diff --git a/freqtrade/analyze.py b/freqtrade/analyze.py
index b8caa45b7..d74f9566a 100644
--- a/freqtrade/analyze.py
+++ b/freqtrade/analyze.py
@@ -212,9 +212,8 @@ class Analyze(object):
 
         current_profit = trade.calc_profit_percent(current_rate)
         trailing_stop = self.config.get('trailing_stop', False)
-        if trade.stop_loss is None or trade.stop_loss == 0:
-            # initially adjust the stop loss to the base value
-            trade.adjust_stop_loss(trade.open_rate, self.strategy.stoploss)
+
+        trade.adjust_stop_loss(trade.open_rate, self.strategy.stoploss, initial=True)
 
         # evaluate if the stoploss was hit
         if self.strategy.stoploss is not None and trade.stop_loss >= current_rate:
diff --git a/freqtrade/persistence.py b/freqtrade/persistence.py
index db97fc858..4fc83a18f 100644
--- a/freqtrade/persistence.py
+++ b/freqtrade/persistence.py
@@ -167,15 +167,19 @@ class Trade(_DECL_BASE):
             arrow.get(self.open_date).humanize() if self.is_open else 'closed'
         )
 
-    def adjust_stop_loss(self, current_price, stoploss):
+    def adjust_stop_loss(self, current_price: float, stoploss: float, initial: bool =False):
         """
-        this adjusts the stop loss to it's most recently observed
-        setting
+        this adjusts the stop loss to it's most recently observed setting
         :param current_price:
-        :param stoploss:
+        :param stoploss in percent:
+        :param initial:
         :return:
         """
 
+        if initial and not (self.stop_loss is None or self.stop_loss == 0):
+            # Don't modify if called with initial and nothing to do
+            return
+
         new_loss = float(current_price * (1 - abs(stoploss)))
 
         # keeping track of the highest observed rate for this trade
diff --git a/freqtrade/tests/test_persistence.py b/freqtrade/tests/test_persistence.py
index 6ffcbbf65..45957853f 100644
--- a/freqtrade/tests/test_persistence.py
+++ b/freqtrade/tests/test_persistence.py
@@ -465,18 +465,24 @@ def test_adjust_stop_loss(limit_buy_order, limit_sell_order, fee):
         open_rate=1,
     )
 
-    # Get percent of profit with a custom rate (Higher than open rate)
-    trade.adjust_stop_loss(1, 0.05)
+    trade.adjust_stop_loss(trade.open_rate, 0.05, True)
     assert trade.stop_loss == 0.95
     assert trade.max_rate == 1
     assert trade.initial_stop_loss == 0.95
 
+    # Get percent of profit with a lowre rate
+    trade.adjust_stop_loss(0.96, 0.05)
+    assert trade.stop_loss == 0.95
+    assert trade.max_rate == 1
+    assert trade.initial_stop_loss == 0.95
+
+    # Get percent of profit with a custom rate (Higher than open rate)
     trade.adjust_stop_loss(1.3, -0.1)
     assert round(trade.stop_loss, 8) == 1.17
     assert trade.max_rate == 1.3
     assert trade.initial_stop_loss == 0.95
 
-    # current rate lower ... should not change
+    # current rate lower again ... should not change
     trade.adjust_stop_loss(1.2, 0.1)
     assert round(trade.stop_loss, 8) == 1.17
     assert trade.max_rate == 1.3
@@ -487,3 +493,9 @@ def test_adjust_stop_loss(limit_buy_order, limit_sell_order, fee):
     assert round(trade.stop_loss, 8) == 1.26
     assert trade.max_rate == 1.4
     assert trade.initial_stop_loss == 0.95
+
+    #  Initial is true but stop_loss set - so doesn't do anything
+    trade.adjust_stop_loss(1.7, 0.1, True)
+    assert round(trade.stop_loss, 8) == 1.26
+    assert trade.max_rate == 1.4
+    assert trade.initial_stop_loss == 0.95