Yes, you are able to use the ‘Trailing Stop’ in FBS MT4 and MT5 as it is available for MT4 and MT5 offered by brokers by default.
To set up a Trailing Stop, please follow the instruction below.
1. Place an order in MT4
You can not place a “Trailing Stop” order at the same time as when placing the order itself.
You need to have a open position already to set up a “Trailing Stop”.
2. Set up the ‘Trailing Stop’
Go to the “Trade” tab in the “Terminal” below MT4 charts, and right click on it and select “Trailing Stop” and the points.
Trailing Stop will be active now.
Please note that a point in MT4 is ten times smaller than a pip, so 10 points equals to 1 pip.
Trailing Stop common troubles
There are 2 common mistakes when using the “Trailing Stop” order.
1. Triggering the ‘Trailing Stop’
When you set up the “Trailing Stop” order, it will not be triggered until the market price goes in your favor by the points you have set.
e.g If you have EUR/USD long position, and set the “Trailing Stop” for 50 points. The “Trailing Stop” won’t even start working until the market price of EUR/USD goes higher by 5 pips.
If the market price does not move in your favor at all, the “Trailing Stop” may never work and you might make a loss on the trades.
2. MT4 with Trailing Stop
Trailing Stop works only when you have logged into your MT4 account and the MT4 is opened in your device.
If you have set up a “Trailing Stop” order, you may want to stay online to see how the price goes.
If you close MT4 or log out, the “Trailing Stop” orders will be cancelled.
VPS – Virtual Private Server
Some brokers offer VPS to clients for free with certain requirements.
VPS is useful for traders who use EAs(Expert Advisers) and “Trailing Stop” for trading.
You can stay online in the alternative server for 24/7 and you do not need to stay online in your devices.
Unfortunately, FBS does not offer VPS service though, you may find some providers on internet.