One Stop Loss Question - Can Anyone Help?

[tromanr3]

Just wondering if it is possible to automatically raise your stop loss to a new level (on a long trade) on Metatrader 4 when the price reaches a certain level. eg: Current price 1.5 & stop loss 1.4. Set pending order to raise stop loss to 1.5 if current price rises to 1.6. Any ideas?

Thank-You.

 

[shadowninja]

Right click on the order. All will be revealed. Well, I say "all will be revealed", I don't mean I'm going to flash at you.

 

[tromanr3]

Thanks for your quick reply. If I right click on the order, I can place a new order or modify the order. I've tried a modification, then pending order, but the stop loss moved immediately, not when the price hit the new level. Is it modify or new? Which options would I need to select? Sorry if I'm missing something obvious, I'm pretty new to trading! Thanks again!

 

[shadowninja]

No "trailing stop" option?

 

[tromanr3]

No "trailing stop" option?

There is a trailing stop, but to my understanding that would track the current price within a certain number of points. I was looking to raise it once the price hit a certain point. Is that possible?

 

[shadowninja]

Ah, I take it you've not played with MT4's trailing stop loss yet? It's not trailing in the strictest sense of the word: if you have the stop set at 100 pips from your entry and set a trailing stop of 50, it will move the stop to break even when you see 50 pips of profit. It's stupid but I've got used to it.

 

[tromanr3]

Ah, I take it you've not played with MT4's trailing stop loss yet? It's not trailing in the strictest sense of the word: if you have the stop set at 100 pips from your entry and set a trailing stop of 50, it will move the stop to break even when you see 50 pips of profit. It's stupid but I've got used to it.

Ah, ok. Thanks. I'll give that a go! I think I'd need to leave the internet running also for the trailing stop? My internet connection is a bit hit and miss, but I'll test it on the demo platform. Thanks again for your help!

 

[shadowninja]

Ah, ok. Thanks. I'll give that a go! I think I'd need to leave the internet running also for the trailing stop? My internet connection is a bit hit and miss, but I'll test it on the demo platform. Thanks again for your help!

Yes, it's run by your software so if you disconnect, the stop will no longer trail until you reconnect (so it'll either miss loads of potential profit or jump massively in your favour).