Trailing Order (Trailing stop loss) - Is it possible to MODIFY it?
the fact you need money to do this in the first place. and that who ever dusint have 250 to do this. dusint get sent any money from nobody not even a one off. and you need a card and to have a bank account set up. so with out those things this is impossible to pertissapate in anyway. there's no Houle of doing things with problems like that. no way of trying for some or odd one anyway like me.
Thank you for your message but I am afraid that you accidentally pasted this text to the topic post I opened but you meant to paste it somewhere else, right? I cannot see any relation between my question divided on 3 parts and your message. Even if it is anyhow related to my message, you surely forgot to say to which part (out of 3) are you referring to... Again, i appreciate your time but i used to read your message like 10 times. Not a single word matching my topic post.
Well, your query is quite "long" and filled with some misconceptions. So I will try to answer in a simply "one line answers all" type answer.
There is no such thing as a "Trailing Order" (at least not for MetaTrader)! There is however a "Trailing Stop" which in very simple terms, simple means that you modify/change the current "Stop-Loss" to a new price value so as to "protect you profits" or to "reduce risk".
That is all it is - a mechanism, either done manually by a "human" or automatically by the software or by an EA, that will periodically update the Stop-Loss price according to predetermined rules. Nothing more!
PS! If you referring to the standard built-in Trailing Stop that the terminal application offers, then it is just adjusts the Stop-Loss and sets it to a a fixed distance from the Maximum Favorable Excursion, once that same excursion is larger than the trailing distance
Well, your query is quite "long" and filled with some misconceptions. So I will try to answer in a simply "one line answers all" type answer.
There is no such thing as a "Trailing Order" (at least not for MetaTrader)! There is however a "Trailing Stop" which in very simple terms, simple means that you modify/change the current "Stop-Loss" to a new price value so as to "protect you profits" or to "reduce risk".
That is all it is - a mechanism, either done manually by a "human" or automatically by the software or by an EA, that will periodically update the Stop-Loss price according to predetermined rules. Nothing more!
PS! If you referring to the standard built-in Trailing Stop that the terminal application offers, then it is just adjusts the Stop-Loss and sets it to a a fixed distance from the Maximum Favorable Excursion, once that same excursion is larger than the trailing distance
My query has to be lengthy enough to explain what is being asked. I appreciate your reply but cannot find any relation between what you are saying and what I am asking in three different subquestions. My question(s) is/are most likely very specific and explanation about Trailing Stop in general wouldn't help. Yes, you are right - the Trailing Stop is for me the same as ''trailing order''. I was referring to the option which is shown when you right mouse click on the position at the bottom of MT.
Hopefully someone will find some available time to answer what I am asking...
My query has to be lengthy enough to explain what is being asked. I appreciate your reply but cannot find any relation between what you are saying and what I am asking in three different subquestions. My question(s) is/are most likely very specific and explanation about Trailing Stop in general wouldn't help. Yes, you are right - the Trailing Stop is for me the same as ''trailing order''. I was referring to the option which is shown when you right mouse click on the position at the bottom of MT.
Hopefully someone will find some available time to answer what I am asking...
I doubt it. I don't want to read a page to found where the questions are.
And in addition, you are discouraging people who are trying to answer you.
Referring to your title, no the built-in trailing stop can't be modified. But a custom trailing stop can be coded exactly as you want with mql language.
My query has to be lengthy enough to explain what is being asked. I appreciate your reply but cannot find any relation between what you are saying and what I am asking in three different subquestions. My question(s) is/are most likely very specific and explanation about Trailing Stop in general wouldn't help. Yes, you are right - the Trailing Stop is for me the same as ''trailing order''. I was referring to the option which is shown when you right mouse click on the position at the bottom of MT.
Hopefully someone will find some available time to answer what I am asking...
I actually read your post in its entirety, and found that you were completely misunderstanding the concept of a "Trailing Stop", and because of that, answering your 3-part query would be impossible without first teaching you several basic trading concepts.
So, I tried (in vain it seems), to fist clarify for you what a "Trailing Stop" is at its simplest form, and even left you a extra "clue" (the technical term, "Maximum Favorable Excursion"), in hopes that you would Google it and in so doing, learn a little more.
My simple answer did in fact, reply 2 out of your 3 parts, but since you are misconstruing things, you don't seem to realise it.
So, instead of me trying to explain things in lengthy detail (which is just not practical), accept that your reasoning is flawed and that you need first go back to the "books" and do some thorough reading about basic trading concepts and principles.
I usually suggest BabyPip's School of Pipsology, but there are many other places where you can gain that knowledge.
