I’m trying 20 pips but I get stopped out when price retraces. Then it continues to its original direction.
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You mean 500 points, which is 50 pips, and which is far too large, IMO. I use around 30 pips.
I use often use ATR, such as 1.5 or 2 times. Then trail at break even.
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I think it depends entirely on your strategy and the time frames your trading. Smaller pip stop loses are good for smaller time frames, but you’ll need larger stop loss for larger time frames. Also what your trading will affect the amount of pips to stop loss, so do your research. I think EURUSD can move 100-200 pips a day (I may be wrong) in either direction, so a 20 pip stop loss will be pretty rubbish.
it’s not about the “number of pips”!
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Being fixed here is difficult because to set trailing stop, you need to know the support and resistance level.
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There is no universal or fixed number of pips that is suitable for all traders. You should find the trailing stop distance that aligns with your specific preferences and experimentation and observation of market behavior.
It depends on the support and resistance level but to answer on average, I can say it’s 20 to 25 pips.
exactly right, and this is the main point
without knowing that, one cant possibly answer the question helpfully or productively
on what basis are you saying that?! where on earth do people come up with these “magic figures” from?!?!
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If you want to trail, what flamingoproxy described in that other thread is the best way to do it. Wait for a pull back to finish and the trend to break higher, then move your stop loss just below the support. Keep doing that until it reverses and hits the stop