Hello
I’ve been using a simple trading strategy where I take profits shortly after a trade goes my way, typically within 15 minutes. This approach seems to be working, but I’m concerned about the risk-reward ratio. Sometimes I miss out on larger profits or end up with small gains that could be wiped out by a single losing trade.
I recently came across trailing stops and like the idea of following my profit until it’s exhausted. However, I don’t want to be glued to my desk all day managing this manually. Is there a way to set up trailing stops automatically on MT4 or MT5, especially on mobile?
Additionally, what is the safest distance to set a trailing stop so that it’s not too close, which could exit me from the trade too early, but also not too far that I risk giving back too much profit? Thanks for any advice or insights