A successful forex day trader strongly recommends that we should exit all our day trades regardless of whether they’re losing or winning trades just before the New York session closes at 5pm New York time. His reason is that when New York closes, the broker will widens the spread and likely could result in our stop losses being triggered especially when the Stop Loss distance is relatively short like under 30 pips. For those of us here who are experienced with forex day trades, is that right or just his personal subjective opinion? Thanks.
In general good advice, as volume drops considerably when NY closes. But some strategies will do better with an earlier exit, such as some variants of London opening range break-outs on GBP/USD etc. - the NY open often marks a direction change for USD pairs.
I think if the market context indicates that the trade is moving towards profit then why should I trade close. Having a real strategy is very important in trading. For example, if you set a stop loss and take profit, if you make a profit of 15 pips after entering the trade, you can manage the trade. Where you get some more profit, you don’t get that profit after you close it.