Im embarrassed to ask but

Hi people,

When you talk about a trailing stop loss (im trading on metatrader 4) are you saying that I can just pull up my trade and just fill in new stop losses as I go through the trade to grab profits?

When the price is moving in your direction and you want to lock in some profit you can move your stop loss closer to the price.

If you enter a long trade at say 1.5000 put in a trailing stop at, say 10 pips this is what happens.
Price moves to 1.5005…nothing
Moves to 1.5010…your stop is placed at 1.5000, locking in break even
Moves to 1.5015… stop moves to 1.5005, locking in 5 pips profit
Price drops to 1.5010…your stop remains at 1.5005
Moves to 1.5023…stop moves to 1.5013, locking in 13 pips profit
And so on

Hello Yup

Yes you can trail your stop, on metatrader 4 and most platforms,
this is how you do it: when you open a trade (example Buy Eur/$) there is a green dotted line on your chart. now, stand on that line with your cursor and right click, a box with open with Modify, Close, Trailing. Go to trailing, an extended box will open with Delete All, None and 15 point, 20 points, 25 points…and so on till customize.

Choose which ever point you want (example 15 points)

Now once the price move in favor of your trade (price rallies) a red line will automatically appear at your entry level once the price is 15 points ITM. As the price rises so will the red line (trailing stop) the distance will be fixed at 15 points. Once the price drops and hits the red line your trade is closed with profits. Note the red line only moves in favor of your trade (up for long positions and down for shorts) once the price corrects the red line is static and wait for either the price to hit it or go back up/down again in favor of your trade.

Good Luck!

One other bit of advice.
Some brokers do it in actual pips, others call it pips but its actually pipetes (0.1 pips) so be careful the 1st time you use it if you aren’t sure

Thanks Yup for posting this question. I leanred someting new.