Do you use trailing stop?
If No could you explain why? and if Yes could you explain how you set it up for each individual trade?
If No could you explain why? and if Yes could you explain how you set it up for each individual trade?
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Quoting niceguy777DislikedPersonally I don't use them for the following reason. According to the Absolute Fibonacci Framework, the spaces between 'sticky' lines vary. The currencies retrace to these lines, pause on them as they move, and turn on them when there is a reversal. So, if you put in a trailing stop, and it is fixed and unable to take into account the variations of retracements, the trailing stop will take you out of the trade unnecessarily on many occasions.Ignored
DislikedI think it is absolutely necessary to use a trailing stop.. Key to success in trading is to let your winners run and cut your losses short. Well the only way to do that is let your open position ride for as long as possible.
For example. I have a position open now, Im not going to say in what pair, but it is up quite a bit. When I opened it, it went in my favor then turned 50 pips against me. I of course had a stop, but it was never hit. It then turned 100 pips in my favor, well at that point I set it to break even for I realized the market was going to remain bullish. it dropped 50 pips at which point alot of people would have called it quits but I held onto it. The position has nearly tripled (in terms of floating profit) and I have locked in 170 pips of profit using trailing stops.Ignored
DislikedLocked in 170pips? wasn't you TP target hit? or if you use a Trailing stop, do you not use a TP? or does TS override TP?Ignored
DislikedT-stops protect pips but that doesn't mean they always let winners run. I think we need to be careful with it, otherwise all it does is drag your stop into the noise and cut your profits short unneccessarily. I still use T-stop occasionally but i'm not as enthusiastic about it as I used to be.Ignored