I know how to set a stop loss, but how do set up a trailing stop in an EA? Can it be managed automatically by the platform or do you have to write the code to manage it?
I don't understand the need for both a stop loss and a trailing stop. I see people say things like "There's a 100 pip stop loss and a 20 pip trailing stop." As the price moves, the TS moves with it, so why do you need a stop loss? You'll never hit the 100 pip stop loss, because you'll hit the 20 pip trailing stop long before that. Right? I'm probably missing something so if someone could enlighten me, that would help. Thanks.
I don't understand the need for both a stop loss and a trailing stop. I see people say things like "There's a 100 pip stop loss and a 20 pip trailing stop." As the price moves, the TS moves with it, so why do you need a stop loss? You'll never hit the 100 pip stop loss, because you'll hit the 20 pip trailing stop long before that. Right? I'm probably missing something so if someone could enlighten me, that would help. Thanks.