DueDEX is proud to launch the first-of-the kind “DueDEX Risk Manager”, an automated risk management solution for traders to manage risk % on account equity.
The factors include:
- Take Profit %
- Stop Loss %
- Quantity of order based on risk level
Now we will provide a step by step guide to show you how to use “The DueDEX Risk Manager”.
1. Select Buy/Sell and Leverage
First go to the Risk Manager tab, similar to other placing order processes, select Buy or Sell and the leverage as the first step. NOTE: 50 & 100x leverage will not work with the Risk Manager. Please select a lower leverage.
2. Select the Order Type
In DueDEX Risk Manager, “Limit Order” and “Market Order” are both offered. If “Market Order” is selected, the order will be placed at the latest “Market Price”. If “Limit Order” is selected, you need to set a price where the order will execute. When “Limit Orders” execute, “Stop order” and “Take profit” are immediately entered into the order book. When “Market Orders” are used, the “Stop order” and “Take Profit” are immediately entered onto the books.
3. Take Profit and Stop Loss
In this step, based on users' “Take Profit” and “Stop Loss” preference, the upper and lower close price of the order are set. Users can either use the Profit Rate or Loss Rate (Profit/Total Balance or Loss/Total Balance) option or set the price directly. Users can either slide the bar or directly fill in the percentage to change it.
4. Set the quantity of the order
DueDEX offers this function to help users understand the risk per trade. DueDEX automatically calculates the quantity of the order according to the Risk/Equity ratio. This is easily presented with the (%) and ($) value. Similarly, the percentage can be set either by the slider bar or fill in the number directly. The default risk is set to 0.25%.
5. Place Order
When orders are set, users can set the “Time in Force” and “Trigger Type” of their order, review the Risk (%) and Profit(%). Now click “Place Order” to execute!
Please note: DueDEX Risk Manager can only be used when there is no current position in your account. If the Place Order button is unclickable, please check your current positions and close all of them before using the DueDEX Risk Manager.
DueDEX Risk Manager is a tool used to control risk to your trade profile. It does not protect from slippage and adverse market conditions.