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Trailing stops are a great tool for a trend trade when the price is moving slowly but inexorably in one direction for a longish period of time. A trailing stop acts as a moving stop loss to protect your profits while also allowing you to secure near the maximum profits of the trend when it reverses. I started using them in SIM today because I recognized that I tend to jump out of trends too early, leaving profits on the table. You can create a trailing stop on both the long and short side in the same way: 1. In your montage, set the order type to STOP 2. In the "Stop Type" drop down, select "Trailing" 3. Just below the "Stop Type" drop-down, the third field over from the left is labeled "Trailer Price", set the value to the amount you want the stop to move behind the price. 4a. If you're setting a stop for a long position, click "SELL" - You should now see an order sitting in your order window 4b. If you're setting a stop for a short position, click "BUY" - You should now see an order sitting in your order window A trailing stop always stays a set value below the current price, so for example, if the price is 4.20 and you set a Trailer Price of .20 on a long position your stop loss will be at 4.00. If the price goes up the trailing stop price moves with it, but only in one direction. So for example, if the 4.20 stock moved up to 4.30, the trailing stop would would move to 4.10. If the price subsequently moved down to 4.15, your trailing stop price will stay at 4.10. The trailing stop price will always be set based on the current price, so be careful to look at the current price and movement on the 1 minute chart, the stop will trigger the moment the price tics back to the stop price. For example, if you see the 1 minute candles varying about 10 cents per minute on the trend, a .05 trailer price will probably trigger too early. Make sure you're setting your trailer price to a value that protects your profits without prematurely closing your position when the trend would likely continue. I will update this thread with real chart examples. I also have a hotkey but I want to test it in SIM Monday before I post it here. Edit: How to create a hotkey to set a trailing stop.

Hi guys! My name is Ali and I've been a member here for a few weeks so I thought i should introduce myself I'm originally Egyptian but I've lived in the UK my whole life. I'm 19 and I got into stocks earlier this year after I read Rich Dad, Poor Dad by Robert Kiyosaki. After some research I purchased some FB stocks and held them for a few months and managed to make a little profit with the funds I had. During this time I went to a one-day stock market course near London and learned about day trading and the FOREX market. That day they offered us a yearly course for an insane amount of money that I didn't have, so I decided to do the work myself. I came across Andrews book, which then led me to BearBullTraders and I've loved day trading ever since. It's no walk in the park but I'm just glad that I've finally found something that I really enjoy. I'm going to Cardiff, Wales this September to study Maths but I hope I'll still have time to continue my day trading. I've been in the sim for about 7 weeks now and I'm happy with the progress I've made. Although I don't think I'll be ready to trade live within the next 4-6 weeks I'm confident I'll pass the learning curve and be able to trade live in 2/3 months time (I hope) Every night I look forward to the next day to start trading again and I dread the weekends. I'm very grateful for all the tips the members have given me and of course to Andrew for all his help. Ali

Howdy all, My name is Morgan but I go by Sterno most of the time (former callsign that has followed me around). Like most everyone, I started to look into day trading for the freedom it offered and came across Andrew’s book. It was well written, easy to follow and, to me, gave a clear path to success. After some research into other programs, I came back to Andrew’s and have never looked back. Luckily, I live in the Pacific Northwest and am able to trade for 45 min every morning before I have to leave for work. I started the sim a couple of weeks ago and am really enjoying the process. I am a former fighter pilot and, believe it or not, the processes are similar in a lot of ways. Both entail discipline, the need to read and react quickly under pressure and constant practice. Our missions consisted of planning and briefing, executing the mission then coming back and debriefing to see how we did executing the plan, was it a good plan, how did we react to changing circumstances, etc. Every single flight was a learning experience and most of the learning came in the debrief. I see day trading as very similar (minus the risk to life J) As traders we preplan prior to the open by looking for stocks in play, reviewing what strategies we are going to use, reviewing entry cues, reviewing our rules, etc. We then execute our plan after the market opens and when we are done for the day we review our trades to see how we did in executing our plan (or at least we should). Not just did we win or lose but where did we do well and where could we have done better. Anyways, I look forward to gaining experience and participating in the community. Everyone here is helpful, humble and it is because of the example Andrews sets. I hope to eventually create some checklists for debriefing each trade (again applying what I know from my past) and look forward to sharing them for feedback. See you all around chat!