Hello! How are you guys doing your trades? Do you manage it or do you set and forget?
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I’ve been a mix but coming from trading the daily timeframe, most of my trades were done near the end of the day US, and then I would check the following day, at around the same time.
I changed to checking more frequently during the day because I felt I missed moves against me and then would get stopped out.
But keeping with a strict system at least early on I think helps you get into a rhythm and then after a while you can start testing and changing things, if that makes sense.
It depends. Honestly I should probably just set and forget all the time but I still find myself tweaking trades I’m in which is not good.
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I have a profitable strategy and a strict process, which I follow for every trade. Set and turn off my desktop. As I leave the trades to run to my S/L or more likely my T/P overnight if necessary, I’m not being emotionally challenged by what the market throws at me. This is the downfall of the majority of traders because they will nurse losing trades (PAIN) and cut short winning ones (FEAR).
IMO, only top traders will attempt to milk the profits by adding to winning positions, but I’m not in their league.
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Usually, I don’t change my SL & TP during my running trade position! Because, it breaks my momentum; so I wait for the final result!
It depends, when I do my long term trading, then surely I count the counter-trend moves so seriously!
Most of the time, traders need to keep an eye on how their trades are going. To the contrary, it is worthwhile to invest in an automated system especially if you are trading for long-term.
One of the most thing I hate in trading is the price moves closely to TP and turn back to hit stop loss. I seem to be obsessed with this so I usually watch my trade. I know it’s not really good to watch the trade all the time and this habit should be changed.
On opening a trade I set the stop-loss. What would I gain from watching the trade continuously?