If you're so close to your TP, but it's a Friday, do you close it?

I know a lot of members here (including myself) prefer to close their trades every Friday. But for open positions that are about to hit their TP, do you also close them once you check your charts for the last time on a Friday? :thinking:

  • Yes
  • No
  • Depends…?
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I would never have a TP 'cos I don’t have a crystal ball. How do I know what the market is going to give? The market doesn’t care about me or anyone else.
In answer to the question, being a daytrader, I would close trades anyway. :sweat_smile:

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HAHAH That makes sense :sweat_smile: I mean, I put TPs to be safe since I don’t always check my charts (but I badly need that crystal ball) :sweat_smile:

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Good question. I have often been doing this, especially where I am for example long and price accelerates upwards towards the NY close.

However, statistically, I am pretty sure that if the Friday close is highest/lowest of the week, price will go higher/lower in the first half of the following week.

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Okay, I will let you off on this one, you probably have better things to do than gorp at charts all day. :rofl:

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Neither do any of the people (including hedge-fund and other professional traders) who routinely enter a TP with every trade because detailed analysis - sometimes even professionally performed for them by a team of highly qualified and highly paid analysts - has proved that that’s more profitable, overall, than not doing so. :grin:

All depend on account and strategy.

For my prop firm accounts, I will close it right away.
For my personal accounts that I trade using higher TF, I will let it be.

Only execute the plan accordingly, no exception. Once I break my own rule, I’m not reliable anymore, I will have no competency to manage bigger fund.

The level of our discipline will define precisely how big the fund we can manage.
No discipline means no responsible to what we do and we are decided things more by emotional rather than rationality. :slight_smile:

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I usually close trades at the end of the week, but if a trade is close to hitting its TP, I might let it run. It really depends on the situation and my plan for that trade.

Depends on the kinda trader you are. I’m a swing trader and yes i live it till following week. I’ve had trades closed at TP at week open and some others reversed. I’m just so keen at locking my trades till finish.

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End of the week? More times than not, I’ll close.
But it depends. How close. When did I open. What’s the market doing. I’ll ask myself stuff like that.

This kitty long ago kept positions open during weekends. However, one fateful weekend, there was news that came out and it completely reversed my gains on that position. Come monday, i had to take a small hit instead of a big gain.

So yeah, the weekends should be spent enjoying and living life, not worrying that Jerome might speak out of line and wipe the floor with your face. :wink:

May you break resistances and reach new highs!

I’m not a big risk taker especially when you have no control over any crazy geopolitical events that may happen over the weekend.
Not only do I close if close to TP. I always have attached TP and SL with every trade and close trades regardless before close of market on Friday.

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Thing about weekends is that almost nothing positive for the general market happens Saturday and Sunday. If any weekend events occur they are more often negative for stock markets than positive.

Obviously it’s less clear in forex because a negatve reaction for one currency is always positive for another. But any forex position highly correlated with the major stock markets is always going to be vulnerable.

But does this not also raises the possibility of setting pending orders on Friday in order to catch any significant geo-political events?

I won’t close my trades on Friday as they are about to hit TPs because the starting days of the market remain slow so I don’t think keeping trades open will increase my risk.

Apply the powerful tools you’ve got in your arsenal that’s stop loss and take profit.
Go and enjoy your weekend
HAPPY TRADING FOLKS

It will be hard and panful, but yes for sure.

Thanks for this Tom! :blush:

I haven’t really considered this but I’ll keep this in mind. :blush:

HAHA thank you! For a minute there, I was afraid you were judging me. :sob: I wish that eventually, maybe years from now, I’d have enough time to do this! :pray:

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Yeah, I’m 76 and only do it in the hope of staving off dementia for a bit.

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@ria_rose

I would have put a Haha :sweat_smile: in there, but seriously, dementia aint funny. I’m still a good smoker as I would rather die of smoking than get dementia, as a doctor once told me!

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