Link TradingView to Tradovate with Auto Trail Feature with PickMyTrade
Introduction to the Auto Trail Feature
Hello, friends! Today, we are excited to introduce a new feature in our automated trading setup: the Auto Trail. Many traders have requested this feature, and we are pleased to deliver it. This guide will walk you through how to place an auto trail order and explain its various components.
Placing an Auto Trail Order
To place an auto trail order, you first need to determine the quantity and the values for take profit and stop loss. Once these are set, you can select the Auto Trail option. The Auto Trail requires three specific values: stop loss value, profit trigger, and frequency.
Understanding the Profit Trigger
The profit trigger is the amount of profit in price value needed before the Auto Trail converts your stop loss into a trailing stop. Essentially, it activates the trailing stop when you reach a specified profit level.
- Set profit trigger
- Convert stop loss
- Activate trailing stop
Frequency in Auto Trail
Frequency determines how often the trailing stop adjusts as the price moves in your favour. For instance, if you are trading NQM and its tick size is 0.25, the trailing stop will adjust every time the price moves by one tick or 25 cents.
- Set tick size
- Adjust trailing stop
- Price movement
Stop Loss Value
The stop loss value is the distance between the current price and your stop loss. For example, if the market moves by $100 and you set a stop loss of $5, the stop loss price will be $95. As the market moves to $105, the stop loss will adjust to $100.
- Market movement
- Set stop loss
- Adjust based on movement
Implementing Auto Trail in Alerts
In previous tutorials, we explained how to set up buy and sell alerts. You can easily add the Auto Trail values to these alerts. If the trail value is set to zero, it will place a simple stop order. If set to one, it will check the three fields and activate the trailing stop.
Alert Format
The alert format remains the same, but now includes the trail value. This allows you to automate the trailing stop based on your specified criteria.
- Buy alert
- Sell alert
- Include trail value
Additional Features in Tradovate
Besides the Auto Trail, Tradovate offers other valuable features. One such feature is the ability to set daily and weekly profit and loss limits. If your losses or profits exceed these limits, Tradovate will liquidate your account and stop any new trades.
Daily and Weekly Limits
You can set daily and weekly limits for both profit and loss. This helps manage your risks effectively. If your account hits these limits, Tradovate will automatically square off your positions.
- Set daily limits
- Set weekly limits
- Automatic liquidation
Editing Limits
Editing these limits is straightforward. Simply click on the limit you wish to change, make the necessary adjustments, and save. These changes will be tracked and enforced by Tradovate.
- Click to edit
- Make adjustments
- Save changes
Why Use Auto Trail and Tradovate Features?
The Auto Trail and additional Tradovate features are designed to enhance your trading efficiency and accuracy. With these tools, you can manage trades more effectively, secure profits, and minimize risks.
Enhanced Trading Efficiency
Automating your trades with these features allows you to focus on strategy rather than manual adjustments. This can significantly improve your trading efficiency.
- Focus on strategy
- Reduce manual adjustments
- Improve efficiency
Risk Management
Setting profit and loss limits helps manage risks. The Auto Trail feature ensures that profitable trades are secured while minimizing potential losses.
- Manage risks
- Secure profits
- Minimize losses
Getting Started with Auto Trail
To start using the Auto Trail feature, follow the steps outlined in this guide. Set your profit trigger, frequency, and stop loss values. Integrate these into your alerts and monitor your trades.
Step-by-Step Setup
Begin by determining the appropriate values for your trading strategy. Once set, integrate these values into your alerts and monitor your trades to ensure they are working as expected.
- Determine values
- Integrate into alerts
- Monitor trades
Testing with Demo Accounts
If you are new to automated trading, consider using a demo account to test your setup. This allows you to refine your strategy without risking real money.
- Use demo accounts
- Refine strategy
- Minimize risks
Conclusion
The Auto Trail feature and additional Tradovate tools can significantly enhance your trading experience. By automating key aspects of your trading strategy, you can improve efficiency, manage risks, and secure profits. Whether you are a beginner or an experienced trader, these tools are invaluable.
