Guys, Hello !
A question for you all regarding Trailing Stop order also known as dynamic stop loss: I am wondering if there is any tool or calculation procedure how many points should be used in Trailing Stop order for best possible success and best benefit?
I am aware that Stop Loss order must be first used and this Stop Loss must be on the SAME ( * ) distance (quantity of points) away in unwanted direction of a trend comparing to ( * ) wanted quantity of pointns in Trailing Stop order. Example: current market price is 0.97184 and i choose 150 points for trailing order. This means for uptrend position, stop loss must be 0.97034 and/or for downtrend position, stop loss must be 0.97334 but I am not asking that.
Actually my question is completely different: Being very anxious that smallest retracement towards unwanted direction could burn wonderful possibility for a good trade. Particularly at the time when Trailing Stop is about to move to the next level. Is there any service, any tool, any procedure, anything, that could tell me how many points on D1 chart should be involved to the Trailing Stop order? Small retracements towards unwanted direction always happen. Thats normal… The trade could be choked via Trailing Stop too soon causing automated closure of position. Main danger is where Trailing Stop level moves….
Any tool/procedure/resource/etc on how many points to use for Trailing Stop?