Quote:
Originally Posted by tymen1
As part of the review process, I stress to all traders using candlesticks - do not use a trailing stop loss.
Such a stop loss creeps up on you very quickly and stifles your trade's "breathing room".
You are almost guaranteed to make a loss by using them.
Forex brokers love trailing stop losses - that is why the latest Dealbook has it specially included for very rapid entry.
Trailing stop losses will shut your trade off with a loss very quickly.
Setting a break even stop loss is a very different procedure and must be done manually.
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Tymen, this is very timely advice that all should heed. The setting of stops and when to move them is indeed a skill of its own. Congratualtions on your elevation to the highest level of recognition. Well deserved. I continue to enjoy your very high quality contributions