DESCRIPTION: There are many ways you can control your losses in Deriv Bot.
RESOLUTION STEPS: Here’s a simple example of how you can implement loss control in your Deriv Bot strategy. You may follow the guidelines below to limit your losses.
You may set the parameters according to your preferences.
- Use a logic block to check if currentPL exceeds maximumLoss. If it does, set tradeAgain to ‘false’ to prevent the bot from running another cycle.
- Update currentPL with the profit from the last purchased contract. If the last contract was lost, the value of currentPL will be negative.
NOTES: Please note that this example is for educational purposes and it’s created to demonstrate how to control losses in Deriv Bot. You are advised to use your best judgement when trading.
FOR FURTHER REFERENCES:
Deriv community articles: https://community.deriv.com/t/controlling-losses-in-dbot/38095