Lets get some lingo down real quick:
Combo Strategy - this is a strategy that happens to have rules for both long and short.
These rules sit "side by side" in the rule builder
The reason we can have only one combo strategy is because of the rules. Each strategy can have different rules, and you can make them yourself
The rules I made for this template listen for alerts and depending on what it hears it uses the actions in the rules to set the dropdown you see in trade settings for Side.
So its dynamically changing that setting based on the alerts. This is the fundamentals of tradelab. You can change any of those trade settings or advanced settings on the fly. Plus more.
There is also the concept of having two strategies which only have rules for each long and short individually
As seen in this picture
Combo Strategy - this is a strategy that happens to have rules for both long and short.
These rules sit "side by side" in the rule builder
The reason we can have only one combo strategy is because of the rules. Each strategy can have different rules, and you can make them yourselfThe rules I made for this template listen for alerts and depending on what it hears it uses the actions in the rules to set the dropdown you see in trade settings for Side.
So its dynamically changing that setting based on the alerts. This is the fundamentals of tradelab. You can change any of those trade settings or advanced settings on the fly. Plus more.
There is also the concept of having two strategies which only have rules for each long and short individually
As seen in this picture
These strategies also sit "side by side" - however they are two different strategies.
You would only want to apply one of these techniques at a time. You would not need to have two combo strategies - both running rules for long and short as that would be double work and you'd get double orders. Hope that makes sense.
You would use this if you only want to trade one side OR if you want to swing trade back and forth with large volumes.
If you are interested in swing trading - as soon as your long closes you want the short to open. And visa versa.
There are two ways to do this:
1) Using a combo template - in your Orange Rules - change the two exit rules from Close Order to Swing Order
- This option will only work if you are trading less than 50% of your margin.
- This only places one order, can save time, and fees in some cases.
- A true swing order is one that crosses the position from one side to another in one order. To do this we send an order thats around 200% of your position (depending on takes, etc) To get you to an open position on the other side of your desired trade amount. This means though that you need capital still in your wallet when you go to place the swing order.
There is a swing template in the community strategies that helps with this
2) Using two strategies - go to Settings > Risk Management and turn Hedge Mode on. You dont need to "hedge" but this prevents collisions as we open and close quickly.
- TradeLab always closes first and opens second within a single alert. If two alerts come in around the same time, its up to which one hit the server first.
- Best used with a single alert - both strategies can hear it - just send one.
- To create two strategies clone what you have, change the Side in each one and then delete the rules opposite to the side you chose.
Here is a video showing how to setup the two strategy system
https://www.youtube.com/watch?v=51hyYHKvwr0
You would use this if you only want to trade one side OR if you want to swing trade back and forth with large volumes.
If you are interested in swing trading - as soon as your long closes you want the short to open. And visa versa.
There are two ways to do this:
1) Using a combo template - in your Orange Rules - change the two exit rules from Close Order to Swing Order
- This option will only work if you are trading less than 50% of your margin.
- This only places one order, can save time, and fees in some cases.
- A true swing order is one that crosses the position from one side to another in one order. To do this we send an order thats around 200% of your position (depending on takes, etc) To get you to an open position on the other side of your desired trade amount. This means though that you need capital still in your wallet when you go to place the swing order.
There is a swing template in the community strategies that helps with this
- TradeLab always closes first and opens second within a single alert. If two alerts come in around the same time, its up to which one hit the server first.
- Best used with a single alert - both strategies can hear it - just send one.
- To create two strategies clone what you have, change the Side in each one and then delete the rules opposite to the side you chose.
Here is a video showing how to setup the two strategy system
https://www.youtube.com/watch?v=51hyYHKvwr0