risk and quantity, this feature enhances trading efficiency and accuracy.
We encourage you to start using this feature and experience its benefits. If you encounter any issues or have suggestions, feel free to reach out to us. Keep using PickMyTrade and make profits.
Thank you for your continued support.
