Let’s say you have your own trading system which is a combination of price action and various indicators. You have entered a trade and set S/L at 100 pips. Will you wait for S/L or you will look at the charts in real-time and exit the trade if you see that something is going wrong? I think the second option us much better. What do you think?
It is, but the edge you can get via manual exits greatly depends on your skills. For most people it won’t make a difference, because realistically they have no clue how odds change.
People like to put SL/TP and just leave it - they know that they are not good enough (skill and psychology wise) to make judgements with trade open, therefore they are just hoping that their entries are good enough to outweight their bad exits.
Trading is dynamic and not static so your second option is better for skilled traders. The worst thing you can do is adjust your SL upward after being almost reached and hoping it will turn around which is basically the same as trading without any protection. I only use a SL to close a trade for a profit and prefer to hedge my positions.
I don’t like adjusting my SL. I make an order, put a SL/TP based on S/R lines and just leave it. If I see that price action indicates that something could go wrong, I close my order manually. But If everything works fine, I will leave the trade. And it works for me (50% profit in last five months)! 
The only bad thing about manually closing your trades when you perceive that some market change is happening is it can become a bad habit. Essentially if you open a trade and put in a stop loss you are accepting risk by putting in a stop loss and it would be prudent not to touch it until the trade you have planned out and put into action reaches its target or takes you out and proves you wrong. Psychologically it will help you in the long run about accepting responsibility of risk and you would be all the more successful in defeating the fear and greed emotions. It takes discipline to plan a trade and trade the plan.
There’s a point to be really aware here…
If you plan a good trade and consciously put the S/L in some place based on technical levels or whatever reason, the thing you’re wondering to exit the trade before price touches your S/L invalids your trading plan, as a plan. This is not a sound plan at all. It’s a joke.
Put together a trading plan and follow the plan no matter what. The S/L close my trade? of course because you put it there to do it in case anything goes wrong!!! what’s the matter? write down your trading journal, review your mistakes and forget your loss…
Next time you’ll do it better. Period.
I agree with everything You need to be consistent because when you are, you are able to spot weakness in your plan much easier at a later time when you review your trades. When you change a well thought out planned trade, based on the facts and options so you can pick the least of the evils available at the time you were planning, you can’t be consistent. When it works you feel like a genius, when it doesn’t you don’t. You should be trying to be a genius not only when the trade works out for you, but as well when it doesn’t. The goal is not only to make money, but to lose a little as possible over the long run.
Traders start off with oh I don’t do it all the time and the times I do it has worked out. And it does work out right up until the time it doesn’t and you lose a lot. Trick in trading is to be consistent and make the same mistake the least amount of times as possible. You want to trade like 
…notm like this :51: otherwise you’ll end up like this :17:
Good Luck
GP
Lets say you have your own strategy and based on it you enter the trade and your stop loss like you said 100 pips, so I believe that when you enter your trade you where very confident about it based on your strategy. If that’s the case you should stick to your own strategy and adjust the stop loss only when your trade is in profits.
[QUOTE=“Rambo35;621849”]Lets say you have your own strategy and based on it you enter the trade and your stop loss like you said 100 pips, so I believe that when you enter your trade you where very confident about it based on your strategy. If that’s the case you should stick to your own strategy and adjust the stop loss only when your trade is in profits.[/QUOTE]
That’s the point. Thank you Sir.
Plan the trade and trade the plan.
In trading i use price action system with candle stick patten which really help me to prevent loss and my 60% now in profit but i keep hard to learn more about this. I think price action never give us 100% guarantee to make profit but help us understand market trend.
So, if I have a stop loss at 100 pips and I am in profit for let’s say 60 pips, I should adjust the stop loss and put it at for example 40 pips?
Well without any further knowledge of the strategy… at least to break even, and then based on price movements even to a shorter distance considering pullbacks, but always move the stop in the profit direction, never move it back.
You can also modify the order and set a trailing stop if you want to stay away from the screens.