Trailing Stop Loss for beginners

[eloronz]

Thanks to @Mercury last week, I realised I needed to learn how to do stop losses.

While I wrote of the virtues of jumping from a demo to a live account on this forum, I now see this is one thing I DEFINITELY should've of nailed before making the leap.

So... from what I see the best option for this is the Trailing Stop Loss -- take your profits while you can. 

Finally, my question: can I set a trailing stop loss on an already open position? Say I want to place a bet quickly but don't have time to work out the math using ATR.

Any advice would be most grateful. 🍻

[Caseynotes]

Hi @eloronz yes you can place a auto trailing stop on a open position, just go to the positions tab, click on the Stop box the select the arrow for Trailing stop (top pic).

Or you can manually trail a stop as in the bottom pic by moving the stop to just under the higher low after price has pushed up through the higher high.

 

[JamesIG]

A couple of videos which you may find useful...

 

 

[eloronz]

Thanks @Caseynotes, you're a legend as always. 🍻

 

[eloronz]

Thanks @JamesIG. 🍻