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.