Break-Even
CompletedMany thanks for all the great DOM trading features and the hot keys. Can I suggest a 'Stop-Loss move to Break-Even' option once a profit target has been hit?
Best regards
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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!
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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:
- Open the Bracket configuration on either the DOM or chart
- Select your stop loss type (Stop, Stop Limit)
- Set "Auto BreakEven" to "On"
- 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:
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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!
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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.
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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.
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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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