How to maximise the TP?
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How can I maximise my TP ? for example if I have sl=10pip tp=10pip. How can I do something like if the price goes above the 10 pip tp level I can take those extra pips too. If the price keeps on going up my tp should go up aswell. what is best here trailing stop or trailing profit ? How is it done . Can someone please show me .
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@reader1 To be honest, there is no perfect way to do so. If yor set TP on a trade and price reaches it, the trade will be closed.
There are several ways you might come around with, but none of them are perfect.
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If you have no clue about a target region where price will go, use trailing SL only. But here you might get stopped out on pullback too early.
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Split trades in several portions (eg. with euqal lot size). For example insead of 1 trade with 1.00 lots you'd open 2 trades with 0.50 lot. First trade will get TP (let's call it TP1). 2nd trade will be set to BE once TP1 is hit. You might specify a TP2 for second trade or just trail SL for that one.
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Instead of setting a TP1 on a single trade, you might check if that price is reached and partial close (eg. 50%) of the trade. Set BE for the rest. Let it continue making profit until next target price level. Here you might close the entire position or do the partial closure stuff again. Set BE on TP1 in that case. This procedure is called scale out.
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@trader-philipps I like the number 1 . Using the trailing stop . So I use the trailing stop with
trailing start ( pips offset ) - 10 pips ( that was my initial TP)
trail what - stop loss?
trailing stop is - i can put anything ?
trailing step - is 1 usually the best choice ?
when i do this do i put no Tp on the buy/sell block?
thank you . -
@reader1 If you want to trail SL there is no best setting and you will always miss some pips. You need to try out by youself what works best for your strategy. A scalper for instance will trail very closely to the price level where a swing trader would have SL trailing with a wider distance to price in order to "survive" some pullbacks.
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@trader-philipps thanks . so when i am trailing the stop loss . i dont need to put the tp in buy sell block . i can just leave as no tp and then i can put the amount that i wanted initially as tp, as the trailing start pips offset . ok to some its really very simple to understand but for me this trailing stop thing was very difficult to understand maybe all this time i was thinking it wrong way .
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@reader1 It's not that hard. Just need zo get used to the logic a bit more. What you could also do as an alternative (and depending on yor strategy) is to implement your own tailing, where you modify SL from time to time by a value of an indicator. Hence you might use a Moving Average for instance which you know acts like a support/resistance. There are so many ways to "trail" with the price action.
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@trader-philipps man you are always so very helpful.
thank you so much