anyone use trailing stops when trading Forex?

bpcnabe · Nov 28, 2009

Speaking of noise...

This section of the board was so much better when decreasenow was losing paper money trading other asset classes.

athlonmank8 · Nov 28, 2009

Quote from Nexen:

Trailing stops imply you don't have a clue as to what your targets should be or where price might go.

If that's the case, why take the trade in the first place?

lol that's one of the most naive things i've ever heard.

Why are you even participating?

AJFCapital · Nov 29, 2009

When I first open a trade, I use a 50pip regular stop. Once I have 50pips of profit, then I use a 50pip TS.

Seems to work for my trading style.

TantalusFX · Dec 1, 2009

I used to use TS a lot, but I found that you can't really just use a static stop size - it needs to be dynamic and change according to market conditions. It's possible to use an indicator like ATR to set the TS size, but you still have to experiment to determine the proper scaling.

Personally, I found that I'm more comfortable with a profit target. I leave money on the table sometimes, but I like to grab my earnings before they disappear and there is always another opportunity around the corner.

increasenow · Dec 1, 2009

Quote from AJFCapital:

When I first open a trade, I use a 50pip regular stop. Once I have 50pips of profit, then I use a 50pip TS.

Seems to work for my trading style.

wow...that is bold..many would prefer just to take the +50

AJFCapital · Dec 1, 2009

Quote from increasenow:

wow...that is bold..many would prefer just to take the +50

I use this method just to guarantee some profit. This is definitely not my main exit strategy.

speres · Dec 2, 2009

Quote from Nexen:

Trailing stops imply you don't have a clue as to what your targets should be or where price might go.

If that's the case, why take the trade in the first place?

good post, price always has a target

speres · Dec 2, 2009

Quote from increasenow:

anyone use trailing stops when trading Forex?...what is your initial stop and than distance and step for th TS?...advantages and disadvantages of using a TS? experiences with them?

do you have a daily journal?