One of the appeals of automated trading is that it can be automated.
You can 'set it and forget it' if you want.
However there can be some dangers with doing so.
About a year and a half ago I went through a period of being a little bit slack with monitoring my automated strategies and there was one occasion where my 'set it and forget' approach turned into a case of 'forget it and regret it'...
... A stop loss order for one of my strategies had been rejected
... I failed to check my trading platform for a few days because I was travelling and tired
... That particular lesson cost me 2-3 times the original stop loss size.
So that was a stupid thing to do.
But I learnt my lesson and now I check my trading platform alot more.
A regular checkup to make sure everything is running smoothly is incredibly important because technology issues can (and will) happen at any time.
But there's another process I've implemented which has helped me to identify issues that could have gone on for a lot longer if I'd left them unchecked.
I got this process from Kevin Davey, so in this episode I've asked Kevin to join us for a quick chat to explain his own monitoring process some more, including some examples of the things he's found by following this process.
So lets head over to my chat with Kevin Davey to hear more.
Disclaimer:
Trading in the financial markets involves a substantial risk of loss and is not suitable for everyone. All content produced by Better System Trader is for informational or educational purposes only and does not constitute trading or investment advice. Past performance is not necessarily indicative of future results.