An example of how to move the stop loss to the nearest achieved target:
Here is a ready-made model for a scalping strategy with multiple targets and moving the stop loss (SL) for each target, which you can use daily.
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Scalping trade execution model:
Trade information:
Currency: [Specify the currency – Example: ARB]
Entry Point (Entry): 1.000
Stop Loss (SL): 0.990
Targets:
Target 1: 1.010
Target 2: 1.020
Target 3: 1.030
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Stop Loss movement plan:
Stage Achieved Price Action on Stop Loss (SL) Locked Profit
After entry 1.000 SL remains at 0.990 Nothing yet
Upon achieving Target 1 (1.010) Move SL to 1.000 (entry point) Capital protection
Upon achieving Target 2 (1.020) Move SL to 1.010 Locked profit of 1%
Upon achieving Target 3 (1.030) Close the trade or move SL to 1.020 Locked profit of 2%
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Additional notes:
Risk/Reward ratio: approximately 1:3 (excellent for speculation).
Quantity distribution: You can distribute the contract, for example, 33% for each target, or 50% at Target 2 and 50% at Target 3 according to your strategy.
Manual execution or with a bot: You can manually enter the pending orders + SL or use a bot that has "Trailing SL by Target".