Hello, I recently noticed that topstepx, Topsteps platform has built some risk management tools to help trader within the platform. I'm wondering if some of them can also be set on Motivewave
Daily Stop Limite: Setting a SL for the day, that prevent you from revange trading and locks you out for the day. Example: -$500 or -$1000 for the day.
Yes I know topstep has a limite for the accounts, like the 150k has a -$3000 for the day. Yes, I know we should control our emotions and stop trading after a few bad trades.But for does of us who are still learning, you can easily revange trade and blow -$3000 quickly.
Daily Take Profit: In my head I know $500 or even $1000 on the day across 3 accounts is amazing, but we all have those days were it goes to $1000, then $2000 and you think it can keep going, but it pulls back. I've moved the TP thinking it can keep going up, but regret that pull back that takes me to breakeven or even on the negative. Besides moving the TP, it would be amazing an automated setting that's there to help you with those emotional times and lock in those profits.
Please let me know if this setting are something we can do on motivewave. End game is having some great risk management tools for all us newbies.
Thanks!
Daily Stop Limite: Setting a SL for the day, that prevent you from revange trading and locks you out for the day. Example: -$500 or -$1000 for the day.
Yes I know topstep has a limite for the accounts, like the 150k has a -$3000 for the day. Yes, I know we should control our emotions and stop trading after a few bad trades.But for does of us who are still learning, you can easily revange trade and blow -$3000 quickly.
Daily Take Profit: In my head I know $500 or even $1000 on the day across 3 accounts is amazing, but we all have those days were it goes to $1000, then $2000 and you think it can keep going, but it pulls back. I've moved the TP thinking it can keep going up, but regret that pull back that takes me to breakeven or even on the negative. Besides moving the TP, it would be amazing an automated setting that's there to help you with those emotional times and lock in those profits.
Please let me know if this setting are something we can do on motivewave. End game is having some great risk management tools for all us newbies.
Thanks!
