Hi,
I’m in the babypips school middle school and I’m reading about pivot points. This came up as an aside:
If you believe a certain level is going to be a possible role reversal and you go ahead and set a stop loss limit order just above the level, and it continues to shoot up way past what you set, on all brokers’ software can you:
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jump in and seize the reins and jump out when you want now that it’s sufficiently higher than the stop loss limit you set? You’re not committed to that stop-loss limit order are you?
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reset the stop-loss limit order so that it’s now above the next support/resistance level it just broke through?
I suspect the answer is “yes” I’m hoping though that someone will describe a bit of how it’s “yes” or the cases when it becomes “no” (NB I have no plans to trade futures).
I’m not sure if i’m a bit late here, but here’s my answer anyway:
Yes, you can move your stop loss even while the trade is on going. But usually, you will not want to do that. If you increase your stop loss, you are also increasing the amount you risk on that trade. That’s my main reason why I don’t move my stop losses.
So before going into a trade, be certainly sure of where you are putting your stop loss, coz it needs NOT to be moved.
Agree with garuhh, changing your order mid trade is usually a bad idea.
I’d actually wait to see if reverses before entering, wait for a supportive candle as confirmation. Then set your entry order off that signal and the stop above the pivot or the signal. Then let it dance! If you are pushing your stop back, then you were wrong, just accept it and wait for another signal and move on 'next trade’
Set a realistic TP as well, It could be the next resistance level or a longer term level. If I am uncertain or conditions change, I usually trail my stop the previous daily low/high (depending on direction). But the stop never increases the risk, it just locks in profits. I trade daily movement, you might be on a different timeframe.
Thank you both for replying.
I’m now in babpips grad school and I have since learned that it is common practice as a rate starts to move in one’s desired direction, for the stop loss to move with it.
Did you mean “be certain of where you are putting your stop loss, because it needs NOT to be increased [as a trade moves against you and you start to second-guess yourself, your plan, etc]”?
This seems in retrospect to make more sense with what they’re teaching us over in school of pipsology. Figure out what stop losses you will post and hold to them no matter what, but if the trade moves in your favor (up if you’re long, down if you’re short) that of course you want to reset or move the stop loss with it because that is one way you lock in profits.
Do I have that right?
And I got it about moving order mid-trade. Thanks.
One of the rules that I have set in stone for myself is that I [I]never[/I] move the stop loss further away from the current price.
I see the SL as protecting my money not from the market, but from myself. It’s tempting to sometimes move the stop just a bit further away to let a retracement finish so the trade can resume it’s direction. But by doing this, I have been burned when the retracement just continues or turns into a reversal or horizontal range.
If my SL is hit and then the trend resumes then I might re-enter if it looks good. Better to lose a few pips than a lot.
This is just how I think about SL. Everyone has different trading strategies and SL policies and this is what currently seems to work best for me. 
I will move the SL closer to the current value when appropriate.
Did you mean “be certain of where you are putting your stop loss, because it needs NOT to be increased [as a trade moves against you and you start to second-guess yourself, your plan, etc]”?
Oh yeah, that’s what I meant. It is not supposed to be increased. It can be reduced, (can be even made 0 pips) especially if prices have moved in your favor.
I usually start moving my stop loss to entry when I have accumulated around 80pips or more to prevent further losses, while allowing ample movement for retracements.