It depends you know.
First two options ( if you really mean 5 or 10 ) ar too small, but if you mean just some rought numbers, i think they can work if your system is right, of course to figure hose numbers for your system you need to do a lot of testing.
I haven`t used ATR or Time based trailing stops so i can`t tell you much about them.
I once used a parabolic sar trailing stop, worked pretty nice.
SAR is of no use. I need the stops for my exhaust sytem I descibed elsewhere. SAR is putting stops on the wrong side of the candles....
I use 5 pip stops in my dreams. When I'm awake 120+ seems more realistic.
Surely I'll test the numbers a lot. I'm waiting on Fridays final release of MT4 so I can start backtesting. (as a rough indication of performance)
Let's hope it works as it's my 1st piece of code in MT4.
Hi everybody....
Most traders familiar with trailing stop....i guess
I am looking for trailing profit.......Anybody can help? here how it goes.....
After taking new position.....after the pip goes like -25 (negative) or more, i consider it a wrong timing trade. Forget about profit, now think about preserve the capital. The trailing profit will change/adjust the profit target from like say +25 pip to breakeven or small losses.
Anybody got mq4 coded for this one.
Thank you
I am not nderstand about trailing stop..because i am newbie
I need to know how to use stop losses, trailing stops and profits and so much more.
I'm just demo ing now so no real loss but a gain in knowledge.
Everything was going so well .
I felt like I was figuring it out. it was going in my favor.
Then bam !!!!!!!
It all turns the other way.
Some times i think maybe i should close trade while I am ahead but it looks like things are are looking good in my favor.
I will just keep learning until i get it right.
I know its a GIANT learning process.
Lots of reading, studying and practicing.
Good things take time.
kauaibobby
For my style of trading (daily charts), stops are the first thing I enter. If I don't know my stop, I don't know my risk.
I mostly use 70-80% of ATR(20) for my stops but it really does depend. I go into detail in my free ebook. click on my user name to find the thread.
p.s. I have a trading aquaintance who just looks at price on his platform to judge the entries/exits. Everybody's different but for me, I can't work without stops/
I've tried a number of these methods (fixed, based on ATR, percentage, etc.) through the back tester for trend following systems.
Sometimes one works better than another, but as a general rule, I get better results with no trailing stop at all, i.e. some other exit.
Perhaps they work better for shorter term, scalping systems. Dunno.
I am rarely to use trailing stop method, but only sometimes
usually based on value15 pips, altough this too tight value
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What type of trailing stop method works best for you?
a] a fixed 5 pips trailing stop.
b] a 10 pips stop that starts to decrease after the profit target is reached.
c] a stop based on ATR.
d] Time based.
e] some other method you want to share.
Personally I'm thinking about a combination of b and c. But haven't an idea yet how to put it in code.