I think I get it, so you set an initial stop at 1.4450 and your trade has to go 30 pips into profit before the trailing stop kicks in, and then it trails 10 pips behind price locking in a minimum of 20 pips, is that right? Apparently you have to leave your platform running and connected for trailing stops to work on IBFX, you know that right? I guess it depends on your strategy and how you decide entries and exits. Ideally you want to place your stop at a level or price which if reached means the trade is no longer valid, in other words if price reaches xyz it means your analysis was wrong so you may as well exit the trade. Did you decide on the 30 and 10 settings by guess work or are they decided on your market analysis? Whatever you do, don't trade without a stop, seriously. It might go ok a few times but eventually you'll get into deep shit and suffer a major loss or margin call. Have wider stops by all means, and reduce trade size so that your dollar risk is the same, but no stops at all really is a fools game.
real trade entered at 4:09pm CST short 1 EUR/USD at 1.4142 stop: 1.4182 target: 1.4132 (got to get that winnin feeling back ) no trailing stops used...
I think what I have been doing is not realising that when using trailing stops, the real stop gets turned off in that the tstop overrides it?...thanks
Yes it does as there would be no point in having it any more, that's why they call it a 'trailing stop'. Read the manual this weekend What I can't understand is how the trailing stop on one of your trades took you out with a 3 pip loss, unless you had different settings? ....my head hurts, I'm going to bed
hey guys...wowsers! okay...got handed a nice -40 pip loss on this!!...was 'filled' for a loss at 1.4182....BUT...you will not believe this...the low for this today is 1.4134!!!...I missed my 'profit fill' by 2 tiny pips!!!...this is hard to digest...pretty hard to believe that from 4:09pm CST yesterday that the EUR/USD did not go down from my entry just 10 little pips!!!!...hmmm hey honestly chime in here...can you honestly say that you would have not at least thought the EUR/USD would have 'dipped' at least 10 pips like I thought?...what are your thoughts on this trade????
My honest thoughts are that you are winging in, pure and simple. And until you stop winging it and learn to trade, you will continue to experience lengthy sentences of losses punctuated by the occassional success. You need to learn to read price action, and not trade what you "think" ought to happen. I do not think about what price "should" or "should not" do. I do not think in terms of "overbought" and "oversold". I trade support and resistance. I know where I will be a buyer or a seller well before price gets to my entry point. You seem to look at a chart and buy or sell on a whim. I know where my stop loss is, and it is based on support and resistance, not arbitrary amount set by me. I have no idea how you are setting your stop losses. Do you? I know where I want to take my profits. These too are based upon support and resistance, not an arbitrary amount set by me. You are setting an arbitrary 10 pip take profit. As you are entering on a whim, is it a surprise that price will often chase your stop loss before tagging your take profit order? You seem to be doing the daytrading equivalent of throwing flaming darts in gas station while blindfolded. You need to change, before you blow up. Good Luck, d-day