The Problem with Trailing Stop in MetaTrader 5 - Forcing Trailing Stop to Activate at a Certain Profit Level - page 3

 
Scott Allen #:

You can place limit orders rather than market orders, but the trade-off is that then you run the risk of the trade not getting executed at all. You get to control the price, but you may not have any takers. You can do a stop-limit, where at a certain market price, you do an offer of a different price farther in that direction, e.g., you buy at $100, you get to $110, you set a stop limit order with the stop at $105 and the limit at $104. Hopefully, as the price blasts past $105, you get a taker at $104. Still not guaranteed, but much better chance than trying to do a limit order at $105 when the market hits $105. You have the advantage of knowing exactly what your loss will be, if the trade goes through, but it's still possible the trade won't go through.

In your scenario, if they all go into loss, you could easily blow the account, if the slippage makes the loss exceed what you planned for in your position sizing. At 50:1 leverage, that slippage is effectively magnified 50x. You're basically trading a $50K account, but with only $1K — 2% of that $50K, available to lose.

The fact that it's 12 trades doesn't really matter — it would be the same issue if you opened one big trade of that same size. The thing with the multiple positions is that if you move up the trailing stop on the early entries, and you're stacking more trades on top, you might not lose as much on some of the trades as initially planned, or some might actually be in profit to offset some of the losses.

That said, yeah, 12 trades at a time on a $1K account is tough, especially on one instrument/strategy. If you filter through all the various advice on growing a small account, the consensus recommendation is generally to trade only the very best setups — high probability, high risk/reward, able to set a very tight stop loss. Multiple trade strategies — Martingale, stacking, hedging, etc. — generally need more capital, and more margin leeway for unexpected drawdowns.

Thank you Scott. I need to go through your comment carefully and try to understand it as a newbie (only been trading for the last 3-4 months and grew my $1,000 account to $1,300 in the last 2 months).
 

I came across this article. Can I really make my own Trailing Stop using MQL5 Wizard “without programming”?

https://www.mql5.com/en/articles/171

MQL5 Wizard: Creating Expert Advisors without Programming
MQL5 Wizard: Creating Expert Advisors without Programming
  • www.mql5.com
Do you want to try out a trading strategy while wasting no time for programming? In MQL5 Wizard you can simply select the type of trading signals, add modules of trailing positions and money management - and your work is done! Create your own implementations of modules or order them via the Jobs service - and combine your new modules with existing ones.
 
hello.new #: I came across this article. Can I really make my own Trailing Stop using MQL5 Wizard “without programming”? https://www.mql5.com/en/articles/171

Not really! The Wizard creates a fully automated EA. You would still need coding skills to modify it and add a simple panel for user control.

It will be easier to take an existing trailing-stop publication from the CodeBase and then adjust it to your needs.

 
Fernando Carreiro #:

Not really! The Wizard creates a fully automated EA. You would still need coding skills to modify it and add a simple panel for user control.

It will be easier to take an existing trailing-stop publication from the CodeBase and then adjust it to your needs.

The CodeBase is a little unfamiliar to me. Can you please share a few links to some of the Trailing Stop codes I may use please? Thank you.
 
hello.new #: The CodeBase is a little unfamiliar to me. Can you please share a few links to some of the Trailing Stop codes I may use please? Thank you.

I already did that in my very first post in answering yours, but you neglected to click on the "blue" links and see where they may lead.

 
Fernando Carreiro #:

I already did that in my very first post in answering yours, but you neglected to click on the "blue" links and see where they may lead.

Thank you, allow me to check those links out.
 
I did and they did not contain anything about Trailing Stop.
 
hello.new #: I did and they did not contain anything about Trailing Stop.

The very first link ...

Forum on trading, automated trading systems and testing trading strategies

The Problem with Trailing Stop in MetaTrader 5 - Forcing Trailing Stop to Activate at a Certain Profit Level

Fernando Carreiro, 2023.10.25 22:52

There are many "Trailing Stop" solutions (with various options), available in the CodeBase section and also available in the Market place, both free and paid options.

Please following the two links I provided in the previous sentence and do some research on your own, because recommendations or suggestions for products are not allowed on the forum.

EDIT: And if nothing is to your satisfaction, then you can always code your own or hire a programmer in the Freelance section to do it for you.


 
hello.new #: I did and they did not contain anything about Trailing Stop.

Also, please learn to search. In the very top menu, click on CodeBase, then in the search field, type the key words, for example "Trailing Stop", then hit [Enter].


 
Thank you again Fernando.