Step 1: Access Bracket Order Settings
- Open Tradovate: Launch the Tradovate platform.
- Navigate to Orders Settings: Go to the settings menu and select the bracket order configuration option.
Step 2: Set Up Stop Loss and Profit Target Levels
- Define Stop Loss: Set a stop loss level based on the maximum acceptable risk for your position.
- Set Profit Target: Choose a profit target level, allowing Tradovate to automatically close your position once this target is reached.
Step 3: Configure Advanced Bracket Options
- Enable Scaling Out: Adjust settings to scale out specific portions of your position at designated intervals, giving you flexibility to lock in partial profits.
- Retain Remaining Position: After scaling out, choose whether to keep the rest of your position active.
- Set Stop Loss to Breakeven: Configure your stop loss to automatically adjust to breakeven after reaching a certain gain level, securing your initial investment.
Tips for Bracket Orders
- Adjustability: Bracket orders can be moved and modified according to market conditions, allowing for real-time adjustments.
- Risk Management: Using bracket orders helps manage risk effectively by automatically closing positions at pre-set levels.
For more detailed guidance, visit the Tradovate Support Article on Bracket Orders.