Don’t sleep on that strategy. The risk is very high, but the probability of losing is low.
It’s actually a bit scary because you’re risking so much, to earn so little. You are risking 30 or more pips, to win 10.
I trade breakouts like that. Whenever I see consolidation, I use a 5% TP. I got that from JannaFX. With EUR/USD, it’s a 10 pip profit. But, think about it, the possibility of price reversing in that 10 pip zone is unlikely.
Set and forget, have partials or let a small portion run cause for me any watching monitoring trades leads me to close out early
For me it depends on the time frame I am trading in. If the time frame is shorter, I do not leave the system until the position is closed. But if the time frame is longer I do my odd jobs but also make sure to keep an eye on my ongoing trade.
Go and enjoy my day either way
Set and forget is the only way to determine me from trade watching.
Hit the gym or do the projects my partner niggles me to complete lol
I don’t know about others but I prefer to spend time outside and chilling with my friends. I also keep an eye on my trades so that I don’t miss out on those profits I’d expect to make.
Before opening a trade, a proper market analysis is essential. You have to depend on both technical and fundamental analysis to understand the view of market. Technical analysis is not enough to understand the backdrop of the market but you can through fundamental analysis. See others trading position and geopolitical condition before opening a trade.
I place stop-loss, so that I do not have to worry about closing the trade. I prefer going out with my friends.
The most productive thing to do while waiting to take profits is to review whether you should be closing this position. If its a wining position in a continuing consistent trend, why would you be thinking of leaving it? Sure, your capital will be free for another trade - and the best trade to take would be one with a continuing and consistent trend - but you already have this.
Might it be a better idea to close part of the position or adjust your stop-loss to cover your risk? And if possible add to the position?