Autopilot
Automated Trading
Limit Style
A limit order is an order designed to take you out of the market once a certain profit level, or target price has been obtained. You can choose to place your limit orders either by points, when trading futures, or by pips, when trading Forex, or by dollars.
For example, if you wanted to take profits each time your order reached a profit level of $250.00, you would place $250.00 in the field provided, and Track 'n Trade would automatically place a limit order to take you out of the market once you reached that goal.
It's important to note, that all stop and limit orders placed from within the Track 'n Trade Autopilot system are done using OCO or One-Cancels-Other-Orders, therefore whenever your stop loss order is hit, Track 'n Trade will automatically cancel your limit order, or if your limit order is hit, Track 'n Trade will automatically cancel your stop loss order.
It's also important to note, that when Track 'n Trade automatically places an order, you will see the graphical representation of the order tools, and the actions taken directly on the chart. Of course, you as the "Pilot," or trader can intervene at anytime, and make manual adjustments to your trade by dragging and dropping orders to a different price level, or exiting the position altogether. If you do make manual modifications to the system, this does not disengage the autopilot. Track 'n Trade will continue to monitor the market and make trades based on the rules specified within the Autopilot control panel. If you want Track 'n Trade to stop monitoring the market and to stop trading, you must press the "Stop Trading" button.