Trailing stops and partial get outs

[purepest]

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

 

[shadowninja]

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.

 

[tomorton]

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.

 

[shadowninja]

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.

 

[tomorton]

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.

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.

 

[shadowninja]

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.

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"...