DAILY PROFIT GOAL AND DAILY LOSS
Ethan Ault
Once you hit a daily profit or loss TradersPost will ignore signals for the rest of the day. Example: Your daily profit goal is $1k and your daily loss limit is $500. It you accumulate a total daily profit of $1k through one or multiple trades, TradersPost will exit any existing trades leaving you with $1k profit and block trades for the rest of the day. It would be the same principle for the daily loss limit. Once the limits are hit trades are blocked for the rest of the day unless manually reopened.
Lindsey Starkweather
Are you manually executing this strategy on TradersPost? Maybe something like this...
- From broker dashboard, monitor Open P&L (total unrealized P&L)
- When P&L > $1000, disable the account (which also disables subscription)
- Use "Cancel" button to cancel all open orders
- Use "Close All" button to exit all positions
So then you just need the devs to help automate this process for you??
Note: The broker's Open P&L total may include asset types that are not supported in TradersPost.
Also, P&L calculations depend on how your broker matches trades into tax lots and handles wash sales. The broker's P&L calculations may not be "correct" for all trader's accounting methods.