I'm wondering if and how it is possible to setup an contingent trailing stop order.
Right now, when I initially place an order I put a stop pretty far back as protection in case a new trend is forming. I then have to set an alarm (on GFT Dealbook 360 platform) to alert me when a position goes into positive territory about 25% to my Limit order. So if my Limit order is +120 pips, then I put an alarm at +40 pips.
When I get the alarm, I go in and set a trailing stop and -40 pips so worse case scenario is I break even.
I'd love to have the ability to have the platform automatically place the trailing stop order when I'm at +40 pips.
I have MT4. I'm guessing this could be easily programmed as an EA? But on MT4 trailing stops don't work if the platform isn't loaded and I use a laptop and travel a lot. I may eventually end up setting up MT4 on one of my spare computers at home, but that's in the future if I can prove to myself I have a worthwhile system.
Right now, when I initially place an order I put a stop pretty far back as protection in case a new trend is forming. I then have to set an alarm (on GFT Dealbook 360 platform) to alert me when a position goes into positive territory about 25% to my Limit order. So if my Limit order is +120 pips, then I put an alarm at +40 pips.
When I get the alarm, I go in and set a trailing stop and -40 pips so worse case scenario is I break even.
I'd love to have the ability to have the platform automatically place the trailing stop order when I'm at +40 pips.
I have MT4. I'm guessing this could be easily programmed as an EA? But on MT4 trailing stops don't work if the platform isn't loaded and I use a laptop and travel a lot. I may eventually end up setting up MT4 on one of my spare computers at home, but that's in the future if I can prove to myself I have a worthwhile system.