Trailing Stop-Loss is a powerful tool that helps you automate your selling process based on predefined parameters. Here's how it works and how to set it up:
Enable Trailing Stop-Loss
Go to the "Trailing Stop-Loss" settings in your Base config and toggle the switch to activate "Trailing Stop-Loss" in your trading bot.
Trailing Stop-Loss Percentage
Set the percentage at which you want the open position to drop before triggering the Trailing Stop-Loss. Once this percentage is reached, your trading bot will sell your open position.
Arm Trailing Stop-Loss
Specify the percentage of profit your open position needs to achieve before the Trailing Stop-Loss is activated and the open is getting tracked. This ensures that you cover any trading fees incurred.
For example, if you set it to 1%, the Trailing Stop-Loss will be armed when the position hits a 1% profit. The trading bot will then sell the open position if it drops by the "Trailing Stop-Loss percentage".
Use Trailing Stop-Loss Only
Enable this setting to exclusively use Trailing Stop-Loss for selling open positions. When enabled, the trading bot will not sell your open position when your Take profit, Sell based on strategy, or Short based on strategy signals a sell.
Reset Stop-Loss After Failed Orders
Toggle this switch to reset the Trailing Stop-Loss setting after a canceled order. Orders may be canceled if they are not filled or remain open longer than configured.
Only Sell with Profit
Activate this toggle to ensure that positions are sold only with a profit when the Trailing Stop-Loss is triggered. If the Trailing Stop-Loss would result in selling a position at a loss, the sell order will not be executed.