Hello all
I'm going to ask what will sound like a stupid question but I want to get it right so please don't laugh
I know what a trailing stop is and how it works but how do I place a bet and where so that it keeps on going up - back or lay ?
For instance say I place a bet at 2.00 with a trailing stop at for example 2 ticks below it
If the trend is for the price to keep going up how do I ensure that my bet keeps going up along with the trend rather than staying at 2.00 and that I can make profit ?
I've tried in the past but can't seem to get it right
Assume that I'm placing my first ever bet
Any help is appreciated
Thanks
Trailing stops
I'm not sure this makes sense?
If we knew how to identify a price that will keep going up there would be two things to consider:
1 - Our success rate would be impressive
2 - There would be no need for a stop
Unless I have misunderstood?
If we knew how to identify a price that will keep going up there would be two things to consider:
1 - Our success rate would be impressive
2 - There would be no need for a stop
Unless I have misunderstood?
HI Glarz
Being relatively new to trading myself, I may be able to help you with your question, although I don't know anything about automation.
You mention trailing stops. The word "trailing" does not imply that it keeps on moving automatically. It only moves when you place a new bet but it is placed 2 ticks ( your choice) below or above.
If your first bet is a "lay" bet...you close the trade by placing a "back" bet when in profit.
If your first trade is a "back" bet...close your trade by placing a "lay" bet when in profit.
You need to sit in front of your computer and watch the price move and be ready to close when you see profit.
Keep reading, keep learning and watch the markets move. See how the prices alter but if I were you, I would simpl watch without trading for a while and when you do start trading, keep your stakes small.
Being relatively new to trading myself, I may be able to help you with your question, although I don't know anything about automation.
You mention trailing stops. The word "trailing" does not imply that it keeps on moving automatically. It only moves when you place a new bet but it is placed 2 ticks ( your choice) below or above.
If your first bet is a "lay" bet...you close the trade by placing a "back" bet when in profit.
If your first trade is a "back" bet...close your trade by placing a "lay" bet when in profit.
You need to sit in front of your computer and watch the price move and be ready to close when you see profit.
Keep reading, keep learning and watch the markets move. See how the prices alter but if I were you, I would simpl watch without trading for a while and when you do start trading, keep your stakes small.
The trailing stop is ok if you are trading events like pre match Soccer over a longer period. I.e You put the bet on early Saturday morning and want the "stop" to manage it throughout the day. The higher liquidity and slow moving market smooths out the ebbs and flows of the market. Forget any stop, whether that be trailing or normal on horse racing. The market jumps and the stops get triggered unnecessarily. If you look at any graph you will see that price moves are never linear. Even if the long term trend is consistent, there are many little jump backs throughout the journey.
I have a Stop Loss position in all of my trades. This is an invisible line that I draw, where the prices reaches a position and hits the point where the maximum amount of money I am prepared to lose is reached. I manage this MANUALLY.
A 2 tick stop is completely unworkable. For any stop loss to be effective you need high liquidity and a slow moving market.
Bet Angel is an incredible piece of software, it sort of has to be all things to all men. But you need to pick out the tools within it that fit into your style of trading. I use maybe 30% or less of what it can do. Someone else may use 30%, but a completely different 30% of what I use.
I have a Stop Loss position in all of my trades. This is an invisible line that I draw, where the prices reaches a position and hits the point where the maximum amount of money I am prepared to lose is reached. I manage this MANUALLY.
A 2 tick stop is completely unworkable. For any stop loss to be effective you need high liquidity and a slow moving market.
Bet Angel is an incredible piece of software, it sort of has to be all things to all men. But you need to pick out the tools within it that fit into your style of trading. I use maybe 30% or less of what it can do. Someone else may use 30%, but a completely different 30% of what I use.
Do you perhaps mean a 'Price Chaser'? i.e. if not filled at 2 within 15 secs and price moves to 2.02 then move the lay to 2.02 (and so on until filled) while keeping the SL 2 ticks below LTP.Glarz wrote:...
If the trend is for the price to keep going up how do I ensure that my bet keeps going up along with the trend rather than staying at 2.00 and that I can make profit ?...