Hello Everyone:
I was hoping I could get some help here on a basic question, although to me I'm not quite getting it.
Can I get an explanation of a trailing stop. I do understand what a trailing stop is for, but for some reason I have a hard time using it in my trading.
So, here I will use examples....lets say I have a long order and I'm up say 50 pips. I want to protect that proft while still letting the currency pair run. What kind of trailing stop order would I want to put on and how would that effect my order? Also, when would be the appropriate time to place a trailing stop order, I'm kind of confused as to when I should place it.
If anyone can give me a brief explantion on the correct way to use trailing stops, I would greatly appreciate it.
Thanks so much..
M.
I was hoping I could get some help here on a basic question, although to me I'm not quite getting it.
Can I get an explanation of a trailing stop. I do understand what a trailing stop is for, but for some reason I have a hard time using it in my trading.
So, here I will use examples....lets say I have a long order and I'm up say 50 pips. I want to protect that proft while still letting the currency pair run. What kind of trailing stop order would I want to put on and how would that effect my order? Also, when would be the appropriate time to place a trailing stop order, I'm kind of confused as to when I should place it.
If anyone can give me a brief explantion on the correct way to use trailing stops, I would greatly appreciate it.
Thanks so much..
M.