1 pip stop loss/ trailing stop loss

Discussion in 'Forex' started by Michael7008, Jun 5, 2006.

  1. Does anybody knows which forex trading software allows the user to set 1 pip stop loss and 1 pip trailing stop loss?

    usually the minimum is around 5 pip for stop loss and trailing amount of 10 pips.

    This is not a trading question, I just want to know if any trading platform allows that kind of flexibility. Thanks.:)
  2. Interactive Brokers and one of the IB front ends (ninjatrader or zerolinetrader of brackettrader) should let you do that.
  3. I guess I'd like to understand why the heck anyone would want to have a 1 pip stop loss, trailing or otherwise.
  4. ddunbar

    ddunbar Guest

    Exactly. There's no viable strategy that would employ a 1 pip stop unless this stragedy is designed to lose... 1 pip at a time.

    Must be a Forex scalper looking for a 1:1 win/loss ratio.
  5. imagine price suddenly gapping up.
    all of a sudden after FOMC announcement.

    it makes sense to have a 1 pip trailing stop loss so that your profit is locked it. and you only eat the part of continuous movement upwards or downwards.

    i have tried IB and 1 pip stop loss.
    however, i discovered that IB is not really effective.
    price can hover below your stop loss and your position is still not stopped out.. Anybody has the same experience?
  6. Steve_IB

    Steve_IB Interactive Brokers

    If the price gapped up then you probably wouldn't get out for just a 1 pip loss with any broker. Remember a stop just becomes a market order when triggered, and will then execute against whatever market is displayed at the time. I'd expect with the noise in the FX market that you'd be stopped out on 99.9% of your orders if you're only using a 1 pip stop loss.

    Anyhow, if you are using IDEALPro then be aware that stops are triggered by the bid/offer price, i.e. you need the offer to print at the stop price in order to trigger a sell stop (which will then execute against the bid price).
  7. This is a ridiculous strategy. I'm sorry if this sounds mean or insulting. But the truth often does.