DealBook® 360 How-to: Place an Automated Trailing Stop
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Automated trailing stops are used by traders to help protect profits and limit losses. There are many ways that trailing stops can be incorporated into an overall trading strategy, and our DealBook® trading platforms offer several options for placing these orders. We’ll highlight a few simple methods to protect your open positions by setting an automated trailing stop – directly from a chart, from the open positions window in DealBook® 360 and DealBook® WEB, and as part of a parent and contingent order.
Beginner: From a Chart in DealBook® 360 |
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- Open a chart for your desired currency pair by selecting View > Chart from the top menu.
- Right-click anywhere on the chart, and select “Enter Trailing Stop” from the menu.
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Select the distance that you’d like your order to be placed from the current quote.
Adjust the position size, if necessary.
If you are protecting an open buy order, select Bid (Sell), and if you are protecting an open sell order, select Ask (Buy).
- Select Yes to confirm.
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Intermediate: From the Open Positions Window in DealBook® 360 or DealBook® WEB |
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- Open the Open Positions window by selecting View and then Open Positions. You can also perform this operation by pressing CTRL+P simultaneously on your keyboard.
- Right-click on the open position for the currency pair that you wish to protect and select “Protect with Trailing Stop.”
- Select the distance (in pips) that you’d like it to trail the open position and select the number of lots you wish to trade. Submit your order by clicking either Ask (Buy) or Bid (Sell). If your open position is a sell, you will click Ask (Buy) to submit your order. If your open position is a buy, you will click Bid (Sell) order to submit.
- If your order is correct in the confirmation window, click Yes to confirm.
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Advanced: As a Parent and Contingent Order in DealBook® 360 |
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- Open a new order window by selecting Trades > New Order, and then select Parent and contingents from the order dropdown menu. You can also open the new order window directly from the chart by right-clicking on the chart and selecting “P&C Buy at …” or “P&C Sell at …”
- Select your symbol
- Select your desired price for your stop order and then choose either Buy or Sell. Turn this into an automated trailing stop by selecting the checkbox next to Trail, and selecting the distance (in pips) that you’d like it to trail the order
- Select your desired price and operation for your limit order
- Make sure that the OCO checkbox is selected, then choose the number of lots you wish to trade
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When you're satisfied that your order is correct, click Submit and then Yes to confirm in the window that appears. After you set your trailing stop, you can watch the charts to see how the order will automatically move to follow the market, if the market is trending in your anticipated direction. With all the flexible ways to use stops while trading with DealBook® 360, there are many ways you can integrate this risk-management tool into your overall trading plan.
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CD01A.140.071008
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