Can anyone please shed some light on Trailing Entries & Stops. I have read about them in the forum but doesn't quite understand how to actually trade with them. Thanks for the help in advance.
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DislikedCan anyone please shed some light on Trailing Entries & Stops. I have read about them in the forum but doesn't quite understand how to actually trade with them. Thanks for the help in advance.Ignored
DislikedCan anyone please shed some light on Trailing Entries & Stops. I have read about them in the forum but doesn't quite understand how to actually trade with them. Thanks for the help in advance.Ignored
Disliked(My definitions) Trailing Entries: We'll assume price is in a upward trend overall, but is currently in a retracement AGAINST that trend (ie is going down), we look to see a possible point where the down move might end, and price could start going back up. This could be an approach to a Moving Average (MA), a Support (or Resistance) area (S/R) or maybe a Fibonacci retracement level. We could then place an order, either at a point close to your chosen area (in this case it would be a Buy Limit Order) or set a Buy Stop Order above the area, in the latter case you'd be waiting for price to halt its decline and resume the main upward trend again.
Trailing Stop: OK, so your plan has worked. Price hits one or other of your orders and is moving into profit. We'll assume you have a potential Profit Taking area in mind, and we'll assume its 100 pips away. Now as price keeps moving in your favour and you want to make sure you don't give too much back to the broker if price fails to maintain its up move. So you decide to set a Trailing Stop (TS) of 35 pips. As soon as your trade moves into profit, your TS will move up with price - 35 pips behind. With most brokers, the TS will move a pip at a time so when your trade is 37 pips in profit, your 35 pip TS will ensure at least 2 pips profit. With every new high the TS moves up. If price retraces the TS will stay at its last position.
Depending on your broker you may need to keep your trading platform connected to ensure the TS keeps moving, and some only move the TS every 5 - 10 pips. You'll need to check with your brokerIgnored
DislikedThanks Peter
Appreciate your help, when one gets stuck at something little help goes the long way. Everybody who is seeking help here is still in the learning process, Success will come one day. Thanks Peter once again.Ignored
Disliked(My definitions) Trailing Entries: We'll assume price is in a upward trend overall, but is currently in a retracement AGAINST that trend (ie is going down), we look to see a possible point where the down move might end, and price could start going back up. This could be an approach to a Moving Average (MA), a Support (or Resistance) area (S/R) or maybe a Fibonacci retracement level. We could then place an order, either at a point close to your chosen area (in this case it would be a Buy Limit Order) or set a Buy Stop Order above the area, in the latter case you'd be waiting for price to halt its decline and resume the main upward trend again.
Trailing Stop: OK, so your plan has worked. Price hits one or other of your orders and is moving into profit. We'll assume you have a potential Profit Taking area in mind, and we'll assume its 100 pips away. Now as price keeps moving in your favour and you want to make sure you don't give too much back to the broker if price fails to maintain its up move. So you decide to set a Trailing Stop (TS) of 35 pips. As soon as your trade moves into profit, your TS will move up with price - 35 pips behind. With most brokers, the TS will move a pip at a time so when your trade is 37 pips in profit, your 35 pip TS will ensure at least 2 pips profit. With every new high the TS moves up. If price retraces the TS will stay at its last position.
Depending on your broker you may need to keep your trading platform connected to ensure the TS keeps moving, and some only move the TS every 5 - 10 pips. You'll need to check with your brokerIgnored
Dislikedi was thinking something like trailing entry would be helpful........didn't realize they exist !
any broker that has trailing entry you can suggest ?
thank you very much indeed.Ignored
Dislikedi was thinking something like trailing entry would be helpful........didn't realize they exist !
any broker that has trailing entry you can suggest ?
thank you very much indeed.Ignored
Dislikeddon't do think I know that. why don't you try and find what you get.Ignored
DislikedIt's more a terminology thing, not a normal broker related order type.
If you're watching price go up, and, for whatever reason, you want to go go short at some time, you could set a sell order below price. If price keeps going up, and you still believe it's due to fall, you keep moving your sell order higher. That way you're trailing your entry. The broker won't set it, you have to.
It's like a Trailing Stop (TS), inasmuch that it moves with price but in this case you're not actually in a trade until the order gets hit. Whereas with the TS you're trailing price to protect the profit of a live trade. In this case, the broker will do it for you, subject to the conditions I've mentioned above.Ignored
Dislikedyes, many thanks.........
so it's a function offered by the broker if i'm not wrong or i've to do it manually..........Ignored
DislikedTradeStation is a a broker and a platform. You can use their platform without them being your broker but you can't use them as your broker without the use of their platfrom.Ignored
Dislikedmany thanks......didn't know that.......so i reckon it's not free to use their platform eh ?
how's their reputation by the way ?Ignored