Do you guys put your stop loss in first, or after entry?

[Big Bad Barney]

Hello there,

Over the weekend I made a few errors where I neglected to put a stop loss in....it ended a bit badly

I figured the solution was to perhaps force myself to choose my stop loss first, then put in my entry...so I was just wondering what you guys do?

Is it possible to have a saftey servant that prevents orders unless a stop loss is placed first? (I've had a rudimentary look at trying to do this, but not sure I can see that its possible).

Thank you kindly for your time!

[TipTopTrader]

Have you thought about creating a servant that sets a stop loss so many ticks or a % of your stake from your entry?.So it places its as soon as you enter the trade.

You still need to be mindful that sharp price moves can shoot thru your stop, and you will still need to be ready to exit manually.

[ShaunWhite]

If you're talking about pre-race horses then I think people just keep their wits about them rather than using a hard stop. The issue with hard stops in general is being hit by spikes, or them being hit when everything about the market now says hold. But if you needed a helping hand then you could have a bot that closes you out at a certain liability, or one that closes as soon as the race goes in play, or one that always maintains a closing SP trade. The last one is a decent way to insure yourself again the inevitable outages too. Hard stops are fine if you plan to leave your desk but managing the exit yourself will always be better.

The easiest way to prevent mistakes though is to wait until you've had a big enough accident to remind you to never to do it again. Either that or raise your stakes to a level you care about? You probably don't need reminding to look both ways when you cross the road.

[Big Bad Barney]

Have you thought about creating a servant that sets a stop loss so many ticks or a % of your stake from your entry?.So it places its as soon as you enter the trade.

You still need to be mindful that sharp price moves can shoot thru your stop, and you will still need to be ready to exit manually.

That might be a way to go (well...I think it will be the way to go). I have been focusing on the ladder, until just now, I've started to learn a bit about the different kinds of bets and things from the one click screen... I could go that route also, as it has stop losses and trailing stop losses etc...I will have a look at doing that see how it pans out...

So many things to learn...

Thank you

[Big Bad Barney]

If you're talking about pre-race horses then I think people just keep their wits about them rather than using a hard stop. The issue with hard stops in general is being hit by spikes, or them being hit when everything about the market now says hold. But if you needed a helping hand then you could have a bot that closes you out at a certain liability, or one that closes as soon as the race goes in play, or one that always maintains a closing SP trade. The last one is a decent way to insure yourself again the inevitable outages too. Hard stops are fine if you plan to leave your desk but managing the exit yourself will always be better.

The easiest way to prevent mistakes though is to wait until you've had a big enough accident to remind you to never to do it again. Either that or raise your stakes to a level you care about? You probably don't need reminding to look both ways when you cross the road.

Yes, prerace horses. Sorry I should have said that or put this in the horses category. I want to niche on pre-race and master that (although I have been watching in-play too just because I can)....

I've seen Peter's video about starting price and I think I've seen a servant floating around.....(here it is here viewtopic.php?f=58&t=19120) ...I need to review that...

Not yet ready to raise my stakes to level's I care about Elsewise I can't claim to my wife that yes...I do in fact know what I am doing But I take your point....perhaps I could rig up an electric shock proding device that zaps me whenever I do something stupid....

Thanks Shaun, appreciate your wisdoms...