Stop loss and take profit setting?

[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]

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 levels — Stop 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.

[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]

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]

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]

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]

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]

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]

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]

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.