cTrader just added a new feature of choosing up to 4 tp’s with whatever percentage you want. It seems like a really cool feature. It already included an advanced trailing sl, where you chose how much you gain before trailing for your chosen number of pips. Does anyone know if there is some statistical research on which of the two is the better approach for long term positions?
Trailing Stop loss has always been the better option.
I think it comes down to what the trader prefers. I have multiple entries so for me it won’t really change that much. For example if I am trading 0.50 lots instead of placing one single order I spread them out across the S/R zone and could have five orders of 0.10 10 pips apart.
I also have multiple entries, but instead of opening new positions, I just increase the amount of the already open position (this is done in cTrader and mt5). mt4 doesn’t have this option as far as I know.
Many professional speculative traders will tend to favour entering a position with perhaps three (or more) take profit points along the way. Lets say hypothetically your first (TP1) is closed in profit a third the way to your ultimate projected goal. Now if price pulls back before resuming in the predicted direction (as will likely be the case), you’ll already have a buffer. TP2 gets hit, more profit locked in = larger buffer. And so on and so forth. Stop is simply personal preference. It can be left where it was originally placed or manually moved inside the trade when safe to do so. Personally, I’m not a fan of trailing stops as they take no account of current market liquidity and thus can all too often be taken out by a spike in price.