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 latest version of HaasScript's functions, Unmanaged 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.
Another recommendation is that you join our Discord and get feedback from knowledgeable community members as well as HaasScript developers.
The community content is generated by people from the community and is actively moderated. However, we do not endorse or claim to maintain any user generated content, links, tutorials, guides, projects, or questions that may appear in community sections.