Advanced Stops and Take Profits.

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

http://www.forexfactory.com/showthread.php?t=9553

Hopefully its the right tools for you.

Directly from the platform you can set a trailing stop, but it only kicks in when you have that amount of profit, i.e. a 15 point stop does not take effect until you have 15 pips profit, until then you must use a regular stop. Your computer must also be running and Metatrader open and connected, only stop and limit orders are stored by the broker, trailing stops are stored on your platform, so if you crash or lose your connection there goes your stop, so always use in conjunction with a regular stop. To automatically change the trailing stop level, you would have to have an expert advisor program running programmed to do that, which is possible, but again if you crash or lose internet there goes the advisor until you are back up.

Thanks for the link and the responses!

now - is there anything similiar for the Oanda charting platform?

Please correct me ...Northfinance broker stored Trailing Stop on their broker ...pls check it out ...