The Trailing Stop is an advanced dynamic stop tool used to automatically and continuously adjust the position of your stop loss once the defined parameters are met.
This tool is highly beneficial for traders, as it helps minimize and prevent potential losses by constantly repositioning the stop loss according to price movements.
It is important to note that configuring a Trailing Stop requires a predefined gain and loss strategy, also known as OCO. Learn how to set up an OCO strategy by clicking here.
How to Access the Stop Order Strategy Editor
To open the Stop Order Strategy Editor, go to the Trading menu and click on Stop Order:
Select Trailing Stop, set the parameters, and save the strategy by clicking the "floppy disk" icon. It will then appear in the Stop Strategies list on the left:
The Stop Strategy settings are based on Ticks, Monetary Value, or Percentage of the stop order, where the rule will be applied.
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Gain Trigger: This field defines when the Trailing Stop will start. In other words, it determines when the stop will begin to be repositioned.
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Last Price Difference: The distance, in ticks, that the stop order will remain from the current asset price after the first trigger condition is met.
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Adjust Frequency: Specifies how much the price must move forward for the stop to be adjusted again, following the initial trigger and until one of the exit orders is executed.
How to Apply the Breakeven Strategy to Stop Orders
To add a new Stop Strategy, go to the Trading menu again and select Trading Strategy Editor. Configure an OCO Strategy, then select the Stop Bracket in the designated field:
Once configured, select the OCO Strategy in the trading order panel.
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