When opening a new position, you have several position sizing choices. You can define position size by:
- Contract quantity
- Dollar amount
- Percentage of a bot’s allocation or available capital
- Linking the contract size to another position
You can easily manage position sizing with fixed contract limits in open position actions.
Using a fixed contract size enables you to specify the exact number of contracts you want the bot to open.
The bot will reference the fixed contract limit every time it sends an order to your broker to open a new position.
For example, if you set the contract amount to five, the bot will always open five contracts per position in that scanner automation.
Plus, if you have two or more open position actions in an automation, each position type could open different contract amounts. So, you have a lot of flexibility!
You can always change the open position action’s settings or use custom inputs for more efficiency and flexibility.
Remember, a bot will automatically stop sending orders to your broker if it exceeds an allocation or position limit.