Wick Hunter offers users the ability to optimize their trading strategies through various styles of Dollar Cost Averaging. In this article, we'll delve into Manual DCA.
Understanding Scaled Settings
Manual DCA in Wick Hunter allow users to define how their Dollar-Cost Averaging (DCA) by hand. Let's break down the key parameters that contribute to this scaling mechanism.
Max Active Orders: This setting determines the maximum number of active orders placed on the exchange. For instance, if you set it to "1", only one DCA will be active at a time. Once filled, the next DCA is placed, ensuring a controlled and systematic approach to trading.
Base Size Type: Choose between Dollar and Percentage options for your Base Size Type. It's crucial to note that the percentage is based on the total account balance, not the available balance. This setting influences how your position size is calculated, providing flexibility in your trading strategy.
Entry Size: This parameter defines your position size, not based on margin. Whether in Dollars or Percentage, entering a value here will determine the size of your initial position. For example, selecting Dollar and entering 100 will open a $100 DCA.
Order Type: Wick Hunter supports Limit and Post Only order types. Choose the order type that aligns with your trading preferences.
Percent from Entry: Enter the percentage from your entry point where this DCA should be activated.
Order Type: Select the order type you want to use. "Limit" and "Post Only" will follow the order book until they are filled, while "Market" will execute immediately.
Press the ADD button and repeat this process for each DCA you wish to define.
Mastering the Manual DCA features on Wick Hunter empowers traders on to implement sophisticated and dynamic trading strategies. By understanding and fine-tuning these parameters, you can optimize your DCA approach and enhance your overall trading performance.