GAIN Capital’s GetGo mobile app adds new feature to suggest Profit Target level
The latest version of the solution offers a new feature that suggests the Profit Target level traders might want to set, based on past performance.
The latest version of GetGo, the innovative mobile trading application offered by online trading major Gain Capital Holdings Inc (NYSE:GCAP), was released earlier today, with the focus of the enhancements being on the profit target.
The developer acknowledges that, since launching the app, over 90% of GetGo’s trades went into profit at some point during their signal time window but, of course, they did not stay there all the time. These signals may actually end in a loss.
On the other hand, the company also noticed that not that many of the users of the app have been making use of the Profit Target functionality, which enables traders to set a profit level for each trade so that, if and when that’s reached, GetGo’s automatically closes the trade and locks in the profit.
Due to this, the company has decided to introduce a new feature that suggests the Profit Target level that a user of the app might want to set, based on past performance. From now on, GetGo’s Level appears on the Profit Target slider. The aim of GetGo’s Level is to help traders take profits at the right time and to improve their outcomes.
Traders can change it or turn it off and let the trade close at the end of the signal’s time window.
The latest version of the app is rolled out about a month after the preceding update, which included adjusted risk warnings. The application has a popup which tells clients not to place too much of their funds on any one trade. Previously, this message was displayed when users risk over 20% but, starting with version 1.0.7 of the app, this level has been moved down to 10%. Placing trades with a smaller percentage of one’s account balance means less erratic returns, the developers note.
The update was rolled out shortly after the European Securities and Markets Authority (ESMA) announced that it has agreed on measures on the provision of contracts for differences (CFDs) to retail investors. The measures require, inter alia, standardized risk warnings and leverage caps.
GetGo uses a smart AI-enhanced algorithm to spot statistical trends in financial markets and provide users with compelling trading signals based on historical data. GetGo’s algorithm reads through millions of data points across global indices, currency and commodities markets looking for price patterns that have led to consistent trading outcomes in the past. When it spots a pattern it thinks might repeat, it pings a user a signal. Then traders have to decide: GetGo or No-Go? And that is where the name of the app comes from.