🦺Step 4: Equity Stop Loss

Set an Equity Stop Loss

The algorithm is set with a default 50% equity stop loss, but it’s essential to set up your own equity stop loss as a backup. If you prefer not to have the algorithm’s default stop loss active on your account, please review this article on how to turn the bot “off” and manually manage trades during drawdown:

🚦Turn Bot On, Off, or Monitor

An equity stop loss is a way to protect your money by automatically closing your trades or notifying you when your account balance drops to a certain level, helping you avoid losing too much. It’s like setting a safety net to stop bigger losses if things go wrong.

We suggest everyone has an equity monitor in place in case of a Black Swan Event 🦢 (a rare and unexpected event that has a huge impact on financial markets, and is often impossible to predict).

How to Configure an Equity Stop Loss or Notification:

1. Click the menu

2. Click "Configurator"

3. Click "Equity Monitors"

4. Click "Create Monitor'

5. Click which account you'd like to set it for

6. Under Monitor Type, choose "Protect Percentage"

7. Choose what percentage equity you'd want it to perform the action of email or closing all trades

8. You can then choose if you want the monitor to:

   1. Send an Email Alert

   2. Send Email Alert and Disable Copier

   3. Send Email Alert, Disable Copier, and Close Open Trades

9. We cannot advise if the monitor should do A, B, or C above but we do suggest C.

Note: Keep in mind that a drawdown of -35 to -40% is possible, and still considered normal, so we do not suggest to put protect percentage higher than 50%. This is just a suggestion, and your Protect Percentage should be the value you feel is best for your specific scenario.