How to Use a Trailing Stop Loss Forex Strategy

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how to use a trailing stop loss to mitigate risk in your forex strategy on a 1 min chart. This was a risky trade but it worked out.

trailing stop loss
Traders can enhance the efficacy of a stop-loss by pairing it with a trailing stop, which is a trade order where the stop-loss price isn't fixed at a single, absolute dollar amount, but is rather set at a certain percentage or dollar amount below the market price.

Here's how it works. When the price increases, it drags the trailing stop along with it. Then when the price finally stops rising, the new stop-loss price remains at the level it was dragged to, thus automatically protecting an investor's downside, while locking in profits as the price reaches new highs.
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Trailing stops may be used with stock, options, and futures exchanges that support traditional stop-loss orders.

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