How to manage stop loss

Beginner Questions
1

Hi all,

I’m new to forex trading and have a question about stop losses. I’m not sure if my idea is achievable so any feedback would be great.

The system I am back testing is as follows:

I enter a trade when three time frames (m15, h1, h4) are either all above or all below their 50 period EMA’s.

I set my take profit at 1/3 of a full day’s ATR with a risk/ reward of 1:1. I’m looking to be out of the trade within 24 hours maximum.

When the trade reaches the half way point to my take profit I want to move my stop loss up to break even. I work full time (and will be asleep during the Asia session) so can’t guarantee I’ll be around to do this manually. Are there any ways I can achieve this automatically when I enter the trade?

Thanks in advance,

Luke

2
  1. Using trailing stop experts advisor/ EA
  2. Use Ctrader platform, Ctrader has trailing stop functions

CMIIW

1 Like
3

Thanks for your quick response artawidi!

I’ve never used an EA before so how would I go about this?

I trade using cTrader however if my full TP target is 30 pips and I set a trailing stop at 15 pips then effectively I would be on a risk reward of 1:2?

Thanks again,

Luke

4

no way to manage stop loss until make sure a good money management.

5

Well, on the SL/TP issue I count support-resistant levels so seriously rather than any other technical tool; besides, I have no specific target on SL/TP.

6

U can order custom EA trailing if u use metaquotes,

Not exactly like that,
Trailing stop is for locking profit,
I can’t explain u better, english is not my native,(i am use trailing too)
Some senior member will help u in details about trailing,

7

Personally I set my TP and SL up before I enter any trades.
Good luck with what you are trying…make sure you demo first of course :wink:

8

i HAVE TESTED THIS AND IN ADDITION WOULD LOVE TO INTRODUCE FIBONACCII LEVELS WORKING PERFECT ESPECIALLY IN STOPLOSS PLACEMENTS

9

i know on capital.com you manage stop loss by adjusting total amount of loss, minimum price level and % of price shortage.

10

its good to set SL before trading , but after trading when market moves at random then how you manage your setting SL?

11

Yes, fibo is a good tool; it describes important levels of the market so smartly!

12

After my trade is already up I don’t manage it(unless I make my trades risk free)

13

Whenever you not set Stop loss thinking you will manage it during trading it can be difficult or not control able sometimes. Set your stop loss before you are going to open any position. It shows you are disciplined You know your limits about profit and loss . Random trading will never make you a planned trader.

14

Tips to manage Stop Loss

  • New investors should use only stop market orders
  • Never use stop loss orders for active trading
  • Never assume a stop loss order has been filled successfully
  • Don’t use stop loss orders for large positions.
  • Use stop loss orders to setup a profit vs loss ratio
  • Use with stocks that have high average daily volume
15

I would like to add something because I’m using bitcoin trading. You should also track your coin If you’re curious about the loss