Since I cannot stay all time in front of the screen I use a trade manager to handle my positions. Of course sometimes when I'm connected, I manage trades manually according to market evolution. As predefined at the time of entry I have only an equity SL.
With my trade manager up to now I had only the option to set a unique TP for all open orders or to use a separate TP for each order either equal to a fixed amount of pips or ATR based.
Then, upon reading that other fellow traders trailed their positions I implemented this feature too.
In the following two screenshots I set a TP at about 5% profit level, then a trailing start at 3% with a trailing stop of 1.5%.
Of course the opportunity to use trailing is controversial: some say it brings benefits locking in profits while other say that in the long run it is detrimental to your overall gain-
In this case (like in any other) it could be that PA could bounce at WPP and then continue straight to TP or that it reversed to eventually turn existing profits into nothing.
I find trailing psychologically useful, above all when you can't stay all time locked at the monitor to follow your trades.
Therefore I'll keep it as an option and a further degree of flexibility to add to this already great strategy.
With my trade manager up to now I had only the option to set a unique TP for all open orders or to use a separate TP for each order either equal to a fixed amount of pips or ATR based.
Then, upon reading that other fellow traders trailed their positions I implemented this feature too.
In the following two screenshots I set a TP at about 5% profit level, then a trailing start at 3% with a trailing stop of 1.5%.
Of course the opportunity to use trailing is controversial: some say it brings benefits locking in profits while other say that in the long run it is detrimental to your overall gain-
In this case (like in any other) it could be that PA could bounce at WPP and then continue straight to TP or that it reversed to eventually turn existing profits into nothing.
I find trailing psychologically useful, above all when you can't stay all time locked at the monitor to follow your trades.
Therefore I'll keep it as an option and a further degree of flexibility to add to this already great strategy.
Attached Image(s) (click to enlarge)
Porta itineris dicitur longissima esse
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