In a normal trading scenario of mine; I create a pending order.
A Buy stop. When my predetermined value is met, I am entered into the market, at that point I have a Stop set at -30 pips below entrance, and a Limit set at +100 pips above.
I come home the next day and find out that I was +98 pips, and then price plummetted and now I am at -20 pips. Stuck in the trade; I either wait it out or close my trade.
Now - is it possible for me to do that same as above, but have my MT4 charting platform raise my stop automatically to BreakEven once I am +30 pips into the trade?
Afterwards; once my trade reachs +50, I want a trailing stop of 30 (in effect locking in +20 pip profit); and finally once I reach +80 pips I'd like my trailing stop at 10 pips (locking in 70 pips profit). --I would not have a limit then either, as the trailing stop would be very tight at this point.
Finally, is it possible to automate scaling out of trades, by selling off a certain number of lots automatically?
If these are very obvious\newb questions that are answered in a document that I neglected; then i apologize!
thanks
A Buy stop. When my predetermined value is met, I am entered into the market, at that point I have a Stop set at -30 pips below entrance, and a Limit set at +100 pips above.
I come home the next day and find out that I was +98 pips, and then price plummetted and now I am at -20 pips. Stuck in the trade; I either wait it out or close my trade.
Now - is it possible for me to do that same as above, but have my MT4 charting platform raise my stop automatically to BreakEven once I am +30 pips into the trade?
Afterwards; once my trade reachs +50, I want a trailing stop of 30 (in effect locking in +20 pip profit); and finally once I reach +80 pips I'd like my trailing stop at 10 pips (locking in 70 pips profit). --I would not have a limit then either, as the trailing stop would be very tight at this point.
Finally, is it possible to automate scaling out of trades, by selling off a certain number of lots automatically?
If these are very obvious\newb questions that are answered in a document that I neglected; then i apologize!
thanks
"Please sir, may I have some more pips?"