I’ve had this question asked of me: “How much time do you give to a trade when it reverse to see if it will turn around in your favor before you exit the trade?”
What is the best answer to this question? Any tips or advice is greatly appreciated!
There is no right answer. I avoid that situation completely by entering a daily trade with both S/L and T/P and then closing my desktop until the ffollowing morning. If there are still open trades I close them, and start again. This is an example of detachment from emotional challenges.
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we don’t know the future, it could be a correction and then go to your side.
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Awesome! I love the feedback and advice you all have given thus far.
I think its more a question of price than time, i.e. what the chart price action is showing.
This is why I always enter on a pre-set order. My entry order is set at a price which confirms what I thought price would probably do it. This is made less risky when the entry direction follows the established trend direction.
I give it a very long time and wait for reversal, but that’s just me. Most people would (wiséy) advocate a stop loss. If it goes too far I will exit the trade. Doesn’t happen often but very big losses when it does (usually enough to wipe out a month of trading profit).