moonchild
VIP Contributor
As a forex trader, you are probably familiar with the concept of stop loss orders because it got talked about a lot, a stop loss order is a tool used by traders to limit their losses on a trade. but a trailing stop loss order, on the other hand, is a type of stop loss order that is more flexible and dynamic that will make sure you exhaust a trend as much as you can without getting out early.
A trailing stop loss order works by setting a stop loss level that moves with the market price. this means that if the market price moves in your favor, the stop loss level will move with it, allowing you to lock in profits while still protecting yourself against potential losses, to get started with using a trailing stop loss you have to Identify the appropriate level to set your trailing stop loss order and then set the trailing stop loss order in your trading platform, setting it up is not enough you have to monitor the market and adjust your trailing stop loss order as needed.
Why I like trailing stops is, they allow you to exhaust a trade as much as you can without stopping you out at entry or where you place your TP
A trailing stop loss order works by setting a stop loss level that moves with the market price. this means that if the market price moves in your favor, the stop loss level will move with it, allowing you to lock in profits while still protecting yourself against potential losses, to get started with using a trailing stop loss you have to Identify the appropriate level to set your trailing stop loss order and then set the trailing stop loss order in your trading platform, setting it up is not enough you have to monitor the market and adjust your trailing stop loss order as needed.
Why I like trailing stops is, they allow you to exhaust a trade as much as you can without stopping you out at entry or where you place your TP
