One of the best ways to control your risk is to know your maximum stop loss, your profit target, and apply them via a preconfigured setting. This way, in the heat of the moment, you’re doing less work, so that should reduce the chance of clicking the wrong button or entering the wrong value. ATM Strategies are such a way to preconfigure the amount.
Always trading with a stop loss is wise. If you don’t have one, you could be in for a wild ride. It doesn’t take much experience to see how price can suddenly move against one’s desires.
Another important thing is to use a trading strategy you feel comfortable with. The Trade Scalper from DayTradeToWin is discussed in this video. You can get a sense of how the method worked with possible winning and losing trades.
After the Trade Scalper signal review, the presenter discusses how to set up ATM Strategies within NinjaTrader 8. The process involves going to the custom area of the drop-down menu and then specifying a profit target and stop loss value. Both of these values are in ticks, not points, so please keep that in mind. You may configure several strategies according to your trading method recommendations and experience trading the markets. Using a format such as P4S8 for “profit target of 4 ticks” and “stop loss of 8 ticks” may be wise. Such a format also allows the ATM Strategy list to be sorted in a way that makes for faster access.
Even though ATM Strategies semi-automate order placement, you may still manually manipulate orders according to your own preferences.
May you excel at your trading!