Are you looking for the best custom trailing stop loss strategy?
Watch the below video which shows a Trailing Stop Loss following the 20 Moving Average.
What is a trailing stop loss?
Have you ever wondered how professional traders stay in big trends?
Some trends just keep going for weeks before they suddenly reverse while you are sleeping, taking all your profits.
An automated custom trailing stop technique can help extend the life of your trading strategies and protect profits as the trend reverses.
In this trading talk, Nathan explains how to create and test multiple trailing stops at the same time to find which is the best trailing stop loss strategy that can be used on MT4, MT5 and TVX.
In this post we will cover:
- What is a custom trailing stop loss and how does it work
- Why use a trailing stop loss?
- Which is the best strategy to trail your stop loss?
- How to trail your stop loss with Moving Average
- How to trail your stop loss with Average True Range indicator
- How to trail your stop loss with Parabolic SAR
- How to trail your stop loss with Candlestick patterns
- How to setup an automated trailing stop loss in mt4
- Automatic trailing stop loss mt4
- Auto stop loss and trailing stop ea mt5
Explore Trade View X and experience 30+ Advanced Trading Tools to take your trading to the next level
https://tradeview.tech/trade-view-x/trading-tools/
What is a custom trailing stop loss and how does it work
An automated trailing stop loss is an order that will follow the price on the chart to lock in profits as price moves in your favor.
When the price reverses it will trigger your trailing stop and the positions will be closed.
See below to find more trailing stop loss techniques
Why use a trailing stop loss?
There are a few reasons why you might want to use a trailing stop loss.
- Firstly, it can help you lock in profits as the price of an asset rises.
- Second, it can free up your time so that you don’t have to constantly monitor the market and adjust your stop loss manually.
- And third, it can help you avoid emotional decision-making by taking the emotion out of the equation.
When should you use a trailing stop loss?
There is no one-size-fits-all answer to this question, as the decision of when to use a trailing stop loss depends on your individual trading goals and risk tolerance.
However, as a general rule, you might want to consider using a trailing stop loss if you’re bullish on a particular asset and you’re looking to ride a potential uptrend.
Which is the best strategy or technique to trail your stop loss?
There is no one “best” strategy to trail your stop loss. The best strategy for you will depend on your individual trading goals and risk tolerance.
However, Nathan will speak about some common strategies that traders use that include the following:
- Moving average trailing stop loss
- Parabolic sar trailing stop loss
- Fixed percentage trailing stop loss
- Fibonacci trailing stop loss
- Candlestick or bar closes
- Average True Range (ATR) trailing stop loss
- Crypto currency trailing stop loss
- Candlestick Patterns trailing stop loss
Using Trade View X-Builder you can create an automated trailing stop loss within a few seconds using the ‘modify stop loss’ block like below.
The below automated trailing stop will trail the stop loss to the price of the 20 moving average, following it as the price moves.
See the trailing stop in action following the 20ma
Using trailing stops in your trading strategy can help extend and protect your profits especially while you are sleeping, working, or living your life.
If you would like to learn more about creating automated trading strategies check out the Trading Talk series which has a new episode each week with different topics and concepts on popular automated trading strategies.
Why wait? Get started today. Sign up for an account today with the Tradeview Forex broker www.tradeview.tech and start creating your own automation.
