Trailing Stops Question

[tx_trader]

Hello Fellow Traders

Trailing Stop Question: Which option below would you choose and why?

Option #1: Set a stop loss and take profit level; then let the market do its thing.

Option #2: Same as above but this time we add a trailing stop.

Look forward to reading the pros and cons of using trailing stops.


Respectfully
TX Trader

 

[TheForexGuy]

I don't normally use trailing stops because the market needs room to breath as it progressing up or down the chart.

I find that trailing stops always get knocked out by retracements. They are good in theory, and work well in rapidly moving markets, but everyday training they get in the way. Unless you use a larger trailing stop, but then you're going to miss out on potential profit.

I am more into set and forget trading plans, that way I set the trade up at logical levels and let the market take care of the rest.

I often don't set a take profit, I like to let the market show it's cards after a trade is triggered. Quite often I check my trades by a candle close by close basis, so if the market is going to explode I am in for the ride.

Regards