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trailing stop
whether to use a trailing stop loss or a take profit
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NathanH123
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August 30, 2016
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August 31, 2016 - 00:53
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Hi guys

 

So im completely fresh to this Forex trade, like two days fresh 😛 I have set up a demo account with metatrader 4 and have been reading your free lessons (which are brilliant by the way).

I was just wondering though after you see a trend and your confident to pull the trigger in which ever direction you see it going, would it be just as good to put a trailing stop loss on the trade than a take profit especially with the longer time frames. Like I probably wouldnt do it on a short time frame because they seem to be too volatile (still a beginner if this sounds silly) for that to really work so on short time frames i would put a stop loss but on the longer time frame +30min would it be better to put a trailing stop loss? 

 

As a side note im really enjoying your lessons, they are great. I have already started implementing them and yesterday I did 7 trades and only two where losses and they where quite small.

 

Its really weird if someone said to me "hey read graphs, make a prediction and make money, thats based on logical choices"  I would off probably laughed and ignored him for being a fool. Another great thing is this line of career suits my personality type, im very  analytical and anything that has a sort math mindset I excel. 

Nathan

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Theo Patsios
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August 31, 2016 - 21:56
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Hi Nathan,

Hahaha.. you just took me back to when I started this and thought the same.. I can make money reading these graphs and clicking buttons at the right time! No way! .. In fact, even after I did make some money I still didn't believe it and had to withdraw it all, take it out of my bank and hold the physical cash to be certain.

I like to trail mini swings Nathan, not just some arbitrary number, if you do decide to play with the trailing just make sure you give price room to breath, it never just goes in a straight line to your target, well, almost never.

Glad you are enjoying the lessons, sorry I haven't updated that free section in a while but my focus has been on the VIP materials and products.

Best,
Theo

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