Is it possible to do this?

[daveylibra]

I have read in more than one trading book that it is " a good idea to move your stop-loss to break-even as soon as the market moves your way."
This is discretionary, right? I mean, a few points, half ATR, ?? But that is another question.

Anyway, if we are not at the screen all day, but basically end of day trading, how can we do this? I could set an alarm when a price hits, but I may be at the day job.

Does any trading platform allow you to set a stop that, eg, might be 15 points away, and when your stock moves up 5 points, moves to break-even? As opposed to a trailing stop that will only move in ordered steps?

Cheers guys,
Dave.

 

[options-george]

I have read in more than one trading book that it is " a good idea to move your stop-loss to break-even as soon as the market moves your way."
This is discretionary, right? I mean, a few points, half ATR, ?? But that is another question.

Anyway, if we are not at the screen all day, but basically end of day trading, how can we do this? I could set an alarm when a price hits, but I may be at the day job.

Does any trading platform allow you to set a stop that, eg, might be 15 points away, and when your stock moves up 5 points, moves to break-even? As opposed to a trailing stop that will only move in ordered steps?

Cheers guys,
Dave.

I have also often battled with this issue in the past. Nowadays not so much because I am in front of the screens the whole day.

I never looked really diligently for a solution. My suggestion would be that you talk with your broker and ask them whether they have a solution that could work for you.

Though I am thinking, if you are trading on higher timeframes (say 4H and above), then setting yourself a price alert that emails or texts you, then that might well give you enough time to log in to your account via mobile or PC (even if at work) and adjust your stop.

Do share if you find an awesome solution :clap:

 

[timsk]

Hi Dave,
If you already have a broker then, as o-g suggests, direct this question to them. If you haven't decided on one yet, and are choosing a broker based on their platform offering this facility, then it depends to some extent on the markets you trade and your trading vehicle (e.g. futures, CFDs or futures etc.). I know that the Infinity Futures platform offers it, but that's no use to you if you're not trading futures! If you use MT4, then there's almost certainly a script or an EA available that will do exactly as you require and, in the unlikely event that there isn't, then there's any number of people with the requisite coding skills to create one for you.
Tim.

 

[Charlton]

I have read in more than one trading book that it is " a good idea to move your stop-loss to break-even as soon as the market moves your way."
This is discretionary, right? I mean, a few points, half ATR, ?? But that is another question.

Anyway, if we are not at the screen all day, but basically end of day trading, how can we do this? I could set an alarm when a price hits, but I may be at the day job.

Does any trading platform allow you to set a stop that, eg, might be 15 points away, and when your stock moves up 5 points, moves to break-even? As opposed to a trailing stop that will only move in ordered steps?

Cheers guys,
Dave.

It depends on the broker. Some brokers offer OSO orders (Order Sends Order) and OCO orders (Order Cancels Order). You can also combine these with a trailing stop.

Tradestation allows this - if you trade US equiries, futures etc.

The following link gives an illustration of how it works. Look at the last example given there:

https://traderhacks.com/2014/05/01/orders-with-multiple-exits/

So just ask your broker - do they allow OCO/OSO orders (or bracket orders) with a trailing stop. Also ask them to illustrate how to set it up so you have proof.

Here's another example - different broker:

http://www.trackntrade.com/support/videos/futures/03-adding-oco-orders-with-trailing-stops.htm

 

[options-george]

Tradestation allows this - if you trade US equiries, futures etc.

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I remember being able to set up all kinds of conditional orders on the Trade Station platform, a few years back, when I was trading some futures contracts.

Definitely on TS, the original poster should be able to do whatever he wants.

Unfortunately, on the whole, a lot of the brokers that retail traders tend to use, do not offer the TS-level complexity of order entry.

 

[kalott]

I have read in more than one trading book that it is " a good idea to move your stop-loss to break-even as soon as the market moves your way."
This is discretionary, right? I mean, a few points, half ATR, ?? But that is another question.

Anyway, if we are not at the screen all day, but basically end of day trading, how can we do this? I could set an alarm when a price hits, but I may be at the day job.

Does any trading platform allow you to set a stop that, eg, might be 15 points away, and when your stock moves up 5 points, moves to break-even? As opposed to a trailing stop that will only move in ordered steps?

Cheers guys,
Dave.

you probably get stopped out on breakeven most of the time?

you can also open two positions with stop 15 points on both and 15 points take profit on one

 

[NVP]

I have read in more than one trading book that it is " a good idea to move your stop-loss to break-even as soon as the market moves your way."
This is discretionary, right? I mean, a few points, half ATR, ?? But that is another question.

Anyway, if we are not at the screen all day, but basically end of day trading, how can we do this? I could set an alarm when a price hits, but I may be at the day job.

Does any trading platform allow you to set a stop that, eg, might be 15 points away, and when your stock moves up 5 points, moves to break-even? As opposed to a trailing stop that will only move in ordered steps?

Cheers guys,
Dave.

Most things are possible either through the broker or indeed some programming from a decent source......

just test it thoroughly before,you launch to ensure,it does,what you wanted......most things don't the first turn round the block

Or as someone else suggested make sure what you want to do is the best solution to your needs ......there are always alternatives that may offer better outcomes than you thought:smart:

N

 

[radex78]

In platform mt4 available feature namely trailing stop, which this feature is to moved stop loss automatically if already floating profit, and trader can set trailing stop according preferable might 10 pips or 15 pips there are option there, but trailing stop only run if platform connected to server broker or in other hand we need turn on computer and running mt4