Correct. The trailing stop is always on your side. Not like the stop loss and take profit that are on your broker's site. So you computer must be on or even better you can use a VPS. We discovered a trailing stop software (Tool Shed) that you could use to trail your stop using a big variety of parameters (as long as your computer is on or a VPS is used). As a bonus you also get the scripts I discussed before.
MT4, without any intervention from me, changed my s/l: this is being queried with the broker. Thus, I was stopped out of my trade and had to re-enter and missed out on 13 pips.
1508hrs: eurusd short closed at 1.2714; profit 18 pips = $1.80 1526hrs: short at 1.2701, s/l 1.2751, t/p 1.2651
15 Jan
My s/l of 11 Jan was hit; loss 50 pips. On 13 Jan 1748 hrs new short at 1.2654, s/l 1.2754, t/p 1.2605 Reasoning: eurousd still in the downward trend although it spiked above my upper trend line. Decided to widen my s/l to 100 pips to get away from some of the market noise.
The past week has been spent with several trades in the demo a/c just to see how the system works. It appears that a t/s becomes dormant if I goes offline but then restarts when I log on again, so my broker informs me, therefore, it’s best not to place a t/s unless I leave the computer online all the time (which is not something I like doing nor am I in the habit of doing).
Yes your broker is correct. If your computer falls asleep, even if it is turned on, the trailing stop will stop working.
I find it strange that the stop loss was changed. So far I did not hear similar stories from brokers. At least not from the big ones.
Capsmart - The s/l was changed, I now realise, because there was still the trailing stop loss order in my system, so when the computer was switched on again it was the t/s which was still "alive". When I thought I had entered a s/l subsequent to the t/s I guess it did not register as I had not done it correctly, or something like that. I do not believe there is a problem either with my broker or MT4: it's me learning!
gb
Eurusd: my short taken at 1.2654 on 13 Jan was closed outthis morning at s/l at 1.2754, loss 100 pips. 1036hrs: long at 1.2750,s/l 1.2701 This entry is near and just above the EMA on the H4 chart. Intention is to t/p close to upper BB line. Set t/p at 1.2825
18 Jan Eurusd:- 1213hrs: t/p closed at 1.2825. Profit 75 pips.
20 Jan Theeurusd has now broken out of the downtrend I had marked since October. It will be interesting to see what happensnext week. gb
Journal rookie trader 25 Jan Eurusd: short at 1.2971,s/l 1.3020, t/p 1.2901. Motive: on H4 chart shortis at EMA, t/p just above lower BB.
26 Jan On 25 Jan 1929hrs closed at s/l 1.3020; loss 50 pips.
The euro is on an upwards roll! – and yet the eurozone is still in crisis. Since 12 Jan the euro has risen from 1.26 to1.31 which makes little sense. Tomorrow is NFP so advice is to avoid fx trading on that day. gb
NFP is in one week's time, always a first friday of the month, unless it is first day of the month or a holiday, then it will be a second friday.
Europe is in crisis, but FOMC yesterday announced it won't hike rates "guarantied" before 2014 (of course how else could they afford to service it's vast debt with ration to GDP higher than that of Greece), and the path is open for a dollar weakness. I do feel EURUSD will still go down, but maybe 1.20 will be a point of equilibrium as both USD and EUR are bound to get cheaper. Good for those holding gold and silver I should say.
Journal rookie trader 27 Jan Eurusd: long at 1.3141, s/l 1.3101, t/p 1.3181. Rationale: entry between EMA & upper BB; t/p just under upper BB, & s/l at same distance as t/p. Stochastic also rising.
Having been wrong about the day of NFP I decided I could have another trade on this Friday.
1826hrs: t/p closed at 1.3181; profit 40 pips.
5 Feb A long trade on 31 Jan closed on 2 Feb resulted in a 50 pip loss.
Since 22 Jan (2 weeks) trades have profited 100 pips and lost 40, net loss 60 pips.
Have been travelling since 22 Jan so it has been a bit difficult to monitor currency rates. gb
Journal rookie trader
16Feb Travelling now over – but I have done some trades both demo and live. I have learned that not keeping a close eye on the market is less than ideal! However, I do not sit glued to my screen to watch what is happening anyway. Limit and stop orders are placed and then I do something else and come back later. That said I did watch one trade closely, saw the trade moving against me and lacking the conviction of my original thought decided to close the trade at a loss. Had I remained in the trade using my stop loss and limit orders I could have made money. Hindsight is useful if one can learn from it.
Trades since 5 Feb (last post): 5 closed trades resulting in 118 pips lost,and I have one trade running. gb
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