TradingDesk Pro 5 system allows to set Trailing Pending orders (Trailing GTC and Trailing Stop Loss orders).

What is Trailing order.

While a traditional pending order (Good Till Cancel Order or Stop Loss) is static and is only triggered at a fixed price set by a user, the Trailing Order service is designed to dynamically update the order price as the currency price moves based on a trailing parameter entered by customer. If you wish to have your order automatically trail market movement, the Trailing Order is an alternative to permanent canceling and replacing orders.

The Trailing Order is similar to a simple GTC or Stop Loss order, however instead of a fixed order price, the user is required to enter a trailing parameter of X points value above (for Sell Trailing GTC Orders or for Stop Loss Orders linked to Buy position) or below (for Buy Trailing GTC Orders or for Stop Loss Orders linked to Sell position) the market price, thereby creating a moving or trailing trigger order price. Thus the trailing parameter can be entered only in points to the current price.

Note that Stop Loss Orders linked to Buy position serves as simple Sell pending order that closes primary Buy position.  On the contrary Stop Loss Orders linked to Sell position serves as simple Buy pending order that closes primary Sell position. 

So, a Trailing order isn't entered at an exact price, but rather, at a specified distance from the price at which the primary order will be filled.

For Sell Trailing Orders, your trailing order's trigger sell price, is re-calculated upwards (based on the trailing parameter you entered) each time a new currency price high is reached from the point of order placement. If the price begins to fall and reaches or falls below the calculated order Price, your order will be triggered and executed.

For Buy Trailing Orders, your trailing order's trigger buy price, is re-calculated downwards (based on the trailing parameter you entered) each time a new currency price low is reached from the point of order placement. If the price begins to rise and reaches or exceeds your calculated order Price, your order will be triggered and executed.

All Trailing Orders are held by system's server for monitoring until the order price is hit or "passed" (in the case of a sell trailing order, this would mean that the last 3 bid prices are equal to or less than the order price; in the case of a buy order, this would mean that the last 3 ask prices are equal to or greater than the order price). 

Example

For example, you place a «Sell» Trailing GTC with a parameter of 20 points and current market price for EURUSD is 1.2762. The activation price is calculated by taking the current price and subtracting the stop parameter. In this example initial activation price would be $1.2742 (1.2762 minus 20 pips or 0.0020). If the currency never goes higher than $1.2762, the order will be executed when the price hits $1.2742. If the currency goes to $1.2763, the activation price becomes $1.2743 (if 1.2765 ... than 1.2745), and so on (order follow, or "trail", currency price as it rises). So, if the market price rises, the orders rate rises by this amount, but if the market price falls, the orders rate doesn't change. For «Buy» Trailing GTC the activation price is calculated by taking the current price and adding the stop parameter and so on.

How to Set new Trailing GTC

While setting GTC order in New Order window just check Trailing" checkbox in GTC section from the right of GTC open rate and group# fields and fill in trailing parameter in to Open Rate field.

For example, to make GTC follow current market rate at a distance of 20 pips type "20" (without  inverted commas) into Open Rate field with checking "Trailing" checkbox.

More about GTC order setting is written in Making Deals, setting orders section of this help.

You can also set Trailing Stop order linked to Trailing GTC order.  To do this just check "Trailing" checkbox in Stop Limit section of  New Order window.

For example, to make Stop Loss follow current market rate after opening position by GTC at a distance of 20 pips type "20" (without  inverted commas) into Stop Loss field with checking "Trailing" checkbox.

After setting new Trailing GTC order it will be shown in  Opening Orders table. Current Trailing GTC sliding price will be shown with T-parameter. For example. T1.2317. It means that current sliding order rate is located at 1.2317 price level.

If you have  Trailing Stop order linked to Trailing GTC order it will be shown with pips-parameter. For example "20". It means that if GTC opens than Trailing Stop with 20 pips parameter will be set and linked to this position. After opening position Trailing Stop will be shown in  Opening Orders table with T-parameter. For example T1.2297.

How to Change Trailing GTC

To Change Trailing GTC go to Opening Orders table" and click twice right mouse button on the order's line and follow the instructions written in Opening Orders table section of this help".  

How to set Trailing Stop while opening new position. 

To set Trailing Stop while opening new position please check "Trailing" checkbox in Stop Limit section of  New Order window and fill in trailing parameter in to Stop Field. For example, to make Stop Loss follow current market rate at a distance of 20 pips type "20" (without  inverted commas) into Stop Loss field with checking "Trailing" checkbox.

Detailed instructions are written in Making Deals, setting orders section of this help. 

After setting new Trailing Stop order it will be shown in  Opened Trades Table with T-parameter. T1.2317. It means that current sliding Stop Order rate is located at 1.2317 price level.

How to set/change Trailing Stop linked to already opened position. 

To set/change Trailing  Stop linked to already opened position double click left mouse button on concrete open trade line of Opened Trades Table in "Stop Loss", "Limit Profit" and  "S/L group #" columns.

For example, to make stop follow current market rate at a distance of 20 pips type "T20" (without  inverted commas) into Stop Loss field (for TradingDesk Pro 5 1.9 version) or 20 with checking "Trailing" checkbox (for TradingDesk Pro 5 2.0 and higher versions).

Detailed instructions are written in Opened Trades Table section of this help.  

Please note: For sell Trailing Orders the activation price only moves upward, and for buy Trailing Orders the activation price only moves downward.

Please note: TradingDesk Pro 5 system prevents from setting Stop, Limit or GTC orders closer than 10 pips to current market level. Also it prevents from changing and erasing already set Stop, Limit or GTC orders if current market level is closer than 10 pips to orders value. This rule is applied to Trailing Stops as well. This rule can be changed. Current rules can be found at http://www.forexhsn.com page.