Trailing stops, fixed or none?

Trading Discussion
21

I would not suggest any of the commercial EA available.
You need to build a strategy and than code it, or pay someone to do the coding job, that is the easy and cheap part.
Than you need to study algo trading on books and learn how to backtest.
For backtesting you can use mt4 and mt5, they work fine if you learn how to setup everything, mt5 is more reliable.

22

15 to 20%, and here I am referring to trailing stop loss, not traditional. I prefer it because it is more flexible and changes with the price movements. Less susceptible to limiting profits.

23

I set my orders for this pair normally based on price action. With a retracement (to support) possibility now again might be a good time for trading short term. But really apprehensive of trailing stops!

24

I too use MT5 so Iā€™m glad about that :slight_smile:

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25

So donā€™t use trailing stop, there are other methods to get success. Your comfort in trading is the most important :slight_smile:

26

Trailing or conventional, all SLs are meant for avoiding market crashes. Thanks to SL I have many times managed to wring out a small percentage of profit even when the market is down by 50%. The trick is to measure SL in the currency you are trading. So it could change from CAD to CHF to USD.

27

Does anybody here use market order sl. I normally hit the join/bid button and order is immediately sent for execution. All long/short positions that are open are closed at best prices.

28

get it :slight_smile: mental peace is as is so important in trading with all the crazy swings goin on

29

This doesnā€™t work where there are latency/slippage issues.

30

In a high latency environment, no strategy would work. I am absolutely particular on this aspect with any broker that I use. And from my end, I keep all the computers on which I trade close to the server.
Yes I like having different screens on for my different accounts at the same time. I know a lot of people today will find this unusual.

31

Use forex copier!

32

Ive battled for a while with this. I have opted to close positions at certain percentages and then letting it run

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33

I seriously donā€™t know how people manage handling different accounts. I find using 2 at the same time (fxview and fidelity currently) quite a task. With Fidelity going commission free I thought Iā€™d also try my hand at some high value stocks. Been trading forex otherwise, with Oanda before Fxview. I always maintained my stop loss just below moving average.

34

Thank goodness for that! Earlier charge of $4.95 literally killed me. And considering their scanning tools for stocks, couldnā€™t move away from them either.

35

Is there a certain % you stick to?

36

I always believe that comfort should precede everything else in trading, how it is with everything else in life. Nothing good or longlasting can be accomplished with a stressful mind.

37

Absolutely yo! Imagine giving your body hypertension issues while your mind loses any semblance of sanity. All for what, few pips, nah!

38

For quickest exit, itā€™s best to use a combination of market and stop limit order. Have saved my accounts with IC Markets and Fxview numerous times cause of stop loss. NBP is another saviour of the traders.

39

Absolutely helpful in volatile markets. In fact this is the only way Iā€™ve seen sl work effectively.

40

I will go with 15% when it comes to defining the stop loss percentage anyone should use. You can also go as far as 20 as per the conditions. The best way to make use of SL is to have a good hold over your emotions especially when the stop loss level has reached.