- www.babypips.com
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Hello Everyone,
I believe I have basic understanding of Trailing order's and how does it work but there is still one gap in my understanding and would like to fill it with my question. Kindly note: my question belongs to each and every financial instrument as well as each and every, out of hundreds, broker. So if your answer depends on the broker and/or what is being traded then please warn me about this.
Being aware that when i enable Trailing order, the trend must go into wanted (the one matching opened position) direction, from the moment of opening the position, for chosen quantity of points PLUS additional 10 points. I don't like to use the work ''pip'' on purpose: because, along forex (obviously i am asking for currency pairs too) i am asking for instruments such stocks, materials, indexes, commodities and so on too. As far as I know the word ''pip'' is mostly used in currency pairs only but that has nothing to do with my question. So when/if it does, meaning when trend goes into wanted direction from the moment of opening the position for quantity of points (chosen in Trailing order setting) PLUS 10 points either of two situations occur:
1. If ''classical'' Stop Loss is activated on this active trading position: It gets moved to the level for exact quantity of points chosen in Trailing order setting (without any additional points!). If price goes back (downward if being in Long position or upward if being in Short position) then active trading position gets automatically closed.
2. If ''classical'' Stop Loss is NOT activated on this active trading position: That Trailing order occurs (its NOT moved from anywhere) on the level for exact quantity of points chosen in Trailing order setting (without any additional points). Same as in ''1.'' happens if price goes back.
Then in both 1. and 2. if price, instead of going back, goes into wanted direction, it has to go for exact quantity of points chosen in Trailing order settings PLUS additional 10 points. When this happens, previous Trailing order gets automatically moved from its previous level to the level which is for exact quantity of points away from previous Trailing order level WITHOUT any additional points. Then again, if price goes back, it happens the same as in 1. and 2.. And so on...
My question is separated on three parts.
First and second part, I believe can be answered quickly and doesn't require too much time from the person who would, please, answer me and I would appreciate it a lot.
FIRST PART:
Am I correct when I said that trailing order gets moved from previous level to the new level only when price goes into wanted direction for quantity of points chosen in Trailing order PLUS additional 10 points? Or does trailing order gets automatically moved to the next level already when trend goes into wanted direction for quantity of points chosen, WITHOUT making any additional points? I think additional points (10) are required so trailing gets moved to the next level because of ''going back'' rule. My understanding is most likely correct but need confirmation. To avoid misunderstanding a simple confirmation or refusal (what is true then?) would be enough. I would like to kindly ask you please for as direct as possible answer. No need to type too much.
SECOND PART:
I said that trailing order either occurs or gets moved on exact quantity of points chosen in its settings. But moved from WHERE? Surely not from primary stop loss order (IF used: in ''2.'' its not used). Moved from where then? Moved from exact market price when opening an order or when pending limit or stop order gets automatically activated? Probably not - neither of them. From where else does trailing order for exact quantity of points gets moved to (or occurs)? I believe the only possible answer left is: From ASK price (if it is Long position) or from BID price (if its Short position) that was shown at exact time when i placed market order OR at exact time when pending order (either stop or limit) got automatically activated. Please comment my understanding.
THIRD PART:
This subquestion is by far more complex and I believe by far more time for you to answer would be needed. It includes my psychological worry about trading in general. Here I am asking whether it is possible to modify the functionality of Trailing order. Trend ''is allowed'' to go back (downward if being in Long position or upward if being in Short position) in unwanted direction for only 10 points but I am particularly anxious that some trading assets may have very high volatility so those changes of 10 points can occur quickly. After 10 points there could be wonderful situation of reversal after small retracement (in unwanted direction). This reversal could go on for a while making me more and more profit. So such tiny 10 points movement (unwanted direction) could destroy potential high profits. Is it possible that I modify the quantity of ''10 points'' rule of Trailing order used worldwide everywhere on all brokers and all financial instruments regardless of asset (trading symbol)? I believe but hopefully im wrong (because i want to see possibility of modification) that your answer is negative. If Trailing order was possible to be changed in such functionality way then its entire meaning would be ''burnt''. I am particularly worried that those 10 points of trend ''going back'' would occur too soon. Kindly note that those ''10 points'' are NOT the ones from settings where I choose where Trailing order occurs (moves to). The 10 points I am talking about is by how far may/must trend go ''backward'' so the trading position gets automatically closed taking the current profit. So those ''10 points'' I am asking if they can be anyhow increased meaning the trend must go ''backward'' (unwanted direction) more in order to reach the most recent Trailing level.
In advance I would like to thank you very much for your time for reply.
Happy, Healthy and Successful new year to each and everyone of you.