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Individual Stop Loss for positions if no SL is set by the signal provider

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  • Individual Stop Loss for positions if no SL is set by the signal provider

    Hello to all followers of signals managed by the ST copier.

    Will:
    Due to the knowledge that we've got out of the CHF lesson some of the followers would like to get the following functionality implemented in the copier logic.

    If we follow a signal provider that does not set TP or SL on their positions we would like to have an option that would allow to override the setting of 0.0 set for TP and/or 0.0 set for SL.

    The reason for this is that if you follow a signal and the provider (sometimes for good reason as we know, eg. spikes, weekend gap, etc.) doesn't set a TP/SL on the positions, you may get caught in such scemes as the CHF issue.
    If you're with a different broker you will have no chance to get your positions reinstatet or get whatsoever as they would clearly state that your postions in your account didn't have these measures set.

    If a signal provider does not set TP or SL we would like to set this at levels that we think might be ok for our risk appetite.

    If the signal provider chooses to set these levels in the positions we would like to be able to define other levels as well.

    Therefore the following options would be very helpful to get some influence (and responsibility) back to the follower.
    1.
    Set an arbitrary TP/SL if it's not set by the signal provider.
    2.
    ST copier will override these settings if signal provider changes their mind (signal provider should be in lead due to market conditions and experience).
    3.
    If a follower would like to set TP/SL by himself he should be able to set a fixed TP/SL level per signal provider (maybe even per pair) to get more control of the exit of the position.

    All 3 measures in combination would give the follower more control to protect his account and eventually would be an additional usp for forexsignals.com to be advertized because these might be useful for others as well.

    Please!!
    Every correction, additional comment, ideas are VERY appreciated.

    ESG

  • #2
    I had earlier planned to request the same thing but you beat me to it! And you said it way better than I would.

    Potentially owing a huge amount of money to a broker due to a negative balance on a highly leveraged account could be a disaster. It is extremely scary to me. Some will say it would be difficult for a broker to collect but I really don't want to find out. There is no guarantee that a SL would mitigate a brokers claim against us, but in that situation I would want everything possible going for me.

    I know that some don't like SL's with their trade for fear of brokers hunting them. I would rather take my chance with some SL hunting than to lose all our assets!

    Please give this modification to the copier very high priority. I am frankly scared and I don't think I'm alone.

    Another way this can be accomplished now while we are waiting for the copier update is to have the Signal go to a demo account instead of your trading account. A copier such as FXBlue has a lot of protective settings including SL, max lots and max number of trades open. I have a friend that does this for everything. So you put the copier Sender on your demo account that receives the ST Signal and the the Receiver on your live trading account. The downside is that for some Signals such as Viper the additional latency of the copier can have an affect.

    It may be another twenty years or so until another Black Swan event - but what if it is much sooner?

    Cheers,
    Rod

    Comment


    • #3
      Yes!

      That's the point!
      Your idea to have a demo account copying these positions is brilliant!

      You were able to justify with your own additional data if the trades are going in the way that you would like or not.
      In this sceme there is more mind boggling thinking as of having an EA on the receiving account as a guard and then copying what ever you think has potential!
      Hats off for that!
      The providers send the entries and the followers decide what to do with it and have more control on the outcome.

      Once again, nice thinking!

      ESG

      Originally posted by nwboater View Post
      I had earlier planned to request the same thing but you beat me to it! And you said it way better than I would.

      Potentially owing a huge amount of money to a broker due to a negative balance on a highly leveraged account could be a disaster. It is extremely scary to me. Some will say it would be difficult for a broker to collect but I really don't want to find out. There is no guarantee that a SL would mitigate a brokers claim against us, but in that situation I would want everything possible going for me.

      I know that some don't like SL's with their trade for fear of brokers hunting them. I would rather take my chance with some SL hunting than to lose all our assets!

      Please give this modification to the copier very high priority. I am frankly scared and I don't think I'm alone.

      Another way this can be accomplished now while we are waiting for the copier update is to have the Signal go to a demo account instead of your trading account. A copier such as FXBlue has a lot of protective settings including SL, max lots and max number of trades open. I have a friend that does this for everything. So you put the copier Sender on your demo account that receives the ST Signal and the the Receiver on your live trading account. The downside is that for some Signals such as Viper the additional latency of the copier can have an affect.

      It may be another twenty years or so until another Black Swan event - but what if it is much sooner?

      Cheers,
      Rod

      Comment


      • #4
        I would like to have this feature!

        Comment


        • #5
          I totally agree, I would like to have this feature too!

          Comment


          • #6
            any news about this?

            Comment


            • #7
              Hello Pianetti,

              because of the CHF incident they don't have plenty of time to browse through the forum.
              BUT I will monitor this topic and get to them next week I guess!

              Would be good to have functionality like this incorporated into the copier.

              ESG
              Originally posted by Pianetti View Post
              any news about this?

              Comment


              • #8
                I completely understand your concern.

                I'm chatting to Will about the possibility of putting an emergency SL in place should the master account not have one, and then trailing that by (say) 200 pips.

                That should alleviate your fears.
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                Comment


                • #9
                  Originally posted by Nick View Post
                  I completely understand your concern.

                  I'm chatting to Will about the possibility of putting an emergency SL in place should the master account not have one, and then trailing that by (say) 200 pips.

                  That should alleviate your fears.
                  Thanks very much Nick. Really appreciate your working to implement this. I think it can help to make for a little more relaxed trading during trying times.

                  Cheers,
                  Rod

                  Comment


                  • #10
                    Hi Nick,

                    thanks for passing by.

                    One thing is this security net SL.
                    The other thing is to have a different TP in place as well.
                    This might sound strange, but out of experience and following others of our community it might be handy to be able to not get "overwritten" if someone would like a different TP as well.

                    Therefore the "ultimate" solution would be just to be able to define a self set TP and SL. This would render individual EAs (as I have in place) that handle this with SL/TP copying disabled obsolet.
                    Out of my perspective something that the "non coders" would appreciate and what's a feature other copiers do not have ;-)

                    Kind regards
                    ESG


                    Originally posted by Nick View Post
                    I completely understand your concern.

                    I'm chatting to Will about the possibility of putting an emergency SL in place should the master account not have one, and then trailing that by (say) 200 pips.

                    That should alleviate your fears.

                    Comment


                    • #11
                      I don't see a survey on my screen. Wonder if you have something bad on your computer?

                      Cheers,
                      Rod

                      Comment


                      • #12
                        Any update on this feature being implemented? Although I trust the skills of the traders on ForexSignals, I would like to be able to sleep well at night by having a stop loss.

                        Comment

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