There are some ways to exit from opened trade. Trailing stop is one of them. This trailing stop is flexible stop loss system. You can set a distance from the current market price. If market price goes on profit, then trailing stop will follow the market price by your given distance. Once trailing stop set on your running order, then it will secure your trade and your order will close in profit.
Submit Your Comments:
Trailing stop setup process is very easy. First you to have keep your mouse on your order in which trade you want to set trailing stop. Then press "right-click" on that order. You will see a window. You can see ”Trailing Stop”. "Click" on it. Then you will see sub menu with trailing stop distances. Then you have set your desired distance. For 5 digit broker, 20 points means 2 pips. For 4 digit broker, 20 points means 20 pips. You can set as your desired distance by clicking on”Custom”.
After selecting trailing stop distance, your trailing stop will set. If your running trade is on profit, then it will be set immediately. If you set 2 pips trailing stop distance, then your trailing stop will be set when your trade is on more than 2 pips profit. When the market price goes on more profit, your trailing stop will be modified automatically.
N.B. Trailing stop will work only when you open your terminal. If you close your mt4 terminal, then trailing stop won’t be modified. So you have to keep open your terminal for this trailing stop.