The Total Stop Loss (Total SL) functions similarly to a traditional stop loss command defined within a strategy, as it helps hedge against potential losses.
However, the key difference is that Total SL allows you to set a maximum amount you're willing to lose while the strategy is active.
Unlike the stop loss set directly in the strategy wizard, Total SL applies a broader approach. It stops the strategy once the total loss reaches the defined amount. The value you set must be lower than the current profit or loss once the strategy has started.
The value can be negative (e.g., -$10,000), indicating the strategy will stop when the loss reaches this amount.
Total SL does not trigger based on profits.
Note that Total SL must be set in USD.
Note: All screenshots and examples are for technical demonstration purposes only. They should not be considered as recommendations for any specific trading strategy, nor do they constitute any form of advice. Please click here for further explanation