Hi, I don't know how to use trailing stop correctly or at least in the most optimized way. Let's talk theoretically. The symbol price is 1.200, I have both SL and TP at 10pips. Pseudo code of my trailing stop code goes something along these lines:
if condition has been met
if other condition has been met
if price moves up 1 pip
move both SL and TP up 1pip
if price moves down 1 pip
moves both SL and TP down 1 pip
That doesn't seem to work as I want it to. I've tried leaving the original TP level the same and only minimizing SL level or many other way but it doesn't seem to handle money management well. If SL and TP move as the price moves, it's true the SL IS IN FACT smaller but TP is bigger then and it doesn't get hit. Can you suggest the best way to work with trailing stop so that I actually maximize my profits and minimize losses.
I prefer only trailing SL, not trailing TP
Another way is using Break Even, sometimes more secure than trailing.
Btw, each option has advantages and disadvantages depending on the strategy used.
If you're asking specific mql4 code then you can ask them in mql4 forum https://www.mql5.com/forum/en.
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