I found the documentation on how to set a daily or a weekly profit trigger, but nothing there explains what this even is or why I would want to set it. Can anyone explain what this does?
Some traders manage their risk by having profit and loss targets on a daily or weekly basis. For example, if they target $1,000, when they are up by $1,000 they stop themselves and walk away from the market. This keeps them from losing their $1,000. If they can touch this weekly and lock it in, after a year they will be up $50k. And the trigger when they are down $1k would keep them from blowing up their account. Allowing them to walk away and clear their head and take some time to regroup before beginning a day or two or three later.