AutoTrading permissions are based solely off the trader's experience, trading style, and the level of risk he is willing to take. We cannot advise on which settings are best for any trader.
However, we CAN explain what each feature within the AutoTrade setup wizard does.
You will be presented with the following fields in the AutoTrade configuration wizard:
1- Trade Management
1.1. AutoTrade This (important): The instruments that the strategy trades: Check off the AutoTrade This box for the instruments you want to trade.
1.2 Max Trade Size (optional): Enter the max amount of contracts/lots/$ amount. The max amount is applied per symbol, per position for the strategy.
2- Stop Loss (optional): Automatically have the same stop loss $ amount applied to every position for this particular strategy.
3- AutoTrading Scaling (defaults to 100%, maximum=500%): Enter a percentage for how closely you want to follow the strategy.
With scaling set at 100%, you will follow the exact quantity of the strategy. For example, if the scaling is set to 100% and the strategy opens a position of 2 mini lots of EUR/USD, we will send a signal to open a position for 2 mini lot of EUR/USD in your account. If you set the scaling to 50%, that will mean that we send 50% of each position to your brokerage account and so on (more examples below). We don't look at how much you have in your brokerage account, we simply send the corresponding signal to your brokerage account based off the strategy and your scaling (and other AutoTrading configurations)
- Example: scaling is set at 50% and the strategy enters a trade for 7 contracts, we would send a trade signal to your brokerage account for 3 contracts. We do not round up because that would exceed your configurations.
- Example: scaling is set at 50% and the strategy enters a trade for 1 contract, we would NOT send a trade signal to your brokerage account. We do not round up because that would exceed your configurations.
4- Join Trades in Progress You can decide whether or not you want to join positions that the strategy had previously opened.
Confirm your choices and click the Turn on AutoTrade button.