IB dose not seem to provide the option to specify trailing stop in pips, which is quite weird! I have already contacted their support and they confirmed this. The only option available is either specifying in amount (which is okay if trading stocks) or in percentage. So if you want to submit an order for a Forex pair and want to attach a trailing stop specifying the amount in pips, you can't! Anybody has an idea how to workaround this? Thank you
Interactive Brokers - trailing stop in pips for Forex
- Thread starter danjuma
- Start date
> trailing stop
You may as well just write your broker a check for your entire account balance right now. Save yourself some heartache.
You may as well just write your broker a check for your entire account balance right now. Save yourself some heartache.
Why is that?
I know you weren't asking me, but ...
Because it's almost unimaginable that an automated trailing stop can be a sensible, long-term exit-strategy for any forex method/system.
Trailing the stop manually above/below a recent high/low will inevitably be far superior, overall.
Trailing stops sound attractive and appealing, but that thinking fails (among other things) to take account of all the times that a trade moves in the right direction, then has a brief retracement - just enough to hit the trailed stop - before proceeding on its merry way, as you wanted/expected but having closed out your trade just before the big move. In other words, it’s a good way to get the overall direction right and still not make (much) profit.
It's "amateur nonsense" that forex counterparty market-makers who are trading against their forex customers love people to use. Intractive Brokers not so much, because they're a genuine broker, executing forex trades in the underlying market on their clients' behalf, and they have no incentive for their traders to lose.
Thanks for the explanation.
failing stop