Upon entry, set the initial stop to 12 cents with no trailing stop.
When the high-water mark is 6 cents, initiate the trailing stop to 6 cents (break-even).
When the high-water mark is 14 cents, set the trailing stop to 7 cents. Then, for each 2-cent increase in high-water mark, increase the trailing stop one cent.
When the high-water mark is 50 cents, set the trailing stop to one-third of the high-water mark.
This strategy only goes long and only gets into one position per symbol.
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