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Broker with a pip by pip trailing stop

  • #1
  • First Post: Oct 19, 2007 11:36am Oct 19, 2007 11:36am
Hello all

I am looking for a respectable broker that offers a trailing stop loss that will follow the price pip by pip. Not talking about a trailing stop like in MT4 that only activates when you are in profit and you have to keep your computer on.
Rather a trailing stop that is activated by the broker side and just follows along as per your specs. For example if you have a 50 pip stop loss and you buy eur at 1.43 and you have a trailing stop loss at 1.4250. Price goes up to 1.4310 but then nose dives to 1.4230. You lose 40 pips instead of 50 (with a static stop or a trailing MT4 stop).

Any suggestions?
  • #2
  • Oct 19, 2007 2:27pm Oct 19, 2007 2:27pm
i'm not sure. I think perhaps some sort of script could be programmed for MT4 that would do this, sorry can't be more help, hopefully someone else could be.
  • #3
  • Oct 19, 2007 4:18pm Oct 19, 2007 4:18pm
MB Trading has that trailing stop; web based so you can set and forget...
  • #4
  • Oct 21, 2007 5:05pm Oct 21, 2007 5:05pm
Quoting TC East
MB Trading has that trailing stop; web based so you can set and forget...
Thx for the info. Only one broker that allows this option?
  • #5
  • Oct 21, 2007 6:45pm Oct 21, 2007 6:45pm
Quoting saskgui
Thx for the info. Only one broker that allows this option?
I'm sure there are other brokers with trailing stops like you want, but MB Trading only one I'm familiar with...

Best wishes in your search...
  • #6
  • Nov 7, 2007 5:38pm Nov 7, 2007 5:38pm
This EA is for taking profit at certain points past break even, and it moves the stop to a certain point at a certain price level. There is no reason why you cannot adjust this with some extra lines so that your stop becomes a trailing step jumping up every say 5 pips, or even 2 pips, until it gets to break even. You could then use the take profits part of the EA or set them too high and manage the trade yourself; or delete that section entirely.
I personally use MT4 for my visual setups and then use MB Trading for my actual live trade.
Read the threads on this EA first submitted by Stockwet. Here is the link:
http://www.forexfactory.com/forexfor...ead.php?t=9553
Hope this helps
frank
Attached File(s)
File Type: mq4 MTP_1.5.mq4   9 KB | 1,198 downloads
FrankieB
  • #7
  • Nov 7, 2007 5:45pm Nov 7, 2007 5:45pm
Just to explain what i had in mind, take the inputs:
extern string PreSet_Name = "Default";
extern int First_TP_Target = 20;
extern int TP_Target_Increment = 20;
extern double Close_Lots = 0.1;
extern bool Move_Stops = true;
extern int First_Stop_Target = 19;
extern int First_Stop = 1;
extern int Second_Stop_Target = 39;
extern int Second_Stop = 20;
extern int Third_Stop_Target = 59;
extern int Third_Stop = 30;
extern int Trail_Stop_By = 30;
extern bool Use_Max_Loss = true;
extern int Max_Loss = 30;
extern bool Alert_Sound = true;
extern bool Alert_Email = false;
extern int Magic_Number=0;

There is no reason you cannot have eight stops with First-Stop at say -45, second stop at -40; third stop at -35 etc, until you got to break even.
I do not program MT4 yet, but this does not seem to be too hard, just looking through the scipt for this EA.
Anyone out there help with this for this gentleman?
Frank
FrankieB
  • #8
  • Nov 7, 2007 7:03pm Nov 7, 2007 7:03pm
i read here somewhere that FXCM also has web-based trailstop ? also Interactive Broker allow you to trailstop after a certain point plus many useful features............i think in the 'moving from oanda to interactive broker' thread ........
  • #9
  • Nov 7, 2007 7:13pm Nov 7, 2007 7:13pm
MBT but trailing stops do not work too well. imo its better to have a hard stop loss and move it manually. again ppl are tempted to trade in the loser time frames.
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  • #10
  • Nov 8, 2007 3:47am Nov 8, 2007 3:47am
Yes, there are a variety of ways to do it, and the manual adjustment method helps you to focus on the trade and assess it carefully before you move; but there are sometimes other factors such as access to the computer; work commitments etc which may mitigate against this; and so this is where the variety of methods comes into play for those that have more than one method of doing it. IMHO
Cheers
Frank
FrankieB
  • #11
  • Nov 8, 2007 4:17am Nov 8, 2007 4:17am
Quoting TC East
MB Trading has that trailing stop; web based so you can set and forget...
TC East -

