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How to Add Trailing Stops to Existing Orders
Video Transcript
The next order feature that I want to show you is a Trailing Stop. Let's come in here and lets place our stop order in here. This is here to protect us, right? We're going to sell one, if the market comes against us. But what if this market continues to rally, or continues to go in our favor. Well, we want the market to automatically or want Track 'n Trade to automatically move these stops for us and bring them up and protect our profits as the market continues to rally. We can have what we call an auto trailing stop. Of course, Track 'n Trade must remain open, and connected to the market for this to happen. You can not close Track 'n Trade afterwards, because Track 'n Trade is the one that's going to manage your order for you. But if you come in here and you right click on the triangle, or if you right click on the handle, you can say edit order- it's going to give you this dialogue box that we saw in a previous video, from the BS button. This is the dialogue box, it allows us to have trailing stops. We can come in here and we can say, I want this order to trail.
Now, there's a number of different ways to trail the market. Automatically trail the market, behind a Percentage of Open Profits. You can trail a Dollar amount behind the market. You can trail a number of Price Bars. You can trail on what we call Mathematically Calculated Formulas- which one of them is the ATR Stop, Parabolic SAR, Zig Zag, Bulls 'n Bears Blue Light System, or we can trail behind the market behind this specific number of Tics or Pips behind the market. We can simply come in here and specify that we want it to trail behind the market, saying 50 Pips behind the market. As the market moves, it will continue to trail. Every Pip that the market moves forward 50 Pips, it will continue to trail. We can also have it stop trailing, once we break even. Just by clicking this button here, saying Trail Until Break Even. By going to ahead and hitting okay, this is going to turn on the Auto Trailing stop feature. It's going to trail behind the market by 50 Pips.