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Stop loss and take profit setting?

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lazymjs
159
lazymjs  
In my subscription settings I have not checked "Copy stop losses and Profit Taking".   Should I?  Is this a smart thing to do?
Alain Verleyen
Moderator
32828
Alain Verleyen  
lazymjs:
In my subscription settings I have not checked "Copy stop losses and Profit Taking".   Should I?  Is this a smart thing to do?

Yes, it's a good idea. See here https://www.mql5.com/en/forum/8941/page53#comment_562455

Read also help file :

Copy Stop Loss and Take Profit levelsStop Loss and Take Profit placed at the provider's account will be also placed on your trading account if this option is enabled. These orders are executed at the broker's side. It means that they are executed regardless of whether the client terminal has been launched or not. Also, execution can be performed at completely different brokerage companies (if subscriber and provider have different brokers).
Therefore, it is guaranteed that a position will be closed when copying Stop orders in case a specified profit and loss levels have been reached.

Signals : Ask & Say Anything & Everything About MQL5 Trading Signals
Signals : Ask & Say Anything & Everything About MQL5 Trading Signals
  • www.mql5.com
Signals : Ask & Say Anything & Everything About MQL5 Trading Signals.
Ovidiu Caslariu
7845
Ovidiu Caslariu  

On the other side, if you trust the Signal and it has no stop loss you can go with him following his strategy till the end. Sure there is a risk associated, but never the less you can learn on the road if this is a good approach or not.

lazymjs
159
lazymjs  
Angevoyageur and MetaSky,  Appreciate your input....I am wrestling with this because I am unsure of my MT4 settings as on my last
subscription trade the provider earned $200 and I lost $1.50,  So I figure I must have something wrong in my settings.
Alain Verleyen
Moderator
32828
Alain Verleyen  
MetaSky:

On the other side, if you trust the Signal and it has no stop loss you can go with him following his strategy till the end. Sure there is a risk associated, but never the less you can learn on the road if this is a good approach or not.

If provider doesn't use stoploss, there is nothing to copy, so of course the "Copy Stop Loss and Take Profit levels" setting is pointless. You can't set stoploss if provider doesn't set one.
Ovidiu Caslariu
7845
Ovidiu Caslariu  

That's right but you can stop the synchronization with the signal once the order is on the market and define your own Profit/Loss thresholds. Even if this doesn't mean you are following 100% your signal, it might be useful sometime.

Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
MetaSky:

That's right but you can stop the synchronization with the signal once the order is on the market and define your own Profit/Loss thresholds. Even if this doesn't mean you are following 100% your signal, it might be useful sometime.

Why would you choose to follow a signal . . .  and then not follow the signal ?  why subscribe in the first instance . . .
Ovidiu Caslariu
7845
Ovidiu Caslariu  

It's like ,,Do what your father says and not what your father does". Many transactions, even if they have good analysis, they tend not to get the most of them because of the poor decision when to leave the market. So, you copy only when and in what direction you enter the market, but leave it upon your shoulders when you want to get out.

Alain Verleyen
Moderator
32828
Alain Verleyen  
MetaSky:

It's like ,,Do what your father says and not what your father does". Many transactions, even if they have good analysis, they tend not to get the most of them because of the poor decision when to leave the market. So, you copy only when and in what direction you enter the market, but leave it upon your shoulders when you want to get out.

So the provider is good to open position and you are good to close it ? I suggest you to contact the provider and create an association.
Ubzen
5390
Ubzen  
MetaSky: It's like ,,Do what your father says and not what your father does". Many transactions, even if they have good analysis, they tend not to get the most of them because of the poor decision when to leave the market. So, you copy only when and in what direction you enter the market, but leave it upon your shoulders when you want to get out.
Or you can try telling daddie to follow his own advice. 
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