Break-even

How to automatically move Stop-loss to Break-even

With PersonalTrader you can automatically move your stop-loss to break-even when the trade reaches a certain price or percentage. Moving stop-loss to break-even will help you cut losses and protect your capital.

Let’s say that you have a Long position, your main take profit target is 6% above the entry price, and your stop-loss is -3% below the entry price. You can set that, if the price reaches a certain percentage, for example 2% above the entry price, your stop-loss will be automatically moved to the break-even point, which is the entry price. This way, if the price goes down, from 2% back to entry price, you won’t lose money, because your Stop-loss was moved from -3% to 0%. While if the price keep raising the trade will continue normally. Same thing can be done with a Short positions too.

To move stop-loss to break-even follow these steps:

1. Break-even is available for SmartTrade, trading strategies and TradingView Alerts. Check the “Move Stop-loss to Break-even” checkbox to enable break-even.

2. In the “Break-even (%)” field, specify the percentage that the price must reach before moving your stop-loss to the Break-even threshold. If this field contains “0” or is empty Break-even will not be enabled.

3. (Optional) You can customize the break-even threshold above 0%, this way you won’t lose the exchange fees, and you can even book a small profit. Click the settings icon on the right of the field and set the percentage where your stop-loss should be places (from entry price).

4. (Optional) You can check if an open trade has reached the break-even percentage by clicking the “info” icon in: Statistics > Open positions

Break-even threshold should be equal or greater than 0. Minimum distance from break-even price to break-even threshold must be at least 0.3%. To avoid be stepped out from trades, be careful not using break-even too tight.