The veteran daytrader’s keep saying it all the time “Cut your losses short”. Exit your loosing trade positions before it drowns you. Always place a stop loss order.
We keep hearing it , reading about it, but we never practice it. Why ?
The trading terminals we use in India are designed for investors and not for daytrading. The tedious order placing process on these terminals stops many daytrader’s from placing a stop loss order immediately.
An important feature I wished to see on my trading terminal was an option for automatic stop loss orders. A feature that will place a stop loss order automatically along with my intraday trade entry order.
You might say, there are Bracket Orders and Cover orders, isn’t it ? I have never found the Bracket and Cover orders practical. Because these order types are compatible only for a selected few stocks. The manual calculation involved, calculation of percentages, is it practical ? No. I wanted to get this situation sorted.
With a bit or research, I have discovered a One click Hotkey solution.
One click on the mouse to enter the trade and automatically place a stop loss order immediately.
In my setup the stop loss orders gets placed at 1 INR below the LTP. All this is done automatically while I sit back and watch.
If you are a someone researching into a similar solution, what you need to look for is the X-mouse Software. The whole process is automated using the free X-Mouse button control software.
I use the NOW Trading Terminal and customized the Hotkey sequencing for this terminal.
With a bit of effort you can get the same solution customized for any trading terminal you use.
X-Mouse HOTKEY sequencing for entry and automatic stop loss orders on The NOW Trading Terminal:
LONG trade entry sequencing code with STOP LOSS (1 INR) for STOCKS: ( updated version )
{WAIT<1>}{F1}'{CTRL}C'{RETURN}{WAIT<5>}{LMB}{WAIT<1>}{F2}{WAIT<1>}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{DOWN}{DOWN}{TAB}{TAB}{TAB}{TAB}{TAB}'{CTRL}V'{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{WAIT<1>}{RETURN}
SHORT trade entry sequencing code with STOP LOSS (1 INR) for STOCKS: ( updated version )
{WAIT<1>}{F2}'{CTRL}C'{RETURN}{WAIT<5>}{LMB}{WAIT<1>}{F1}{WAIT<1>}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{DOWN}{DOWN}{TAB}{TAB}{TAB}{TAB}{TAB}'{CTRL}V'{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{UP}{WAIT<1>}{RETURN}
LONG trade entry sequencing code with STOP LOSS (1 INR) For OPTIONS: ( updated version )
{WAIT<1>}{F1}{RETURN}{WAIT<3>}{LMB}{F2}{WAIT<1>}'{CTRL}C'{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{DOWN}{DOWN}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}{TAB}'{CTRL}V'{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{DOWN}{RETURN}
Please test the sequencing before you hotkey it on the live market. No responsibility undertaken.