Trial Stop & Stop Loss

Anyone can tell me do I need to set my Stop Loss when I hve Trial Stop?

Does Trial Stop apply for both Long & Short?

Like to know if I take a short @ 1.2280 with a trailing stop of 25.
It went down to 1.2268 and came up to 1.2311, will I be stop by this pt? or at what pt will I be stop on this scenario?

I did the above order few hrs ago, and I didn’t get stop. Want to now if I have got it right.

I set my order same time my trial stop @ 25 without a SL.

It was not trigger when it hit 1.2311.Now I am sitting on a loss position.

Anyone can help xplain what went wrong if any?

REPLY: YES you can trail shorts and long. If you entered a long position you would nee a trail SELL stop.
If you enter a short (say you sold a lot at -10,000 @1.2280) you need to enter a trailing BUY stop.
At the time you place the order at 1.2280 your trailing stop would be at 1.2305 (1.2280 + 0.0025) . The trail stop moves as your rate move , so if you had a trailing buy stop at 25 and the rate moved only to 1.2268 and reversed then your trail stop should be at 1.2293 which is 13 pips below your entry position of 1.2280 therefore you WILL be stopped out at a loss.

The purpose of a trailing stop is for when or if you expect the currency is going to rally, not for small profits as you have described.
If you entered the short at 1.2280(rate moving down) with a trail of 25 and the rate moved 80pips to 1.2200 and then reversed against you, you would be stopped out at 1.2225 for a profit of 55pips (1.2200 + 25 - you dealers spread).

If you are trying to close your position when you have a small set profit then you should be using LIMITS not trailing stops.(well you still need a regular stop incase there is a reversal.) So say you entered a short at 1.2280 of 1 lot with a LIMIT of 1.2268 , then when the rate moves and gets to 1.2268 your position will automatically close giving you a profit of 18pips(minus spread of course) and you wont need to worry about reversal since your position if closed.

Maybe someone else can explain this a little better if i am not too clear on this.

triling stops work differently for every broker. Some will only activate only when you are up by that much ie. if you set a 15pip trailing stop then the trailing stop will not start until you are +15. Other brokers will start the trailing stop when you start it. ie. Open a trade and set a 15 pip t/s the pair moves 15 pips against you and you lose. The best way to find out is to call your broker and ask them.

Thanks, that is something I never considered