Same here, much longer timeframe. If my indicator package flips, I’m out right there and I cancel my resting stop-loss limit order. Scales can be helpful but trailing stops are a disaster for swing trading from my experience.
Thanks everyone for your responses. I will try a bit of what all of you have saying. As taowave mentioned, backtesting might be the best way of figuring it out. I have TradeStation, so I'll do it on ther platform.
%% True of most good trends/trends to go much longer than we figure; an exception is inverse/bear moves...………………………………………………………………………………………………………………..BUT bear trend% can easy be bigger/just tends to trend shorter.
Hello Dazz, I been tracking a trailing vs fixed as well. What are your thoughts on keeping profit target the same as risk amount for 1RR trades?
I think there will be many people who use trailing stops. I have never used it but am planning to use it for my benefits.
Adjustable stop are one tool. Trailing stop are another. You can combine them too. Adjust then trail. But frankly, they are sort of a last resort. Using either alone is like trying to walk in a potato sack. Better to work on maximizing profits first, and use these as "worst case" backups, imo. It all depends on how your tactics fit into your strategy.
I always - in any strategy - at first compare some 7or so different bracket trade P/L values, where risk to reward is always 1:1; some 3-4-5 trailing stops; moving stops to BE +1 after tgt 1 hit or not, pullback analysis for superior entries, difference for 5 days of the week. This effectively defines beneficial vs detrimental attributes, bearing in mind the easiest way to make more money in trading is to ask for it.
Thank you Mr. Dazz, I appreciate your response and a good response. Good to see I am not the only one manually and tediously and tirelessly recording all this data day to day. Questions please: 1. How many trades do you record all this data for? You mentioned a week, but is that enough data to make a significant ongoing profitable decision on what exit strategy work best.
Hello taowave, This is I can agree with. By doing this a trader will have an idea (win or lose) what exit strategy is reasonable and makes more money with less/more drawdown. The challenging is programming in the back test software the idea. lol