Hi,
Let's say I bought a currency pair at 1.500. I set a manual stop of 30 pips at 1.470. Once the price goes up to 1.530 or more, I want to lock in my profit of 30 pips with a trailing stop. This is what I want to happen:
1. The original stop order at 1.470 should be cancelled.
2. Once the price goes up to 1.530 or more, the stop loss should be automatically shifted to 1.530. I want to make a minimum of 30 pips no matter where the price moves from now on.
3. If the price goes up to 1.550, the stop loss should be automatically shifted up to 1.520.
How can I do this?
I am testing it in my demo MT4 account. I noticed if I enter a specific price into my stop loss column, I don't think I can ever delete it any more. The most I can do is change the stop loss value.
I asked my broker's support and the answer they gave me was:
I am thinking, I would need to create an EA to dynamically update my stop loss price according to the asking/bidding price.
Let's say I bought a currency pair at 1.500. I set a manual stop of 30 pips at 1.470. Once the price goes up to 1.530 or more, I want to lock in my profit of 30 pips with a trailing stop. This is what I want to happen:
1. The original stop order at 1.470 should be cancelled.
2. Once the price goes up to 1.530 or more, the stop loss should be automatically shifted to 1.530. I want to make a minimum of 30 pips no matter where the price moves from now on.
3. If the price goes up to 1.550, the stop loss should be automatically shifted up to 1.520.
How can I do this?
I am testing it in my demo MT4 account. I noticed if I enter a specific price into my stop loss column, I don't think I can ever delete it any more. The most I can do is change the stop loss value.
I asked my broker's support and the answer they gave me was:
QuoteDislikedThank you for recently contacting us. If you set a trailing stop of 15 pips, then the market would have to go to 16 pips for the trailing stop to be activated and for you to lock in 1 pip of profit.
With that in mind, you would need to set a trailing stop after the market has advanced 14 pips in your favor, if you are using a 15 pip trailing stop. This is something that you would have to do manually.
However, you can also set a take profit at this 30 pip level, but that will automatically close you out at that 30 pips, not lock in your profit. Another thing that you want to keep in mind is that the stop loss that you place on your order 30 pips on the underside will not adjust up no matter what unless you do it manually.
One thing that I would recommend doing is opening a demo account and practicing with it. This is definitely your best option if you want fully understand how all of this works.
I am thinking, I would need to create an EA to dynamically update my stop loss price according to the asking/bidding price.