Are you semi-automating your order placement? If not, you may want to reconsider it after watching this video. The popular day trading platform, NinjaTrader, has an ability to preconfigure a profit target and stop loss. Doing so will allow you take swift action rather than clumsily using the price ladder (SuperDOM) under pressure. The presenter recommends configuring several ATM Strategies. Doing so assures a variety to pick from for the given market conditions. After all, you’re not using the same profit target and stop loss for every trade in every condition, are you?
Before the video goes into the ATM Strategy feature, there is a review of many Trade Scalper signals. The Trade Scalper is a price action system from DayTradeToWin. It’s been around for many years and is one of the most popular scalping methods offered by DayTradeToWin.
Remember, when configuring the profit target and stop loss values within the ATM Strategy area, the value amount is in ticks rather than points. Four points equals one tick. The reason why you tend to see the stop loss as double the profit target is because the stop loss, when using DayTradeToWin methods, is the catastrophic stop. This catastrophic stop is often considered to be a safety net. In some cases, a profit, breakeven, or smaller stop loss will be triggered instead. It’s important to allow the market some breathing room. Otherwise, a minor fluctuation may end the trade prematurely.
Can there be a way to simplify order placement further? Understanding each order type and getting the “muscle memory” established through practice will certainly help. It wasn’t mentioned in this video, but you can also right-click the chart to place a trade.