Trailing stop is very useful tool in case you are unsure what would be the next market move. But in cases of clear trend developing I do prefer using only the TP and SL options.
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exact message you have explained , no way to deny something , agreed.
breakeven + spread/comission as soon as you can !! if you have a good strategy to place your trades the market WILL move in your favor at least the same risked pips so you can move to BE easily and enjoy free trades (probably). In the end you either win OR break even (with the rare ocasional lost once in a while), BUT the account goes up steady for sure
Break even can also let you optimize the risk management for the wining side, not averaging for the losers (you cant do both at the same time)
i don't know much about break even , there is anyone who can explain me about it with simply information.
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Simple: its the action of moving the Stop Loss to a "break even" point wich its the entry price + spread/comission/whatever.. In practice it means that IF the price retrace back until this point you dont lose money, you end up in a "break even" point; of course its done once the trade moves in your favor to have some wiggle room for the trade to develop itself
Its a offensive/defensive move at the same time to protect your account and it let you possibly be more aggresive with your risk management (of course it depends in your trading aproach)
{quote} Simple: its the action of moving the Stop Loss to a "break even" point wich its the entry price + spread/comission/whatever.. In practice it means that IF the price retrace back until this point you dont lose money, you end up in a "break even" point; of course its done once the trade moves in your favor to have some wiggle room for the trade to develop itself Its a offensive/defensive move at the same time to protect your account and it let you possibly be more aggresive with your risk management (of course it depends in your trading aproach)...
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Hi Havo,
Would you mind sharing how many pips/% you let the trade develop before setting a break even point? Thanks!
{quote} i generally move to BE once i have the same amount of pip in my favor as my original Stop loss.. a couple bricks (most of the time) with renko charts
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Renko chart? How long you are working on this chart? By the way, I am comfortable with candle chart!
{quote} Renko chart? How long you are working on this chart? By the way, I am comfortable with candle chart!
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Yes i use renko, right now like a year using it every day.. whatever works for you and that can give you consistent result keep using it !! my wife its a pro reading time based candlestick and she doesnt like renko too much (go figure) im the oposite actually haha.. She trades oil almost exclusively (very fundamental based), me forex and indices (way more technical) both of us can make money out of the market all the time wich its what matters in the end =)
{quote} Yes i use renko, right now like a year using it every day.. whatever works for you and that can give you consistent result keep using it !! my wife its a pro reading time based candlestick and she doesnt like renko too much (go figure) im the oposite actually haha.. She trades oil almost exclusively (very fundamental based), me forex and indices (way more technical) both of us can make money out of the market all the time wich its what matters in the end =)
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Wow! Trading Family! Nice to hear! Best of wishes for both of you!
So far I do not understand why a trailing stop is needed. As far as I understand it is needed more in order not to suffer a loss than to make a profit. And it is necessary only if you do not have the opportunity to monitor the market. Perhaps I misunderstand something. But for now, I only use take profit. Stop loss or trailing stop not for me now. I hope I do not need it.
I will go with take profit as it is better than trailing stop. Normally I don;t use any take profit but if I have to choose between these two factors then I will go with take profit option.
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I am also same. I prefer Take profit. However, I use trailing stop on SL. It helps me to minimize loss.
Can anyone make the following changes in the attach ea
1. Lots = 03 which is fixed. pl remove fixed lot.
1. Please add Trailing stop in Input of this ea.
2. Trailing stop auto disable after each loss and again auto enable trailing stop after win.
I shall be thankful to you and it will be for the benefit of all.
The choice between using a trailing stop and a take profit order ultimately depends on your trading strategy, risk tolerance, and the specific market conditions you're trading in. Both tools are valuable for managing risk and securing profits, but they serve slightly different purposes and can impact your trading outcomes in different ways.
Take profit orders are set at a predetermined level of profit. Once the market reaches this price, the trade is closed automatically, securing your profits. This tool is particularly useful in markets or situations where the price is expected to reach a certain level and then reverse. It ensures that you lock in profits before a potential downturn, making it a great option for capturing gains based on specific analysis or price targets.
Trailing stop orders, on the other hand, allow you to secure profits while giving your position room to grow. A trailing stop automatically adjusts to the current market price, maintaining a predetermined distance below (or above, for a short position) the market price. This means that if the market moves in your favour, the trailing stop moves with it, helping to protect your gains while potentially allowing for greater profit if the price continues to move favourably. However, if the market price reverses by the set distance, the trailing stop is triggered, and the trade is closed to protect you from further loss.
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I am curious about something. Does anyone use the trailing stop as a means to take profit? Or do you use it in conjunction with a Take Profit? When you run with the market, which strategy should one go with? thanks.
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In my experience, trailing stops offer a more flexible approach to managing trades compared to take-profit orders alone. Trailing stops allow traders to capture potential larger gains by letting profits run while still protecting against significant losses, adapting to changing market conditions dynamically.
I think both tp tsl can be used at the same time,
with tsl ,once I had a nice entry point, I often used a trading stop to preserve my profits. You know, at least I didn't lose.
I am curious about something. Does anyone use the trailing stop as a means to take profit? Or do you use it in conjunction with a Take Profit? When you run with the market, which strategy should one go with? thanks.
I did some experiment on trialing stop but if I were a full time trader, then I would not need it as I could monitor it all day to get some better profit. TS will prevent you from big profit.
