Topic: Trailing Stops
Could someone tell me if I'm using the Trailing Stop Close correctly? It seems to me to be setting a stop, say 35, then moving (trailing) that stop with each (1) positive pip. In other words, if my position moves 5 pips into profit, my 35 pip stop loss would move 5 pips. I would then have a 30 pip loss if the position reversed completely on me. Is this correct?
And if so, can someone tell me where I can get an EA for MetaTrader that functions the same way, i.e. moves my stop one pip at a time. MT's trailing stop doesn't function this way and the success of my strategy depends heavily upon using a trailing stop close.
Thanks for a great program!