How long do you hold your positions? Do you set a specific maximum time or do you follow your trading plan no matter how long it takes?
Usually 1 to 5 days.
Still a newb, so take my feedback as that. I’ve held for over two weeks, but not longer than 3 if my memory serves right. I trade on the daily.
I dont have any predetermined hold periods but generally speaking I like to hold the winners as long as possible and the lossers as little as possible
There is no on position holding rule that would fit all situations. In fact, the time you should hold your position depends on your trading style and particular strategy you are using. If you are a daytrader, you should not leave your positions opened overnight or over the weekens, especially if the position is losing one. Newbie traders often hold their intraday positions opened hoping that the price would soon move in the favourable diretion. Such approach could lead to huge losses due to the wrong risk management. That is why it is important to know that each position that you are going to hold longer than one day should be developed as mid-term position from the very beginning.
Anyway, both daytraders and swing traders should have a detailed trading plan specifying the reasons to exit position including all possible scenarious. Each trader should know the reasons to exit he would look for to close the position. For example, such reason could ba the new low/high or the trendline breaching, or something based on indicators, It should depend on the strategy and profit potential it offers.
When you open a position, most likely, you have some background and reasons for opening. If you use 15m charts, very unlikely you are going to hold your position for three weeks. Also, you should always have both open and exit rules (e.g. TP, SL, trend reversal indicators, overbought, oversold levels, etc.)
One of the rules for exiting a position is a period you are in a position. If nothing happens or you are not where you were expected to be for quite a long period, then it is more than reasonable to leave a position.
Average time for my trades is 1-3 days. (SL,TP around 100-150pips)
After what happened with BTCUSD over the weekend, I’ll probably hold it definitively.
But usually, 4 days maximum.
according to me, 1 to 5 days , its my own opinion, anyone please don’t take it personally
As long as it takes for the market to prove me wrong.
Usually anywhere from 1 - 14 days. I trade H4 and D1.