Can someone explain to me how a trailing stop works and buy stop/limit and sell stop/limit?
I Use Metatrader4 and I entered a buy order at say 104.30
I set my trailing stop in Metatrader when I right click on the order to 15 pips
Is this what happens? The market moves 15 pips up to 104.45 so now the stop loss moved up to 104.15?? What if I have a stop loss already set to 103.70 for example? Does it take away that stop loss and move it up to 104.15 trailing stop? What if the market moves in the opposite direction and your losing pips..Say you buy at 104.30 and now its going down and your Trailing stop is 15, what happens?
Also, the trailing stop moves 15 pips up every 15 pips the market moves and vice versa?
A little confused about this...
Now I thought that trailing stops were used to lock in pips right? Is that the same thing as placing buy stops and sell stops? What's the difference between that and buy limits sell limits? So far I have been setting pending orders only using buy stops and sell stops..
If I am in an order already I can lock in profit by setting a sell stop to lock in the profit of a trade right? For example, I buy at 104.00 and im up 40 pips at 104.40 so I set a sell stop at 104.30 to lock in 30 pips? But at the same time the original order is still in just in case the market continues to move up? Am I getting this right?
Sorry if my questions are all over the place, and might confuse some. Thanks for everyone's help.
The trailing stop move your stop to breakeven as soon as the market goes in your favour by 15 pips (your example). Then trail your stop pip by pip. When the price retrace and hit your new stop, the order will be closed.
Here's what you'll find in the HELP area (F1) of your platform for pending orders:
Hope that helps.
First time posting!
Does anyone know how to change the date/time bar in MT4 to local time.
So when going long, or buying, is 'Take profit' (TP) the same as buy stop or buy limit? (I'm not on meta 4 platform as yet, using oanda not meta 4, so terminology may be different?)
Thank's, and best wishes. G.
Should be easy enough. Check preferences/options etc?
Your order can have only one StopLoss so if you set a new stop loss the old is not used anymore.
you entered long at 104.30 with a stop loss at 103.70 (60 pip Stop loss)
Market goes in your favour and you want to protect your Profitable position. You change the stop loss and set it into profit zone of the order at e.g. 104.50 Now if price retrace your order will be closed at 104.50 and you get profit of 20 pips.
You don't need to use trailing to protect orders.
Trailing will automatically change your position Stop loss to keep it close to current market price.
if you enable trailing by 20 pips your stop loss will be 20 pips away from the highest market value.
thanks for the tut landofcash.
i've also seen a tut about exiting 70% and let the 30% go on for possible profit
Thanks - wilco