What is the best approach to ‘preserve profits’. For example, in a leveraged position (either short or long), how do I instruct the bot to preserve the profits after x% has been exceeded?
As an example:
Open a long position with BTC at $5000
As soon as my profits exceed 3% I would like to 'preserve' those profits without necessarily closing the position.
I can even imagine it as a function like: preserve 75% of profits after the position reaches a profit of 3%.
In such a high volatility market there are many instances in which the position is profitable and can then follow a sharp direction against my position without hitting the exit indicator I set up. I want to 'preserve' profits rather than 'take profits'.
The trailing stop is not necessarily helpful with this, and wondering if there's any other solution I may have not found yet.
This can be done with our HaasScript with functions under Unmanaged Trading (https://help.haasonline.com/api/haasscript/using-haasscript#managed-and-unmanged-trading).
However, it will quickly become a complex script once you consider the conditions to close the remaining 25% of the profit that you have made.
I would highly recommend that you join our Discord (https://discord.gg/DYhV4bK) and get in touch with one of our developers there.
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