Hello traders! We wanted to write today to discuss some of the technical difficulties some of our traders have been facing recently, as well as some best practices for trading amidst technical issues and in general.
We are aware of the technical issues facing Tradovate in recent days, and we are actively monitoring the situation. We are also in contact with Tradovate to remedy the issues. We are also exploring other potential broker platforms to give our traders more options in the future.
For the time being, here are some important steps you can take in your trading to protect your account and minimize the impact of any future technical issues.
Always use bracket orders. Using bracket orders automatically sets a take profit and stop loss for every trade, ensuring you have an order waiting to close the trade in either direction. This can help you to lock in profits once your target is hit, as well as limit your losses to an acceptable level. All Purdia Capital funded traders are required to always use a stop loss at the very least, so it is good practice to start using them if you aren't already.
Utilize the "Exit at Mkt & Cxl" button. This button (it may appear as red or grey, depending on your display settings) can be a lifesaver. When clicked, it exits all open positions at market price and then cancels any outstanding orders. Essentially, it is a "get flat" button. It is especially helpful when you have a lot of resting orders, or are unsure about what orders you may have set. Always click this a few times before closing your platform for the day as well, just to make sure you have no outstanding orders.
Stay informed and prepared. Keep an eye on market news, announcements, and any updates from Tradovate regarding their technical issues. Being aware of potential disruptions ahead of time can help you adjust your trading strategy accordingly. Stay connected with market analysis, economic indicators, and any other relevant information that can impact your trades.
Maintain a disciplined approach. Technical issues can be frustrating, but it's crucial to avoid making impulsive decisions or taking unnecessary risks. Stick to your trading plan, follow your risk management rules, and don't let temporary setbacks sway your judgment. Patience and discipline will go a long way in navigating through any challenging situations. In addition, when facing uncertainty, it is always a good idea to reduce your position size, thereby exposing yourself to less risk.
Reach out to support. If you encounter any issues or have concerns with your trading platform, don't hesitate to reach out to customer support. They are there to assist you and provide guidance. Communicating your problems can help the platform provider identify and address any ongoing technical issues.
Remember, technical issues are unavoidable in the world of online trading. While we understand the frustrations they can cause, it's essential to remain proactive and focused on protecting your trading account. By following the steps outlined above, you can minimize the impact of any future technical issues and continue to navigate the markets with confidence. Stay informed and adapt your strategies if needed to ensure a smooth trading experience. As always, we will continue to monitor the situation with Tradovate and provide updates as necessary. Happy trading!
