Stop Management LOCK option for Open Positions
Idea: The addition of a DOM settings option to LOCK your initial STOP level
Why?
- Many traders (including myself) are guilty of expanding their initial STOP size while in an Open Position, creating a much larger loss than planned.
- This behavior is sometimes difficult to combat and while a Daily Loss Limit can exist, it does not interrupt or address the underlying problem of bad behavior while in a trade.
- Probably one of, if not the most insidious problem in Futures trading, destroys the chances for sustained account growth IMO
What?
- Once the user has attached a STOP via turning on Bracket's or otherwise, upon even a partial fill, the STOP can no longer be increased, preventing the user from changing it to a larger dollar $ amount of risk....at least until the next order where the user can opt to turn off the STOP LOCK option in the settings.
- While the user is prevented from increasing risk....Just as they can now, they still can opt to decrease, move to scratch, or trail the STOP either manually or auto.
Trader/User Benefits:
- Increased Money management control
- Trains correct trading behavior
- Prevention of larger than planned drawdowns
- Overall comfort/control level while trading
Tradovate Benefits:
- Better overall Firm Risk exposure
- Less customer attrition
- Distinguished feature not available on any other platform
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