Break-Even

Completed

Comments

23 comments

  • Tareq

    Hi. Any thoughts on wether this could be implemented. As an example, when first lot hits target, move stop loss on second lot to break-even. Thanks

  • David Barrett

    Hello Tareq,

     

    Excellent idea!  It is a fantastic strategy that needs implementation right away.  I use this on the Infinity TransAct DOM, which I believe to be the best DOM (ladder ) on the market.

    David

     

  • David Barrett

    Hello Community!

     

    Talk this up!  When you use the breakeven strategy...Wow...you will love it!

     

    Thanks,

     

    David

  • David Barrett

    Oh...Here is another thing...

     

    With the Breakeven strategy, you are more apt to stay with the trend and avoid over-trading.  Here is another tip...With multi-bracket breakeven, new breakevens (aka profit stops) are established as the trend continues.  Way cool.  You can get a round of golf in or even take the dog for a long walk without the stress of moving stops manually.

    Vote this in!

  • Brian Weis

    A quick update on our Break-even stops which will be released with our next update.

    A couple of quick notes:

    • Break-even stops will only be available from the bracket configuration area
    • Break-even stops will not be available for Trailing Stop or Trailing Stop Limit order types

    To configure a break-even stop:

    1. Open the Bracket configuration on either the DOM or chart
    2. Select your stop loss type (Stop, Stop Limit)
    3. Set "Auto BreakEven" to "On"
    4. Set the "Profit Trigger" level that when reached your stop will move to break-even

    In the example below, when the stop order is placed it will be 7 ticks below the entry order.  If the price moves 3 ticks in a favorable direction, the Stop order will be modified to the break-even level and will continue to work at the break-even level:




     

  • Tareq

    Many thanks!

  • David Barrett

    Hello Brian,

     

    This is a major step forward for your platform!  Can't wait to work with it.

     

    Thanks,

     

    David

  • David Barrett

    Hello Brian,

     

    I would recommend that you rename the Breakeven "Profit Target" to "Trigger."  It will be less confusing.

    Because the breakeven is "triggered' 3 ticks above the entry point.

     

    Thanks,

     

    David

  • Brian Weis

    Hi David,

    Thanks for the feedback.  We think your suggestion makes sense and have updated the wording on the configuration modal.

    Thanks Again!

  • David Barrett

    Hello Brian,

    Thanks!

     

    David

  • Brian Weis

    This will be enabled beginning in version 1.180921.0

    Thanks

  • David Barrett

    Hello Brian,

     

    Just checking in.  When will the new release become available?

    Thanks,

    David

  • Brian Weis

    Hi David,

    The web version was deployed over the weekend.  The download/install version will be released later this week.

    Thanks,

    Brian

  • David Barrett

    Hello Brian,

     

    Excellent.

     

    I use the download and install version.

     

    Thanks,

     

    David

  • David Barrett

    Thanks so much for implementing the breakeven strategy!

    I will be very interested in the comments you may have received as to
    its introduction.

    Some further improvements:

    For many traders, the breakeven covers the cost of commissions. The commission cost is usually covered with Breakeven +1 in
    most cases.

    For example, if I place an order entry on the ES at 2937, the cost of
    commissions is covered at 2937.25. ....Usually 1 tick above breakeven.

    Therefore, 2937.25 is where the breakeven should be.

    In reference to the Infinity TransAct ladder, this is exactly how they
    do it. I believe that you have a copy of screenshot of the Infinity
    TransAct ladder in your possession to illustrate.

    Judging from your pro-grammatical layout, the breakeven +(n), may be
    done in your application settings, perhaps. Or, the bracket settings.

    Again, great job for this first iteration!

  • David Barrett

    I mocked up what a breakeven +(n) could look like.  The toggle title could be"Breakeven +".  In this example, when the breakeven is triggered, the stop is set at 1 tick above breakeven to cover commission costs.

  • Tareq

    Thanks again working great. Thanks David for your support!

  • David Barrett

    Glad to work with you, Tareq.

  • David Barrett

    The breakeven strategy is working well in its current iteration.  A couple of improvements will set it over the top:

     

    1) Make the trigger to be set at the last price.  Right now it sets 1 tick over the last price.

    2) Incorporate breakeven +(n) where n =  a number of ticks beyond the breakeven.  This will help cover commission costs.  Usually commission costs are covered 1-2 ticks over breakeven.

  • Sv5518755

    Please allow negative numbers also in the  Toggle.

  • David Barrett

    Hello Brian and Team

    Just a friendly reminder to implement that breakeven +(n) where n =  a number of ticks beyond the breakeven.  This will help cover commission costs.  Usually commission costs are covered 1-2 ticks over

    Thanks,

    David

  • Joe Chau

    Break-even + N would be so great and would set our platform apart from others because it would be so useful.

    I would not only use it to cover commission+fee, I would like to be able o set N to be greater than 1 to protect part of my earning from the trade. Let's say I have reached 7 ticks profit but would like to let the trade continue but would like to not lose 5 ticks profit (4 ticks after commission+fee) for doing that I can set N to 5. Of course the platform code should check to make sure the specified Profit Trigger is larger or equal to specified N.

  • David Barrett

    Hello Joe,

     

    I second that.  I use the Breakeven + on another platform...Transact-Infinity, which I believe to be the best ladder out there.  Tradovate has come a long way implementing the simple breakeven they have now.  However, the Break-even + would be an excellent improvement.  Here is  what the break-even +  looks like on Transact-Infinity.

     

     

    Additionally, notice, the Transact-Infinity ladder is compact where a trader can see all the details on a single panel.  There are no execution dropdowns...that is, the "Reverse," "Flatten," and "Cancel All,"  are all single click and easy to see quickly. Buttons allow the trader to react fast.  The P/L is visible without having to expand the ladder like we have to do with Tradovate. 

    Food for thought and improvement.

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