Hi All,
I have used a trailing stop for a few of my recent trades, and I think I will use them more in the future.
I was wondering if there is a way to set a trailing stop to be added to the trade, once the trade hits a certain level?
For example, have a 5 pip trailing stop added to a live trade, but only once the trade hits a 30 pip profit level?
If I understand correctly, I can only do this manually when my TP level is reached. Otherwise, if the trailing stop was in place when the trade was placed, I could/would get stopped out before reaching my theoretical TP level.
Hope that makes sense!
Hey Roy,
the only way to set up a trailing stop “automatically” would be to use a simple EA or script.
While I’m no expert at coding, it should be simple enough for somebody who knows what s/he is about.
Have a look at the MT4 / MT5 website, there is a forum for EAs and scripts; you’ll find free ones and can also ask coders to write one for your specific needs, for a few bucks.
Keep in mind that your platform has to be online for a trailing stop to be executed.
Cheers,
P.
FXCM allows you to put in dynamic and fixed trailing stops and you will not need your platform to run live all day for it to work.
When you enter your stop from the order entry window you have the option to pick “dynamic” or “fixed”. If you select “dynamic” the stop will move with the price pip for pip. If you select “fixed” the stop will move at fixed intervals like steps. So you could have the stop move in 30 pip intervals (or whatever you like). If the price moves up 30 pips, your stop will move up too. But if the price goes up another 10, the stop will stay at the previous level. The price will need to go up another 30 for the stop to move. It is not exactly what you might be looking for, but it is an option out there.
-Adrian
Thanks P.
I thought an EA would be needed.
Appreciate the reply.
Cheers