Track 'n Trade Autopilot Plug-in
Okay, let’s move onto our second Autopilot strategy, where we use the Autopilot to help us Day Trade.
The first thing we have to do for this strategy is pick the four to six markets that we’re going to be watching for the day.
Let’s say for this example, we’re going to watch six markets, EuroFX, Japanese Yen, eMini S&P, and Gold, Crude Oil, and Lean Hogs.
That’s a nice cross between some currencies, traditional commodities, and indices.
Let’s display these charts in mini-mode, so we can see all six at the same time.
Depending on the resolution of your monitor, or how many monitors you have attached to your PC, will determine how many markets you can watch at once.
For me, when manually trading, I can usually only watch and manage three or four charts at once anyway, but with this method, using the Autopilot to help me, I can manage a lot more markets, and positions at one time, usually as many as my margin account can accommodate.
Once we have our charts selected, we move over and open up the Autopilot Control panel, and we start setting up our trading strategy.
Let’s start with a very simple trading strategy.
Let’s first name it, and I’m going to name mine Day Trading, and click save.
Now, let’s pick our indicator. For this example, I’m going to use the Bulls ‘n Bears Advantage Lines indicator, and I’m just going to set it to the TnT defaults of 5, and 10.
I’m going to set my Autopilot to only trade one contract at a time.
And here’s one key point, I’m going to set it to Place Orders One-Time Only. Since I’m going to be sitting here, managing my positions, and just using the Autopilot to take over the heavy lifting of executing the trades for me, I don’t want it to trade more than one time without my permission.
Next, I’m going to turn off all the time-restraints, I don’t need those, again, since I’m going to be here watching over it.
So let’s move onto the entry strategy.
Let’s just use a simple Market Order on signal, because what I’m planning on doing, is waiting until I see a setup I’m interested in, once I see that a buy, or sell signal is about to be received by my indicator, rather than me manually going through the steps of setting up the trade, I’ll just click “Start Trading” on the Autopilot, and let Track ‘n Trade handle it for me. Once the signal is received, Track ‘n Trade will enter the market, set my stop, begin to trail, and exit the position, and then sit idle, waiting for me to set it to its next trade.
Okay, Thrust Signal and Inactive prevention tools, if you’re using this strategy on a minute chart, you’re going to want to make sure to set these features up, depending on your own personal risk tolerance, for this example, since we’re using a Range Bar chart, we don’t need these filters, since this is handled within the price bars themselves.
The next step is to select our market position, and in this case, we want to select both, since we might want to go either long, or short, and we’ll want the autopilot to be set to handle either direction.
Next, let’s setup how we’re going to exit.
Depending on your trading strategy, you could use a trailing stop to exit, you could use a limit order, or you could use a combination of both.
For our example, let’s set an initial order 15 tics behind the market, you can see that’s a little under $100 for our initial stop placement point.
After that, we’re going to automatically start trailing the stop behind the market using the Bulls ‘n Bears Blue Light System.
In this example, I’m not going to use a limit or profit taking target price; we’re just going to let the Blue Light trail us to exit.
And that’s it
Let’s move back up to the top of the control panel, and save our settings.
Now, to activate the Autopilot, Track ‘ Trade has a built in security check, where it requires us to confirm each chart that we want to use these settings on individually, so let’s do that quick, by selecting our first chart, coming over to the Autopilot, selecting the Day Trading Strategy, now we want to do that for each chart.
Click the chart header, to select that market, and select the Day Trading Strategy within the Autopilot. Again, for the next chart, and again for the each chart we have open.
Once that’s done, all we have to do is watch the different markets, once we see a setup about to occur that we want to trade, all we have to do is click the header of the chart, to select that market, and click the Start Trading button.
Track ‘n Trade will now monitor that chart for the upcoming buy or sell signal, execute the trade, drop the stop order, and then automatically trail to exit, then stop trading and wait for us to reset the Autopilot before taking another trade.
To reset the Autopilot, all we need to do is click the stop trading button, and next time we want to take a trade, click the start trading button once again.
And, that’s how we use the Track ‘n Trade Autopilot to help us Day Trade. Significantly simplifying our workload, and allowing us to do what we do best, which is choose the right trade at the right time, and then let Track ‘n Trade do what it does best, execute our trading plan with exactness and precision.
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