Trade Management

Hi everyone,

I am currently looking at ways to manage trade (open position).

At the moment what I am doing is:

I use price action, I find my S/R lines on my chart, I find a good entry points.

I check my S/L and my TP then I either use a pending order or a market execution. but I just enter S/L and not TP

If I have to enter using 4 lots (with money management) I will put 2 order of 2 lots each with same S/L.
If the trade is going into my favor at my first TP I will manually close one of the 2 positions to bank some profit and move the other to my buy/sell order (is that called break even ?)

then it depends how it goes, but I could keep moving my S/L to the last open open candle or use trailing stop for my renaming position.

Is there a forum thread somewhere who speak about how to manage trade ?
Can I use other means to manage trade ?
What to do you think of my way to manage my open position ?

  1. You use price action and S/R for good entries. I like it.
  2. You review your SL and TP. I like it.
  3. You place your order with SL but no TP. I don’t like it. I suppose it could work if you’re trading the Daily chart expecting to close it 1 week later. (Unless you are chart watching)
  4. Entering 2 positions (not available in the US) is an easy/excellent way to take partial profit. Taking profit at first target and trailing stops seems fine to me.

I don’t know what else you can change… Doesn’t just about everyone trade this way? Your only weakness might be not knowing when to close your trade. You may close it too late or too early, which may have psychological ramifications. Price does tend to retrace a lot. You may close it a day late and think “I could have made this much but didn’t.” Then your next decision might be influenced.

My problem is I close trades too early sometimes. For instance, had I held onto this trade, I’d make at least double of what I closed it at. I had good analysis IMO but didn’t trust myself. As soon as price went down 10 pips my body automatically closed it.

This one I made about 60 pips when it went nearly 240. I don’t think there was any way I could have caught the whole thing but still. It can be bothersome.

(Red circles are entry and exit)

Hi Kashix,

I use daily for S/R and between 1h and daily for entries.

I prefer to be not screen watching but I tend to check more often my charts depending of how far is the first S/R for TP.

may be what I should do is using one of the 2 open positions with a TP, so is definitely banking if I am watching or not and then reassess second position for new S/R TP and S/L.