DAS Trader Pro Advanced Hotkeys part 47

Get back the ruined OCO order

You are in a trade, and you take a partial or add to the trade, suddenly your OCO order is gone, and you need to start calculating the new risk to reward to set the new targets. So you take your calculator and start determining the distance from your average cost. Your risk divided by the position size added or subtracted from the average cost. I have done it thousands of times.

The solution is quite easy. Adding a few buttons like this below my chart I can reset back to the 1/5 risk to reward or 1/3 or break-even to 5 or break-even to 3.

Here is how it looks in real life use

Tightening the risk to the profit area is also possible by setting the risk to positive number 1 it means 1R or the target. 2 would mean 2R or the target. I use this kind of trailing when I catch a runner which is beyond my target already.

As a side note, I also believe that it is better to move the stop than take soon partials and set the stop to break-even prematurely.

A typical example from the breakout traders.

The stock moves 2R in your favor, and you take 33% profits partial and book 0.66R home hoping for a bigger move to take the next partial, and you get stopped out at break-even.
It is worse than moving stop to 1R after 2R move which is effectively taking 50% partial at 2R. And if it rides higher you have still 100% position to take the profits from.
It is twice as worse than taking 100% out at 2R, so why even do it?

Plus it teaches you not to freak out and makes your stats and reports cleaner for future ideas. You can always find out that the best target would be 1.5R or 3.7R on average rather than “take 25% partial after every candle” as this is not measurable if a 33% partial or a 50% partial would be better strategy. At the end what matters is what is the average you get out of the winner in terms of R.

I got 2 trades from 4R to 0R last week. If I have taken the partials like 50% at 4R I would have 4R today. But for the future it would be more damaging as for all my next trades that would go to my 5R target I would make 0.5R less on tenths or hundreds of trades so my todays 4R I will make in the next 8 winners, and I am 100% sure of it while keeping my stats consistent.

Now back to the chart buttons and their functionality. Obviously, you can have 20 preset buttons for every combination, and it will take less space, but for educational purposes it is quite interesting to know how to use the new DAS buttons as increment/decrement buttons.

It is also possible to submit the value immediately without the submission button, but where would be the fun then? Theoretically we can do the whole montage management to a colorful submission forms like this one if it is needed.

Here is how I do it

I use the $MONTAGE $MYACCOUNT and $MYPOS variables as described in so many articles before to populate the montage object variable, the account variable and the position size variable. Without these it does not work. In short, you need to name your montage window as MONTAGE1 and your chart window as MY1MIN and set your account name into the $MYACCOUNT variable by any technique shown in the previous posts.

$MYACCOUNT="YOUR ACCOUNT NAME";
$MY1MINWINDOW=GetWindowObj("MY1MIN");
$MYSYMB=$MY1MINWINDOW.SYMBOL;
$MONTAGE=GetWindowObj("MONTAGE1");
$MYPOS=GetAccountObj($MYACCOUNT).getposition($MYSYMB).share;

I have added 2 button lines under the chart window.