Trailing stops and partial get outs

Hi

I have a couple of quick questions.

I have checked the forums but cannot find exactly what I want.

I am currently testing on a demo account and trade daily forex pairs with 150 pip SLs set on it. Once my order moves 100 pips in my favour I change my stop loss to break even point.

If my order hits 200 pips in my favour then I begin to like the look of getting out but don't want to get out completely. Is this a position where I should set a trailing stop and if so how many pips behind would be the recommendation?

Also, If I hit my target of say 200 pips and I had £5 per point for example, is it a good idea to say remove £4 from the order and take that profit and leave a pound in to ride until my SL is hit?

I am currrently running a demo account with Smart Live Markets using MT4.

Thanks for you time

Colin

It varies depending on the pair, your reason for entry and market conditions. You'll have to test it. You should also take some profit when you move stop to b/e but that depends how many trades hit your b/e and give you no profit at all.

To be contrarian to the textbooks, I don't do either of these things: I set my stop and target and get fully out at whichever is hit first, then TA for a new entry. Though this could be a new position in the same direction, it is unlikely to be indicated immediately on exit.

To be contrarian to the textbooks, I do tend to do these kinds of things. TBH I've only seen it mentioned in one or two textbooks.

shadowninja said:

To be contrarian to the textbooks, I do tend to do these kinds of things. TBH I've only seen it mentioned in one or two textbooks.

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Well, we must have read different books. Every text book I read on trading told me, 'run your winners', 'move your stop to break-even as soon as you can' etc. etc.

tomorton said:

Well, we must have read different books. Every text book I read on trading told me, 'run your winners', 'move your stop to break-even as soon as you can' etc. etc.

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Well, he was talking about taking profits and letting some run plus moving the stop to b/e after seeing quite a bit of profit, so we have to define "as soon as you can"...