To use the trailing stop on your Metatrader, right-click on your opened trade (inside terminal window), and select trailing stop, then select the amount you need. By default there are pre-determine points, but you may enter your own value as trailing stops.
When the price move more than the amount from your entry (or your previous stops), Metatrader will automatically set new stops. Because trailing stops is executed with the MetaTrader client, thus the client has to be left running to enable the trailing stops.
I have been trying with various value for trailing stops. Set the value too small, and the trailing stops will move according to price, but we will get stop out at slight retrace of the price. This is not good as the price will continue to move a great deal after the retracement.
If setting the trailing stops too big, we might miss out some trade, some winning trade may be too small to move the trailing stops, and reverse out and cause losses.
I still have not find the suitable value on each timeframe yet. Will be working out ways to optimized it.
