Exit Dilema

Beginner Questions
1

Hi piP folk,

ive been strugling with a dilema regarding the exit rule i need to implement in my trading plan.
Im doing the 5M chart with an eye on the 15M and 1H chart for confirmations.
im using a x100 leverage with a 1/3 s/L t/p rule. Being that my s/L is on the 10 pip and t/P on the 30 pip.
Thing is that more often than not, the market retraces way before i get to the T/F stop so i end up cuting off with small profit when other times i see my wining turn into loosers.
Question is: should i just let the Market Leeroy and see where it goes till it hits one of my stops OR should i keep the profit while there is some ?

thanks in advance,
Piproy Junkins

2

The forex markets are very choppy. 10 pips is basically noise. You might want to try your strategy one time frame up or higher to avoid the noise. It’s better if you choose your stop and exit based on s/r rather than some arbitrary amount. If price moves significantly your way, at least move the stop to breakeven, that gives the trade a chance to hit your target without letting your winner turn into a loser. Take profit as you can. Definitely do not let winners turn into losers.