Trailing stop and trailing profit

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Tafadzwa Nyamwanza
369
Tafadzwa Nyamwanza  
Whereas trailing stop is quite straight forward. I find it difficult to understand trailing profit. 
Per definition trailing stop is when the Stopp loss line trails the current price by a certain percentage or certain number of pips. As the price moves in your favor a Stopp loss is placed the set amount beneath the current price, do that in the event of a price reversal the Stopp loss will cause a certain profit to be retained 
N
Now can someone please explain trailing profit, as I understand the trailing profit will set a new take profit each time the previous take profit is reached, is this correct???

Look forward to your input 
Keith Watford
Moderator
13969
Keith Watford  

I've never heard of trailing profit.

A trailing stop trails price and that makes sense.

I can only imagine that it means with a 20 pip trailing profit.....

Reach 100 pips profit so that is trail point and so place TP at 120 pips

profit drops to 80 so TP is moved 20 pips down to 100 pips.

Tafadzwa Nyamwanza
369
Tafadzwa Nyamwanza  
Keith Watford:

I've never heard of trailing profit.

A trailing stop trails price and that makes sense.

I can only imagine that it means with a 20 pip trailing profit.....

Reach 100 pips profit so that is trail point and so place TP at 120 pips

profit drops to 80 so TP is moved 20 pips down to 100 pips.

Hi Keith, it's there on the mql5 EA wizard. If you choose exit with trailing stop
ForexWinner81
9
ForexWinner81  

I do like using a trailing stop. 

Trailing profit yes, but normally just to make sure of a break even trade and then do it manually.

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