When I trade over night I set my stop loss where it needs to be and I set my limit order a bit above my goal. Then I make an entry order for the same price as my limit order with a x pip trailing stop loss. So basically I waste 2-3 pips just to change my fixed stop loss to a trailing stop loss. Does FXCM have a way around this so it can automatically just move my stop loss up?
Hi Munz,
There is a free custom strategy available at FXCodeBase.com called State Trailing Stop that might suit your purpose. It allows you to specify a stop price level for each stage as your trade progresses into profit. Here’s a link where you can download Stage Trailing Stop for the Trading Station.
And here’s an article on DailyFX.com about how to install custom indicators and strategies on the Trading Station.
Jason
Thank you, but I use a Mac and a Linux. Is there any way to get this on the online station?
Advanced features such as custom indicators, custom strategies, backtesting and trade automation are only available on the desktop version of Trading Station, not the web version. Trading Station Desktop runs on Windows OS, but we have many Mac and Linux users who still access the platform using a virtualization program like Parallels or a Virtual Private Server (VPS). The advantage of using a VPS is that you can keep Trading Station running 24 hours a day, even when your own computer is turned off or disconnected from the internet.