To set up a Trailing Stop on MT4 or MT5, follow the below mentioned steps:
- Right-click on the open order in the Trade tab.
- Select Trailing Stop.
- Select the number of points you would like to have the Stop Loss trail your price.
- You may choose from the options or click Custom to enter your preferred value.
Few points to remember:
- Trailing Stop options in the trading platform are given in pips. 1 point = 10 pips.Thus if you wish to set Trailing Stop at 10 points, you should set it at 100.
- The Trailing Stop cannot be set less than the stop level.
- The Trailing Stop will start working only after the order has started moving in a profitable direction by the exact number of points the Trailing Stop is set at.
- Each time a Trailing Stop modifies the Stop Loss, it will be recorded in the journal tab.
- Trailing Stop can be set up irrespective of whether or not a Stop Loss was set initially.
- Trailing Stop is available only on MT4 and MT5 desktop terminals.
- Once your computer is switched off, the Trailing Stop will stop working. To avoid this, you can use VPS.