I recently signed up to this trader on Manual trading - I see that there is no stop loss given when an alert is sent. Is there a recommendation as to if we should not place a stop loss or at approx what distance we could place one for safety?
Hi Steven, welcome to the forums! Strategy leader for AI TQQQ only swing here. All trades are real time, so I think what you meant to say is “there is no stop loss price level sent out BEFORE the alert for the ‘stop’ trade is sent out”. This is true. You should sell when the sell alert is sent out intraday, no need to set a stop as there is no stop sent out ahead of time.
If you desire a “safety” stop, I would use something like 10% (maybe adjust higher in extremely volatile times to like 15%), to protect yourself in case you miss the sell signal. But I recommend against doing this, and just going by the alerts. Even if you are 15 minutes “late”, sometimes you’ll actually sell better than what system sold at. (though overall you will sell with worse prices than system). Note, this is why autotrading is still better, as overall you’ll get worse prices than autotrading if you manually trade.
Hi Quant Tiger - thanks for the welcome!
Okay that is great many thanks for the quick response and I understand. Yes, it was the safety stop I was meaning, so your answer is perfect. So basically we only buy or sell when you tell us to - and no stop is normally placed.
Kind regards and best wishes
Yeah, if you want a “safety stop” you can, but it’s outside the system. Note, if you do set your own “safety stop” and it gets hit, then just resync back to system at next trade signal.
May I ask one other silly question please Tiger - are you trading physical shares for the TQQQ / SQQQ and is this open during market hours only? I am in UK and our brokers can be slightly different for manual trading I believe.
Apologies if this has been asked before
Hi Steven, Yeah trading TQQQ/SQQQ during open hours only (though if manually following, you can make the EOD trades of system after hours as needed).
Thank you QuantTiger