Trailing Stop Losses???

[Cybertek]

Hey all,

I'm trying to see if there is a way to incorporate a trailing stop loss for all of the premium settings of Galileo. The bot has no problem making money, but has a tendency to ride the profits all the way down to the original stop loss. If, for example, the bot makes $1000 overnight while I'm sleeping, it would be nice to have a trailing stop that says if the profits drop 10% from the max profit, it closes the position. It would preserve a lot of profit. Is this available and I just don't know about it? If anyone has a suggestion, please share!

 

[Sanchay]

Hey all,

I'm trying to see if there is a way to incorporate a trailing stop loss for all of the premium settings of Galileo. The bot has no problem making money, but has a tendency to ride the profits all the way down to the original stop loss. If, for example, the bot makes $1000 overnight while I'm sleeping, it would be nice to have a trailing stop that says if the profits drop 10% from the max profit, it closes the position. It would preserve a lot of profit. Is this available and I just don't know about it? If anyone has a suggestion, please share!

Hi @Cybertek, you can use a trailing stop-loss feature by setting the trailing start and trailing step values according to your strategy. The trailing start value determines when Galileo should start trailing (after the price moves by this specified value), while the trailing step defines the increment by which the stop-loss will be adjusted.

 

[mmorningstar]

Hey all,

I'm trying to see if there is a way to incorporate a trailing stop loss for all of the premium settings of Galileo. The bot has no problem making money, but has a tendency to ride the profits all the way down to the original stop loss. If, for example, the bot makes $1000 overnight while I'm sleeping, it would be nice to have a trailing stop that says if the profits drop 10% from the max profit, it closes the position. It would preserve a lot of profit. Is this available and I just don't know about it? If anyone has a suggestion, please share!

Can you please share 1 or 2 of the pairs settings you are using to make money?

 

[Sanchay]

Can you please share 1 or 2 of the pairs settings you are using to make money?

Hey @mmorningstar , I believe since markets are changing all the time I should too, so i dont have any preferred settings or favorites. But here is what i do:

1. Almost every week on friday, I plan for what kind of loss or profit i had in the current week, based on that i select how aggressive or conservative i should be.
2. After that I try to understand what kind of instrument i should trade for example if i am aggressive i will go for indices, crypto or metals (e.g., XAUUSD), for moderate i might go for Stocks or Forex, and lastly if i am having conservative thoughts i will probably go for swing based ideas on forex and stocks.
3. Once i am all set and i figured what my nature for the week will be, and my instrument is also decided then I will choose one of strategies published on monday in performance page and will trade them after backtesting.

Thanks I hope I could help

 

[Rafa]

Hey all,

I'm trying to see if there is a way to incorporate a trailing stop loss for all of the premium settings of Galileo. The bot has no problem making money, but has a tendency to ride the profits all the way down to the original stop loss. If, for example, the bot makes $1000 overnight while I'm sleeping, it would be nice to have a trailing stop that says if the profits drop 10% from the max profit, it closes the position. It would preserve a lot of profit. Is this available and I just don't know about it? If anyone has a suggestion, please share!

I'm not sure if this is related to Galileo or Forex.com, but if you right-click on the S/L line, it will open an option to set a trailing stop to whatever you want. I have been using that, and I find it extremely useful. This brings me to why I came to the forum this morning: I would like to see a Trailing T/P. That way, I can move both lines simultaneously and not lose a potential profit, and my trailing S/L becomes my profit-taken line...

 

[Rafa]

Hey @mmorningstar , I believe since markets are changing all the time I should too, so i dont have any preferred settings or favorites. But here is what i do:

1. Almost every week on friday, I plan for what kind of loss or profit i had in the current week, based on that i select how aggressive or conservative i should be.
2. After that I try to understand what kind of instrument i should trade for example if i am aggressive i will go for indices, crypto or metals (e.g., XAUUSD), for moderate i might go for Stocks or Forex, and lastly if i am having conservative thoughts i will probably go for swing based ideas on forex and stocks.
3. Once i am all set and i figured what my nature for the week will be, and my instrument is also decided then I will choose one of strategies published on monday in performance page and will trade them after backtesting.

Thanks I hope I could help

Hello! I'm in the USA and haven't found a place to trade with Galileo other than forex. I currently use Forex.com, but it is only for forex. Does anyone know where I can trade stock, Bitcoin, or gold with Galileo in the US? Please let me know. Every time I ask on different forums, I never get an answer...

 

[Sanchay]

I'm not sure if this is related to Galileo or Forex.com, but if you right-click on the S/L line, it will open an option to set a trailing stop to whatever you want. I have been using that, and I find it extremely useful. This brings me to why I came to the forum this morning: I would like to see a Trailing T/P. That way, I can move both lines simultaneously and not lose a potential profit, and my trailing S/L becomes my profit-taken line...

Hey @Rafa I see you are manually trailing your stoploss with MT. So, if you want to manually trail take profit you can do it similarly as you are doing or just hold that red dashed line and drag it to anywhere you prefer (you can use this for trailing stoploss or take profit both). If you want to use that with Galileo so that this process can be automatic for stoploss you can follow this:

Hi @Cybertek, you can use a trailing stop-loss feature by setting the trailing start and trailing step values according to your strategy. The trailing start value determines when Galileo should start trailing (after the price moves by this specified value), while the trailing step defines the increment by which the stop-loss will be adjusted.

Hello! I'm in the USA and haven't found a place to trade with Galileo other than forex. I currently use Forex.com, but it is only for forex. Does anyone know where I can trade stock, Bitcoin, or gold with Galileo in the US? Please let me know. Every time I ask on different forums, I never get an answer...

Interactive broker provides a lot of assets. Or you may need some other individual brokers for crypto as per your needs

Thanks I hope I could help.

 

[Rafa]

Hey @Rafa I see you are manually trailing your stoploss with MT. So, if you want to manually trail take profit you can do it similarly as you are doing or just hold that red dashed line and drag it to anywhere you prefer (you can use this for trailing stoploss or take profit both). If you want to use that with Galileo so that this process can be automatic for stoploss you can follow this:



Interactive broker provides a lot of assets. Or you may need some other individual brokers for crypto as per your needs

Thanks I hope I could help.

Thanks for replying. I am still learning my way around the forex world. I have been able to make a couple of fully automated trades, but I'm still tweaking the details. I will be looking into TS and TS

 

[Rafa]

I tried the TStep at 200 and TStart at 0, but it didn't do anything, so I had to return to TStop. Maybe I'm not doing it right; perhaps you can show me an example of what it is supposed to happen or how to set it correctly

 

[Sanchay]

I tried the TStep at 200 and TStart at 0, but it didn't do anything, so I had to return to TStop. Maybe I'm not doing it right; perhaps you can show me an example of what it is supposed to happen or how to set it correctly

Rafa, when you set trailing stop to 0, you disable trailing feature. so you need to ensure that trailing start and stop both should be non zero.