Trailing with take profit, without stop loss
Posted: Wed Mar 21, 2018 3:31 am
Hello to All from Hungary,
I am looking for a solution for trailing without setting stop loss.
To be honest, I had more positions, where I was set the SL limit too near to entry, and my position was closed because of a high spike, before the trend was turning into the right direction. If I set it more far from entry point, maybe I wont make a profit at all.
There are situations, where I am sure, the trend will turn, and to maximize profit, I want to set a positive SL limit, which would increase, if trend moves into right direction.
For example:
EUR/USD is at 1.2300, and moves lower. My entry order is at 1.2290, TP limit is 1.2350. I don't want to set SL limit with trailing (I know, it is risky ), because I am sure, the trend will turn, but I can't figure it out, where exactly.
If trend turns into right direction, and reaches TP limit, to maximize profit, I want to make it a SL limit, and trail the exchange rate by a previously set number of pips.
I hope there is already a solution for such cases, but I couldn't find it. Or maybe there is a strategy, which sets automatically the limits of orders, when the preset numbers was reached?
Many thanks for Your help!
Ádám
I am looking for a solution for trailing without setting stop loss.
To be honest, I had more positions, where I was set the SL limit too near to entry, and my position was closed because of a high spike, before the trend was turning into the right direction. If I set it more far from entry point, maybe I wont make a profit at all.
There are situations, where I am sure, the trend will turn, and to maximize profit, I want to set a positive SL limit, which would increase, if trend moves into right direction.
For example:
EUR/USD is at 1.2300, and moves lower. My entry order is at 1.2290, TP limit is 1.2350. I don't want to set SL limit with trailing (I know, it is risky ), because I am sure, the trend will turn, but I can't figure it out, where exactly.
If trend turns into right direction, and reaches TP limit, to maximize profit, I want to make it a SL limit, and trail the exchange rate by a previously set number of pips.
I hope there is already a solution for such cases, but I couldn't find it. Or maybe there is a strategy, which sets automatically the limits of orders, when the preset numbers was reached?
Many thanks for Your help!
Ádám