Trailing Stop configuration:
Main Menu > Bot Configuration > Trading > client name > Trailing > Stop
The goal of the Trailing Stop-loss is to help you secure and lock in profits made in trades managed by the Cornix trading bot. The trailing stop is a great tool when used correctly so you should try to familiarize yourself with all 5 different trailing stop types our bot offers:
The difference between the trailing take-profit/entry and the trailing stop is that the two former trailing types are activated on the order that is reached only, while the trailing stop is activated on the rest of the amount that is left in the trade.
Here you can view a quick video example of how the Trailing Stop-Loss works:
The following are the different trailing stop types:
Each stop type has to have a trigger. Only when the trigger is met, the trailing will come into place. The available triggers are mentioned for each stop type below:
Breakeven:
This trailing stop type will move your stop to the average entry price once the trigger is reached. This stop type can be triggered by choosing a certain target or after passing a certain percent above the entry weighted average.
Moving Target:
When using this type of trailing stop, if triggered, the bot will move your stop to the price of the previous target. If triggered on the first take-profit target, then the stop will be moved to the breakeven entry price, when the second take-profit target is reached the stop will be moved to the first take-profit target price, and so on. This stop type can only be triggered by choosing a certain target, while the default trigger is the first take-profit target.
Moving 2-Target:
This type of trailing stop is similar to Moving Target, but in this case, the bot will move your stop price according to 2 targets back instead of one back. This stop type can only be triggered by choosing a certain target, starting from the second take profit, which is also the default trigger.
More specifically, if triggered, when the second take-profit target is reached the stop will be moved to the breakeven entry price and when the third take-profit target is reached the stop will be moved to the first take-profit target price, and so on.
Percent Below Triggers:
Using this trailing stop, when triggered, the bot will move the stop to the specified percent below the trigger that is reached. This stop type can be triggered by choosing a certain target or after passing a certain percentage above the average entry price.
Percent Below Highest:
In this case, when triggered, the bot will move the stop to the specified percentage below the trigger that is reached and will keep trailing that same distance below the maximum price that is reached. This stop type can be triggered by choosing a certain target or after passing a certain percentage above the entry.
* You can select to disable the trailing stop by clicking the "Without" option or alternatively select one of the different trailing stop types to set them as your default trailing stop.
Please note that for automated trades with leverage, the bot will automatically divide any percentage parameter (excluding triggers) by the trade's leverage to keep your effective percentage settings (learn more on the Automated Configuration Leverage Adjustment).