That is a phenomenal idea. I can easily do that manually as I just drag and drop the stop on chart. Say using 4 point increments once it is over 10 points profit. I’m gonna look into my trading platform. Maybe there’s a percentage trailing stop function
I'd like a Trailing stop, that moved up 1pt for every 2pts the market makes, so it's reducing your risk but not so much that it's just going to get hit pointlessly. MT4 trader, so could code 1, but mainly trade off Ipad, maybe the Mt4 on my PC would still move the SL for me, and close all trades on 1 trade being closed and have a max loss, CLOSE all logic aswell, hmmm!!
UPDATE: trading for last few days with BOTH a stop loss and Limit exit at profit,,,, going with a 2:1 ratio,,,, it just FEELS so good to take a profit and be out of the trade. To me it seems like better/more efficient trading.
Congrats @John9999! For some reason, your comment reminded me of this vid. Not as an endorsement or recommendation of anything. Just a few general trading 'truths" so to speak hidden within. And it's pretty F'in fun to watch too. Maybe you've seen it, maybe not. Watch, dont watch, no prob either way. Again, nice going John9999... keep doin whatcha doin!
I know the feeling I question myself if it's the best action for long term or am I getting into a bad habit. 2:1 requires too high of a wining rate, imho, to be profitable "enough" over the long haul. Just something to keep in mind ... you are taking adverse outliers (due to uncontrollable events) and cutting short the possibly favorable outliers. Another friendly "do as I say, not as I do" advise
Well. This is one of those things that there’s no clear answer. Yesterday not allowing for runner cost me additional profit. Today the fixed exit was the difference between loosing vs putting in a good profit. I can’t fully explain it. But I feel more under control and calmer by using a fixed exit.
Use a multiple exit strategy. For instance, take partial profits at a fixed target and let the rest run.