When managing an open trade, is it generally more effective to set a rigid ‘set and forget’ profit target and stop-loss from the start, or to use dynamic adjustments (like trailing stops or scaling out) as the trade evolves? 
What are the biggest pros and cons of your preferred method?
A golden rule for me is to never move the SL further away from entry.
But in managing a winning trade you should also consider adding to the position, especially if your entry got you into a trend-following trade, and the trend remains consistent.
When I was new to trading, I’d often average down on losing positions, a big mistake that usually led to greater losses.
Now, I never add to losers. My stop-loss is set where my trade idea is invalidated, and if hit, I’m out.
For winners, I trail my stop with the 100 VWMA, which I find adapts well and provides breathing room, especially during news events.
It is if your testing shows that that’s more profitable than other ways?
I don’t believe automated trailing stops are ever a good idea for forex trading. I know millions of people disagree. But I don’t know any successful or professional traders who do.
I don’t like scaling out. It means my position size is biggest early on when the risk is higher and when the trade moves into profit it gets smaller. I’m still thinking about this one. I know that some good traders may disagree on this one. It’s a puzzler(?).
I don’t.
My trading plan involves only trades which are entered with a single click, with all the trade management built in automatically: stop losses and their subsequent adjustments (if any), targets and all.
No further “management” required.
It takes a lot of the pressure off, and removes much of the emotion.
It’s not necessarily quite the same thing as “set and forget” like some people do, if they’re entering by buy-stop or sell-stop (though it can actually be that, as well), but it’s a nice “enter and forget,” and I’m just used to it and wouldn’t want to trade any other way.
If the price moves the right way, and it turns out well, I eventually (but not quickly!) move the stop loss to break even. And sometimes even move it a bit further, if it still goes really well.
But (like @tommor said up there) I never move a stop loss in the other direction, whatever happens.
And I don’t set it to trail with an automated thing, either.
I like keeping things simple; fixed targets and stop-losses are my go-to. Way less stress, way more clarity.
Yeah, trailing stops are good, but I’ve got that old-school rhythm in my trading. Fixed levels just click for me. No second-guessing, no drama.
I might miss out on some of those big runaway moves now and then, but honestly? I’m fine with that. I’d rather lock in steady wins than overload my brain trying to chase every last pip. Less on the plate, fewer regrets later. Works for me!
This is my approach, too.
Those “runners” are maybe great trades for other people, who I imagine have far rougher and wilder equity curves than I do. I no longer envy them. 
I don’t envy them, either. To be honest, I don’t very often even believe them.
(I don’t mean necessarily about individual trades - more about their overall profitability, if they claim to trade successfully, long term, with a high R, as some do.)
Yeah, exactly! Those big moves can be exciting but stressful. I’d rather keep it steady and avoid the ups and downs. Makes trading a lot easier. What do you usually use to keep your trades simple?
I totally get where you’re coming from. I’ve seen a lot of big R claims thrown around, but without consistency, they don’t mean much. Personally, I prefer sticking to solid, repeatable setups with steady returns rather than chasing big wins and dealing with a lot of ups and downs. For me, long-term stability matters more than high-risk plays.
I always have a fixed stop-loss and target, myself. It just “works for me”.
I do continue to look at other options and “research” and “play around” on a demo account, too, but for my actual trading, just fixed stop-losses and targets.
(I don’t enter the trades according to indicator signals, myself, either: I do use a couple of indicators, but for directional bias, not for entries, which are “price action only”, but in the indicator-defined direction only.)
We’re on the same wavelength, there.
All my instincts, on seeing claims of a very high R, are to assume that some kind of marketing is either going on or planned!
I don’t really believe retail traders ever do well, with a high R. I’m also influenced by so many prop firms reporting that while the average R they see is above 1:2 (above 2.0), the average of those passing and getting funded is 1:1 or less (under 1.0).
Very interesting point, that.
I think it’s also significant that futures brokers (who want their customers to win) tend to advise people to trade with a low R and a high win-rate, while almost universally CFD brokers (who enthusiastically offer so much dreadful advice, and hold the other side of their customers’ trades and want them to lose) always seem to advise trading with a stupid risk-to-reward like 1:2 or even 1:3.
I always wonder if so many of their customers can really be naive enough to follow that advice? But when you look at what so many people say in forums, maybe they really can?! (It doesn’t speak very highly of us, collectively, does it?!). 
I stick to the set-and-forget method. Before placing a trade, I decide my stop-loss and take-profit based on the setup, and once the trade is live, I leave it alone.
This approach helps me stay consistent and avoid the emotional ups and downs of trying to manage trades on the fly. I’ve noticed that when I try to adjust too much, I end up second-guessing myself or closing trades too early.
Here’s how I do it
Before I enter a trade, I always set a stop-loss and check the key support and resistance levels. This gives me a clear idea of where the market might turn.
If the trade starts going in my favor, I adjust my stop-loss to lock in some profit. It helps protect my gains without having to close the trade early.
I don’t keep watching the charts all day. It only adds stress and can make me act on emotions instead of logic.
I trust my trading plan. If I entered for a good reason, I stick with it unless something major changes in the market.
At the end of the day, I review all my trades. I write down what went well and what didn’t. This helps me learn and improve over time.
Trading isn’t about being perfect - it’s about learning and improving with each trade.
Same here. (But I’m a scalper, so that’s “true by definition”, for me: if you’re not doing that, you’re not really scalping! 
).
I just set my stop-loss and profit target and let it ride. No messing with open trades for me, keeps it stress-free!
Same! I just set my stop-loss and let it do its thing.