Advanced Stop Loss Suggestion
Created at 11 Dec 2018, 08:49
Advanced Stop Loss Suggestion
11 Dec 2018, 08:49
Good day. i have a suggetion regarding the advcance stop loss.
i want you to add a additional trailing stop on advcance stop loss and make two option for ADD and Trigger when gaining like the picture below.Example. so when the 50 pips Hit, the SL move to 24 + 1 Pips = 25pips SL position, and the second when the 70 Pips Hit, the SL move from 25 Pips to 49 + 1 =50 pips to secure the profit.when it comes the market reverse.
Please helps about this. i want to make my strategy as Profitable even im not around on my computer.hoping for your kind and considertation more power and God bless your company and all staff.
damian8
12 Dec 2018, 05:01
While we are on the topic...
I think others have mentioned that the "add pips" concept of a trailing stop is hard to work with. Preference seems to be the more natural language approach of setting a rule. Example: "trail stop loss by X pips when gaining Y pips"
Also, an additional feature TSL request in concert with what Alex sugests:
Multiple trailing stop loss rules allowing scaling out via trailing stop. This works really well blended with multiple Take Profit scale-out levels, especially in the instance when a TP was almost hit, but not quite... many of us want to tightly protect that unit which was 1 micro tick from being closed at a TP limit order target.
TSL 1 would be automatically cancelled when TSL Rule 2 gain target is hit.
I admit this can get complicated and my example has room for problems to arise. But there are other methods to protect a TP target that was missed by a tick. Example, using a two-part Take Profit rule:
=> This way, if you hit 9.9 pips gain, missing your 10 pip TP target, you will exit with a SL order if the maket then falls back to an 8 pip gain.
And all this should be definable as a saved trade management set before the trade is opened, rather than very quickly set after the trade opens.
ps, having a built in control for specifically Break Even is a great feature. Please keep that as is if you develop any other new trailing stop rules. :)
@damian8