Question

How to set a trailing stop loss on tradingview?

Answer 1

To set a trailing stop loss on TradingView, you need to access the Trading Panel, connect to your broker, choose the trading instrument, and set the trailing distance. If automatic trailing stops are not supported, you may have to manually adjust stop losses. A trailing stop loss automatically adjusts with favorable price movements and is handy for risk management.

Step-by-step explanation:

Setting a Trailing Stop Loss on TradingView

To set a trailing stop loss on TradingView, you will need to use the platform's trade panel which provides advanced trade management capabilities, including setting stop losses that automatically adjust as the market moves in your favor. To begin, open the Trading Panel and select the broker connected to your TradingView account. After you have chosen the desired trade instrument and have either a position open or are planning to open one, you can set your trailing stop loss. You enter the trailing distance in either pips, points, or percentage, depending on the instrument you're trading. As the price moves favorably, the trailing stop loss will adjust based on the criteria you've set, keeping the same distance from the highest price since the order was executed.

If TradingView does not support automatic trailing stops through the broker you have integrated, you can manually adjust a fixed stop loss based on the trailing criteria you've decided upon. This would require monitoring the price movement and adjusting the stop loss as needed.

Remember to always take into account your trading strategy and risk management rules when using a trailing stop loss. It is a dynamic tool that can help protect your profits and limit potential losses without constant manual adjustment, but it should be used considering the volatility and liquidity of the market you are trading in.

Answer 2

To set a trailing stop loss on TradingView, access your chart, right-click to create a new order, and in the order form, choose a stop order type and specify your trailing stop amount. The platform will then adjust the stop loss automatically as the market moves. It's crucial to confirm your platform's specific steps as the interface can vary.

Step-by-step explanation:

Setting a Trailing Stop Loss on TradingView.To set a trailing stop loss on TradingView, you can follow these general steps:

1. Log into your TradingView account and open the chart for the asset you're interested in trading.
2. Right-click on the chart and select 'Create New Order' from the dropdown menu.
3. In the 'Order Form', you should see an option to select the type of order. Choose 'Stop' or 'Stop Limit' order.
4. You will usually find an option to set the stop loss as a trailing stop by either a fixed distance (e.g., $1) or a percentage of the price.
5. Enter the trailing amount you prefer, then complete your order requirements and submit the order.

Always ensure that you confirm the specific details, as the interface, or options might differ based on updates or the account type. The trading platform should automatically adjust the trailing stop loss as the market price moves in a favorable direction, maintaining the trailing amount as specified.

It's important to remember that a trailing stop loss is mainly used to protect gains by allowing a trade to remain open and continue to profit as long as the price is moving in a favorable direction, but it automatically closes the trade if the price changes direction by a certain amount.