Automatically tighten the stop loss (hedge profits)
I would still like to suggest a possible tool. It is about the exit strategy, which is already very good, only I would like that when you are in a trade, that you can set beforehand that the SL is automatically pulled into profit.
Example: The trade runs 50 ticks in the profit direction and the SL is automatically set to 20 ticks profit. Thus, partial profits are already secured. If the trade should run even further, it would be useful to be able to hedge further profits automatically, i.e. when the trade has run 150 ticks, the SL is automatically pulled forward, e.g. to 100 ticks profit.
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Comments1
Vanodga
Aug 31, 2023
You can use the Breakeven strategy to move the SL once you reach a certain profit, or you can use the Trailing strategy to move the SL whenever the price passes a certain amount of ticks in profit.