Simple Trail Stop without using Exit Strategy

[Tigger]

Hi all,

I'm new to Motivewave and two weeks into an evaluation. I have ample experience with other trading platforms and trying to map features and functionality I currently use to Motivewave.

As I understand the use of Trail Stops in Motivewave, everything I've read here on the Forums says to use an Exit Strategy and include a Trail Stop when position is first entered. But what about simply adding a Trail Stop to an existing position?

I've tried adding a Trail Stop using the Trade menu from the DOM and it creates an order in the order book, but then the order never shows up in the DOM. Also, when the Trail Stop order ticket is opened the "Trail Amt" is shown as a price level, not a number of ticks. Normally a Trail Stop would be configured as -20 ticks, or +30 ticks, etc.

It also does not appear to be possible to add an OCO Trail Order to an existing position, as this requires an Exit Strategy be created when the position is entered.

Overall the Trail Stop functionality is confusing and is barely mentioned in the documentation. Can anyone offer some insight or hope?

thanks!

 

[Donovan2580]

I am not sure if this will answer your question, but I will give it a shot. There are a lot more order types if you right click on the price axis (See additional instructions below image). Right click where the red arrow is pointing to get access to this menu.



You will see this menu, if you select "Trade" you will then have the option to set a trailing order (You can attach it to an existing order). You can also see there are other options like Market + Trail, etc.




FYI about these orders... You can grab ahold of them and drag them up or down.

Take notice of the "T" and the "D" on the order line (Circled)



You need to press the "T" to send the ticket - IE.... You can start an order, move it around to where you want it and then finalize it with the "T" which sends the order (And you will see it appear in the DOM)

The "D" deletes the order.

In the case of a trailing stop you can adjust the amount trailing by right clicking on the order and selecting "Edit order ticket"

You will see this window




Of course this would be a little tedious / unreasonable if you are a scalper in which case you can set up a hotkey..... That is a whole new can of worms but you can get into it by going to this menu Preferences > General > Keyboard



Hope that helps

 

[Donovan2580]

Oh yeah - One more window you might not have seen... Click on the little dollar bill looking thing in the upper right hand corner



If you click on the orders tab you will have this with a lot of options

 

[Tigger]

Hi Donovan, thank you for the detailed reply. When a Trail Stop is set, does it appear in the DOM (as would other resting orders)?

thanks!

 

[Donovan2580]

Yes it does show up - I just tried it and it is nicely labeled.

If it does not show up, make sure the order was "sent" using the T button as described above, or the submit button in the trade window if you are using that.