Can I set a trailing stop and take profit at the same time

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Emekadavid
91
Emekadavid  
I am using mt4. I was thinking to set a trailing stop and take profit point at the same position on my pending orders in order to reduce loss and maximize gains. Is this possible? 
Keith Watford
Moderator
20439
Keith Watford  
Emekadavid:
I am using mt4. I was thinking to set a trailing stop and take profit point at the same position on my pending orders in order to reduce loss and maximize gains. Is this possible? 

At the same position or on the same position?

You can set a TP and also use a Trailing stop. For a buy the TP must be above the current bid and the trailing below. Opposite for sell.

Fernando Morales
2763
Fernando Morales  
Emekadavid:
I am using mt4. I was thinking to set a trailing stop and take profit point at the same position on my pending orders in order to reduce loss and maximize gains. Is this possible? 

You can set the TakeProfit of a pending order anytime using a script or manually. The TP price is stored at the trading server, so you can close the MT4 terminal.

You cannot set the trailing SL of a pending order with a script, this is only possible manually and working only as long as the MT4 terminal is running.

Keith Watford
Moderator
20439
Keith Watford  
Ah, for some reason I didn't see the pending part.
Emekadavid
91
Emekadavid  
Fernando Morales:

You cannot set the trailing SL of a pending order with a script, this is only possible manually and working only as long as the MT4 terminal is running.

What if I have a VPS on the account. Can I close the terminal and the trailing stop is still in effect?

Emekadavid
91
Emekadavid  
Keith Watford:

At the same position or on the same position?

You can set a TP and also use a Trailing stop. For a buy the TP must be above the current bid and the trailing below. Opposite for sell.

When I checked the terminal, there was no way for me to add both a trailing stop and TP on a position that would be a pending order. Is there any work around? There is a button for take profit but none for trailing stop. I don't want to use a hard stop loss but a trailing stop for pending orders.

trailing stop and TP on same position

Keith Watford
Moderator
20439
Keith Watford  
Emekadavid:

When I checked the terminal, there was no way for me to add both a trailing stop and TP on a position that would be a pending order. Is there any work around? There is a button for take profit but none for trailing stop. I don't want to use a hard stop loss but a trailing stop for pending orders.


As I said in my previous post, I didn't note that you were referring to pending orders.

You would need to have your trade managed by an EA.

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