the best thing to do while waiting on a take profit is to get away from your computer and spend time with your friends and family or get distracted because sometimes the market may make some sudden fake outs that may scare you and make you close a trade early which may result in lost profit that you wouldve made if you wouldve been patient …
it also all depends on what type of person you are
i tried doing that too, but wasn’t fun, half of my concentration was in the movie the other half at my trade, it got messed up. rather i tried putting on my favorite music on the side and sing along.
I did something similar to that. I had a tight tight SL and lost out on a very nice breakout. But, had I been watching this breakout, I would have gotten scared and closed it manually. It had a nice upswing, right after my exit.
My problem was that I had lost a few trades in a row that week, and I was getting scared. So, I set a tighter SL. I broke my own rule and didn’t allow room for the trade to breathe.
That would have been a fantastic scalp. Perhaps both ways!
But for swings, gotta have the stop at the prior swing level. That’s why I suck at swing trading. I hate being in the market that long. I just don’t have the patience for it.
When I open a trade, the first thing I think about is how to manage the trade. When I move towards 20 pips profit, I bring the stop loss to the entry point and close the half lot. Then I confidently left the trade for making a take profit level hit.