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?
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Joined May 2006
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Status: Millionaire Traders - Chapter 8
|139 Posts
If you plan to use a trailing stop make sure its at least 10 pips out. Otherwise it will get picked off pretty quickly. If you notice the market swings to get these stops and then continues on in the direction of the trend.
I am facing a problem with metatrader trailing stop.
When i set trailing stop it auto fix at 30 trailing stop. It cant be delete of change to other value. Do anyone have any idea on this? I am using it demo account. Try to delete and change but it back to 30 trailing stop.
Pls advice, thank you.
PS: sorry vder use your thread to ask another question.
I personally use all, a trailing stop, a take profit and a stop loss. I cover all my basis. I look to lock in profits and ride the trend for big gains. Move my stop loss as I go. My personal opinion of course.
Quoting vder
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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?
I am facing a problem with metatrader trailing stop. When i set trailing stop it auto fix at 30 trailing stop. It cant be delete of change to other value. Do anyone have any idea on this? I am using it demo account. Try to delete and change but it back to 30 trailing stop. Pls advice, thank you. PS: sorry vder use your thread to ask another question.
Ignored
Hi Jacgyc,
First step, right-click on your trade position, and set trailing stop to 'None'
Then right-click on your SL level, Cancel the Stop Loss. Your SL will be cleared, click OK.
Now you may set your new Stop Loss and then set your new trailing stop size.
There is no difference way for demo or real account.
I use both, first thing is to lock your trade when it is in reasonable profit. Don't let market take back a winning trade from you. Another good thing is to close some position of your trade, this will guarantee some profit in your account even if market reverses to hit your BE.
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.
I use both in conjunction. I have an initial stop that I adjust to breakeven as the trade moves in my favor and I have multiple TP as I scale out of the trade.
