Hey Everyone,
Is it possible to activate a stop loss after the trade hits a certain profit point. For example, say EUR/USD was currently trading at 1.30000. Could I make it so if the price hits 1.30500 ($500 profit) then a stop loss would be activated at 1.30025 (guaranteeing me $250), but still keep a take profit at $1000?
Thank you for your time.
That’s called a trailing stop. You’ll have to look at your trading platform to see if they can be done that way, or just on some kind of mathematical basis.
A trailing stop would set itself $250 away from any high though right? I just want it to be set at $250 once it hits $500. So even if it goes to $800 the stop loss would still be at $250.
Depends on the functionality of the platform you’re using. That’s very often the case, but you may find something like what you’re looking for where some kind of conditional order entry is available. I found this video on the IB site that shows its platform has that kind of functionality.
http://ibkb.interactivebrokers.com/node/1107