Trailing stop advice????

[traderbee]

Hi Everyone!

I am trading off indicators from Pro Equity Trader and I am wondering if anyone else uses a trailing stop on their system? The TF seems to move very quick so I have it set to move every 3 ticks behind the current price. Sometimes It'll come back and stop me at 3 ticks profit, other times I'll fill 10+ ticks profit. Should I give it more room with my stop? Should I be happy with 3-10 ticks each trade? Any recommendations would be much appreciated.
Thanks and happy trading!

 

[shadowninja]

Depends on your system. Are you scalping? What are you scalping? If you're risking 3 ticks a trade, then 3-10 profit sounds great, assuming at least 40-50% of your trades are profitable.

 

[William Waller]

Sounds like you might be as well with a flat pre-determined TP.

 

[traderbee]

Thanks for the feedback!!

Shadowninja- Yes, I am scalping ticks on the TF. I have a 9-10 winning ratio, but I get more 3 tick wins than 10+ tick wins. I wonder if I should make the gap larger so I don't get stopped out so quickly at only 3 ticks profit?

William- Yeah, maybe I should be happy with just taking 3 or 5 ticks every trade? That is how I was mentored, but I was fascinated with the trailing stop and thought I would experiment a bit.

Thanks a bunch!! I really appreciate the feedback!

 

[skf42005]

Thanks for the feedback!!

Shadowninja- Yes, I am scalping ticks on the TF. I have a 9-10 winning ratio, but I get more 3 tick wins than 10+ tick wins. I wonder if I should make the gap larger so I don't get stopped out so quickly at only 3 ticks profit?

William- Yeah, maybe I should be happy with just taking 3 or 5 ticks every trade? That is how I was mentored, but I was fascinated with the trailing stop and thought I would experiment a bit.

Thanks a bunch!! I really appreciate the feedback!

Traderbee, I don't know if your account size warrants what I'm about to suggest and if you would feel comfortable with it, but may I suggest trading 2 contracts and use the same targets and stops you are using for the 1st contract and make the 2nd contract more of a runner. Something like 40 - 50 ticks in the TF is not unreasonable (I would recommend a minimum of $10k, for this but $20k would be better). I would set a breakeven at somewhere around 10 - 15 ticks and then give it about 20 ticks before scaling up. You will be stopped out at some point on most of your trades before hitting your limit, but you will be suprised at how many 40 - 50 tick moves you will get, especially in the first 1 1/2 hrs of trading. Experiment with that.

 

[traderbee]

That sounds interesting... and great! How would I go about setting that up? Is it pretty easy?

Traderbee, I don't know if your account size warrants what I'm about to suggest and if you would feel comfortable with it, but may I suggest trading 2 contracts and use the same targets and stops you are using for the 1st contract and make the 2nd contract more of a runner. Something like 40 - 50 ticks in the TF is not unreasonable (I would recommend a minimum of $10k, for this but $20k would be better). I would set a breakeven at somewhere around 10 - 15 ticks and then give it about 20 ticks before scaling up. You will be stopped out at some point on most of your trades before hitting your limit, but you will be suprised at how many 40 - 50 tick moves you will get, especially in the first 1 1/2 hrs of trading. Experiment with that.