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.