Most long term strategic forex traders that have established a winning position and are allowing their profits to run will also use trailing stop losses to help protect their existing winnings from a sharp and unexpected adverse correction in the forex market. For example, using a trailing stop loss on a long position that has accumulated a significant amount of profit would involve moving your stop loss sell level progressively higher as the market continues to rise. Conversely, you would move your stop loss buy level progressively lower if you were running a profitable short position in a currency pair and the market kept moving in your favour.
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