Condition yourself to use automated stops

...continued from yesterday...

Many trading software programs allow you to couple a stop loss order with your order for a new position. That is, the software allow you to tell the computer what stop loss order you would like to be sent if and when your order for a new position is filled. Then when your order is filled, your stop loss order is automatically sent. If your trading software doesn’t have that feature, you’ll have to program yourself to react consistently to order fills with a manually entered stop loss order.

But even if your trading software has the foregoing feature, you still have to get yourself to use that program. That is you have to program yourself to consistently fill in the stop loss order portion of your order ticket for a new position. Otherwise, having that trading software feature won’t make any difference.

...continued tomorrow...

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