You know what it’s like, you left your trade in profit, you went to town, you bought some coffee and a cake with your supposed profits, having left your phone at home. You get back and the nice profit has gone, and you’ve stopped out. damn you forex.
One of the things I use when I’m off out or have to do something else is trailing stops. This means that when the trade heads into profit the stop follows it, so lets say you have 10 pip trailing stop, lets say the trade goes 50 pips in profit, but due to someone from the ECB mentioning the words Quantitative and Easing in the same sentence it runs back 100 pips, you will still have profit because your trade will have stopped out, but in profit.
Downsides are ofcourse that you may stop out and then the trade moves back into further profit so you did not make as much as if your stop was at a higher place.
Worth experimenting with on some trades especially if looking for a big move on some news.