I am a fan of trailing stop loss, but on MT4 it is a bit confusing.
The setup is in “points”, how can that be utilized and converted to pips “if that’s possible”?
, check this When using stop loss, each point represent pip. Its that easy
10 points = one pip.
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You can have a good understanding of “points” and “pips” by going through the following thread.
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Why is calculating stop-loss so difficult? I need to know a simple way that won’t take my hours to do the calculations.
A lot of traders make use of Stop loss and it is even an effective way of avoiding any losses.
While using the support method, the investor determines the most recent support level of the stock and places stop-loss just below that level.