ThinkMarkets trading platform ThinkTrader has introduced a trailing stop loss feature, allowing users to adjust their stop loss levels automatically.
The new feature allows users to “limit potential losses, without constantly needing to monitor your trades”.
In an email sent on Thursday, the trading platform notified clients of the new feature and provided a video demonstration of how to use it.
A standard stop loss order allows traders to limit their loss by exiting a position when it falls to a certain price. The new trailing stop loss tool automatically adjusts this price as the market rises.
ThinkTrader said this brings benefits to users such as freeing them up from spending time managing the risk of their positions, and helping them to avoid emotionally driven decisions through automation.
The implementation of the feature comes after the platform’s parent group ThinkMarkets partnered with Chicago-based Fintech TradingView last year to improve its analysis and charting capabilities.
The tie-up brought 13 distinct chart types alongside a suite of drawing tools with which to annotate and mark up charts to ThinkTrader’s web platform.
The update also allowed charts to be drawn over 10 different time frames and monitor up to 8 different charts simultaneously.
This has contributed to TradingView’s popularity among traders and chartists, which had been helped by the ability for users to create their own indicators and scripts in TradingView’s proprietary Pine Script code.
The addition of the trailing stop loss tool also follows the introduction of spread betting to ThinkTrader earlier this year.
Spread betting allows traders to speculate on price movements without the need to take ownership of the underlying assets.
ThinkMarkets was founded in Australia in 2010 and has offices in Europe, North America, Africa, the Middle East, and across Asia.
The firm has recently secured a licence from the Dubai Financial Services Authority (DFSA) allowing the broker to onboard clients in the UAE and provide access to ThinkTrader.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
