Hi im new at forex market, i wanted to ask should i keep my position wether long or short before the weekends?
Depends on your strategy. If this is based on price activity taking place just today it would be good to get out by tonight’s close. You can stay in and set a stop-loss but rapid market movements can jump past a stop-loss without triggering it: or the broker may execute the stop-loss late and at a much worse price than you wanted.
if the trade is based on longer-term price activity, taking into account the chart features seen over multiple days, there is no need to get out by today’s close. But you should still set a stop-loss.
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Usually people try to not leave open trades over the weekend mainly cause of the long swap fees. However, if your strategy involve long term trading or you need to hold your position over the weekend then it’s fine to do so.
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Hi, @kirbyt welcome to babypips.
I will only speak from my limited experience: I sleep more soundly when all my positions are closed before the weekend. Naturally, and as highlighted by our companions here, this depends on your trading strategy.
So if you are only testing the waters then you may wish to close before the weekend (to lessen volatility) otherwise, if in tune with your strategy, you may keep it open over the weekend (in an effort to maximise profit) and then revisit it during your next trading session.
Hopefully, this helps. See you around!
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With current conditions, Yes
Why risk a gap opening in opposite direction on Monday