Simulated stop loss? What are pros and cons

[markr413]

I am considering using simulated stop loss orders for my ES trades. I would appreciate any comments regarding this, both pro and con. Some specific questions:

Do you use the size trigger, ratio trigger, or both, and what values do you use for the triggers?

Do you change the trigger values based on market conditions, and if so what do you do?

What simstop offset do you use?

If in a trade using simstop loss order, can one convert to a hard stop? How is this best done?

Thanks

Mark

[NinjaTrader_Ray]

imported post

markr413 wrote:

I am considering using simulated stop loss orders for my ES trades. I would appreciate any comments regarding this, both pro and con. Some specific questions:

Do you use the size trigger, ratio trigger, or both, and what values do you use for the triggers?

I can't answer this as I don't use it to trade YM. You can always play with settings and test it out using simulated trades.

Do you change the trigger values based on market conditions, and if so what do you do?

Absolutely. I find that changes in seasonal volume affect the triggering of the stop. In the summer, I doubled my size trigger value to reduce the increased slippage I saw.

What simstop offset do you use?

Use 15 ticks. In V4, this is hard coded.

If in a trade using simstop loss order, can one convert to a hard stop? How is this best done?

Yes, just disable the sim stop.

Thanks

Mark