I can’t believe I never thought about doing this but does anyone else move their stops and limits with regards to a positive shift in pips?
So you set your stop loss and take profits but you check your trade and you’re just a few pips away from your take profit, so you move up your stop loss to right behind the take profit. Then you move your take profit up another 15 pips or whatever? Anyone else do this?
By replacing adjusting your limit in a positively in motion with your successful trade, you basically have nothing to lose… Just as long as the stop loss is very very close to your take profit, no more than 3 pips.
Worse case you lose 3 pips.
Best case you gain several pips more.
yes I’ve done it many times. I give myself much more wiggle room than 3 pips. I know traders who add positions, trail their stops. there are many ways to manage your trade. It’s certain traders don’t outsmart the market, but we can be smart and generate pips through smart money management and trade management. When to get out of a trade can make a huge difference at the end of the month. Here’s a tip I picked up from a well known mentor that opened up wonderful possibilities for me, she suggested I execute the trade without a take profit. I was delighted at the result. Hope this helps. Thx
Hyper, I think you’ll find most traders do that.
Your platform should allow you to set a trailing stop…you’d know about things like this if you bothered working thru the free pipschool
I dont personally setting an automatic trailing stop as it can and will leave it wide open to get hit alot. I find it easier to move a stop manually if need be to protect profits. I have a post somewhere about how I do that but it was years ago that I posted it here.