I want to set my stop and take profit even when I am in a right position.
For example…
I buy at 1.5000, s/l 1.4900, t/p 1.5100 … then the price goes to 15050 … then in case the price reverse back to 1.5000 … I don’t want to lose all my profit so I want to close for example when the price goes back to 1.5020 (so i still get 20 pips).
How do I do this?
I figured out that in meta trader I cant set stop loss higher than starting position.
The trailing stop function is available on an open position, right click on an open positon & a box appears as below in image.
Then choose the trailing stop amount.
Be aware that
This only activates when the position is in profit.
Only stays in play while MT4 is open, ie if you close the program the trailing stop will not work. (It works from your computer not server side as stop loss & take profit.)
If you dont want to use a trailing stop you can change your stop loss position when your trade is in profit by double clicking on the order status below the chart then in the “order type” box choose modify order, then you can change the stop loss position and other order parameters.