Pending orders with Trailing Stop

[[Deleted]]

Hi!

Every morning I'm making pending orders (Volume: 0.1) for the day with MT4.

Until today I have been set "Stop Loss" and "Take Profit" columns to about +/- 20 pips.

But now I see in the statistic that sometimes I can earn more than 20 pips and the order closing at this point wasn't the most-profit choice.

That's why I decided to try the "Trailing Stop" option.

/

So, if I set let's say 215 points trailing stop this would be about 20 pips stop-loss, right?

Is it a good volume?

And when the order will close?

When it reach the stop-loss point or when I close it manually, right?

[William Roeder]

htorbov:

Every morning I'm making pending orders (Volume: 0.1) for the day with MT4.

So, if I set let's say 215 points trailing stop this would be about 20 pips stop-loss, right?

Is it a good volume?

And when the order will close? When it reach the stop-loss point or when I close it manually, right?

1. Volume on forex is a count of ticks. You mean lot size. learn the correct terminology.
2. On a 4 digit broker a point = pip. On a 5 dibgit broker a point = pip /10.
3. Define Good. Your risk is lotsize * deltaPerPoint * (OrderOpenPrice - OrderStopLoss).
4. Assuming no TP, when market hits the SL, a market order gets filled and closes your trade. Not AT SL, AT or BELOW/ABOVE.