I have 3 ATM strategies which I use depending on the risk for the trade:
- 1 contract with a stop and target
- 2 contracts each with the same stop and different targets
- 3 contracts each with the same stop and different targets
When a trade is setting up, I will enter a buy or sell stop limit using chart trader based on the risk of the trade at the time. So for example I may enter option 2 above (ie: 2 contracts). Then as things develop I see that I can move my stop limit entry order tighter, thus allowing me to trade 3 contracts instead of 2 because i've reduced the risk. Note im specifically talking about while the trade is setting up and before I have entered the market.
Is my only option at that point to cancel the order on chart trader, and then enter the third ATM strategy above which uses 3 contracts? This takes too long to do in fast moving markets.
Ideally I was hoping there was a way to change the ATM strategy that is going to be used 'on the fly' but I haven't been able to figure anything out. If I click the order 'stalk' on the chart to manually change the order quantity, it doesn't change the ATM.
I hope i've explained the issue properly.
Thanks.
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