2021-09-04 13:25:36
A Trend Trader's Key Skill: #TrailingStopLoss
What is a trailing stop loss? It is like any other stop loss points, but it moves alongside the current price.
So when a stock starts to push up and you start to make profit, this is where many traders tend to make #mistake. They are too happy to think of the worst, so they do not set a trailing stop loss.
The end result would be #profits turning into #losses.
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How do we set trailing stop loss? There are a few ways to do so, depending on how you set your supports.
For example in #ANNJOO, you bought the breakout candle on 30 August and your support was at RM2.39. So as price pushes upwards, you can set your trailing stop loss at RM2.53.
(Refer to picture above) Alternatively, you may also use #MovingAverages (MAs) as your trailing stop loss.
(Refer to picture above) All in all, trailing stop loss is crucial for most traders as it serves as a #protection to your gains and profits.
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