thinkorswim trailing stop orders explained

Thinkorswim trailing stop orders can be a bit confusing, but they're actually pretty simple once you understand how they work. A trailing stop order is a type of order that allows you to limit your potential losses while still allowing you to profit from price movements.

You can set a trailing stop order to automatically adjust its stop price as the market price of your trade moves in your favor. For example, if you set a 10% trailing stop, the stop price will be adjusted by 10% of the current market price whenever the price moves in your favor.

Thinkorswim offers two types of trailing stop orders: Trailing Stop Limit and Trailing Stop Market. The main difference between the two is that the Trailing Stop Limit order will only execute at the specified limit price, while the Trailing Stop Market order will execute at the current market price.

To set up a trailing stop on thinkorswim, you can right-click on an open trade in the "Activity and Positions" tab and select "Create Trailing Stop" from the drop-down menu.

Alternatively, you can click on the "Create Trailing Stop" button in the "Order Entry" window.

Once you've clicked on the button, you can choose the trailing stop type, which can be either a percentage or points.

To add a stop, you can start by opening a forex trade. Once you've opened a trade, you can right-click on it in the "Activity and Positions" tab.

You can also select "Create Trailing Stop" from the drop-down menu. Alternatively, you can click on the "Create Trailing Stop" button in the "Order Entry" window.

After you've set up your trailing stop, it's time to set its parameters. This is where you get to decide how your trailing stop will work.

You can choose between two types of trailing stop: percentage or points. The activation level is the price level at which the trailing stop will become active. For example, if you set the activation level at 50 pips, the trailing stop will only become active once the price has moved 50 pips in your favor.

The trailing stop value is another crucial parameter to set. It determines the amount of profit you'll lock in once your trailing stop becomes active.

Confirming and submitting your trailing stop order is the final step before it's executed.

Once you've set the parameters for your trailing stop, you can confirm and submit the order by clicking on the “Confirm and Send” button.

This will open a new window where you can review the order details.

You'll have the opportunity to make any final adjustments before submitting the order, so take a moment to double-check everything.

You can monitor and manage your trailing stop order in the "Activity and Positions" tab, where you'll see the current trailing stop level, activation level, and distance between the current price and the trailing stop level.

To modify or cancel the trailing stop order, right-click on the open trade and select "Modify or Cancel Order" from the drop-down menu.

You can also place a limit entry order and have ThinkOrSwim immediately place a stop or a trailing stop for you if you get filled on your entry.

ThinkOrSwim offers various contingency orders, including Contingency Orders and Position Adjustment, which can help you manage risk.

Here are some key features of ThinkOrSwim's contingency orders:

By using these features, you can ensure that your orders are executed according to your strategy, even if you're not available to monitor them.

Thinkorswim offers various contingency orders that can help you manage your trades even when you're not actively monitoring them.

One such contingency order is a limit entry order, which can be placed to enter a trade. If you get filled on your entry, you can have ThinkOrSwim immediately place a stop or a trailing stop for you.

Thinkorswim also allows you to have your exit limit order entered automatically. This can be a lifesaver if you need to leave your trading station for a meeting or other reason.

You can place a variety of contingency orders on ThinkOrSwim, including Contingency Orders, Position Adjustment, and Risk Management.