This is correct MBTF and EFX offer a true pip for pip trailing stop, but its not web based, it is actually server side held. (Probably what you went).
  • #12
  • Nov 8, 2007 6:31am Nov 8, 2007 6:31am
Quoting jleblang
TC East -

This is correct MBTF and EFX offer a true pip for pip trailing stop, but its not web based, it is actually server side held. (Probably what you went).
Thanks for the clarification Justin...I basically just didn't know what to call it, but yes, "server side held" is good!
  • #13
  • Nov 8, 2007 6:33am Nov 8, 2007 6:33am
Quoting TC East
Thanks for the clarification Justin...I basically just didn't know what to call it, but yes, "server side held" is good!
You're welcome.
  • #14
  • Nov 9, 2007 5:05am Nov 9, 2007 5:05am
Quoting jleblang
TC East -

This is correct MBTF and EFX offer a true pip for pip trailing stop, but its not web based, it is actually server side held. (Probably what you went).

so final conclusion is not on our PCs ?
  • #15
  • Nov 11, 2007 12:13pm Nov 11, 2007 12:13pm
Quoting Frank Basten
Yes, there are a variety of ways to do it, and the manual adjustment method helps you to focus on the trade and assess it carefully before you move; but there are sometimes other factors such as access to the computer; work commitments etc which may mitigate against this; and so this is where the variety of methods comes into play for those that have more than one method of doing it. IMHO
Cheers
Frank
yea gotta admit thats a problem. can't be around computer 24/7.
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  • #16
  • Nov 12, 2007 12:13pm Nov 12, 2007 12:13pm
Quoting jjk2
yea gotta admit thats a problem. can't be around computer 24/7.
No, what this means is that when you place your order, it is held on the EFX server, so you don't need to be anywhere near your computer. I asked what would happen if I had a power failure, and was comforted to know that the order is fine because it's held at their server, so a power failure on my end doesn't matter.
  • #17
  • Nov 15, 2007 4:32am Nov 15, 2007 4:32am
TC East,
You've got it man. Right on. The other advantage of having your stops server sided is that even with trailing stops, or set stops, they can all be adjusted at any time manually as well. They are not just set and left, and are untouchable.
So if you want to give it more room as the trade takes off, you can widen your trailing stop if you want; if you want to tighten the stop as it gets toward the end of the run, you can do this too.
And all the time, you know that the trade is being managed in a box not affected by thunderstorms or blackouts in your area; or the rats eating through your cabling in the ceiling. You can sleep easy.
cheers
Frank
FrankieB
  • #18
  • Nov 15, 2007 8:30am Nov 15, 2007 8:30am
Quoting TC East
No, what this means is that when you place your order, it is held on the EFX server, so you don't need to be anywhere near your computer. I asked what would happen if I had a power failure, and was comforted to know that the order is fine because it's held at their server, so a power failure on my end doesn't matter.
This is absolutely correct.
  • #19
  • May 23, 2009 12:33pm May 23, 2009 12:33pm
Quoting Frank Basten
This EA is for taking profit at certain points past break even, and it moves the stop to a certain point at a certain price level. There is no reason why you cannot adjust this with some extra lines so that your stop becomes a trailing step jumping up every say 5 pips, or even 2 pips, until it gets to break even. You could then use the take profits part of the EA or set them too high and manage the trade yourself; or delete that section entirely.
I personally use MT4 for my visual setups and then use MB Trading for my actual live trade.
Read the...
Anyway you can change this so it will work with All open orders and only need it to work attached to ONE chart?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #20
  • Jul 27, 2015 7:36am Jul 27, 2015 7:36am
Does anybody know a reliable broker with trailing stop? Not using any EA. I'll just create the order and set the trailing stop by a set number of pips.
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