What’s is everyone’s feeling on leaving trades open over the weekend?
Do you ever leave your trades open or do you close them all on a Friday. If so, why do you leave them open or close them?
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If I’m happy with my profits, I’ll close them. Otherwise, I leave them open and let them play out the next few days.
I feel no heavy reason to close them before a weekend. They’re almost all off D1 charts and have stop-losses set.
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I hold. But I trade D1. Some people trading faster TF may prefer to close because of pullbacks. But that can happen anytime, not just on the weekend.
It’s just that gap candles often happen after the weekend.
It all just boils down to what your strategy tells you.
@Pauley1 What does your strategy tell you?
I’m just testing the water and trying out different strategies. So really interested in seeing what other traders are doing with their different strategies.
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With my trading strategy the majority of my trades are concluded from anywhere between a few seconds to an hour. The bulk of them dont past 20 minutes I think. From time to time some may run into the next day. If I happen to have one in train I let it run over the weekend even without stop losses.
Can someone add me to a group where they give free trading signals
Good stuff ain’t cheap; cheap stuff ain’t good. No matter what you do, you’re gonna pay some kind of price. Be proactive–not lazy.
I hear you. How’s your swing strategy going?
Not sure anyone would advise you to trade other people signals unless they’re the scammer producing the signals. Trading others signals is a one way street to a blown account balance.
You need to learn to create your own strategies and trade your own signals, if you’re not willing to learn these basic skills then I don’t think trading is for you.
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Strategy is going ok i suppose. Last week I placed three trades using my strategies signal, unfortunately one moved against me yesterday I hit my stop loss. The other two are still running and are in the green by approx 100 pips each. One should close on 160 pips the other is set to take profit at just over 400 pips. I’m also moving my stop loss each day to help mitigate any risk.
I also placed another trade yesterday using a shorter time frame for a quick scalp of just 50 pips but that’s still running!
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As I prefer scalping and tend to get anxious, I usually close my trades before weekends. Additionally, the decision also depends on the timeframe you are using. If you are trading on a 1D timeframe, it might be feasible to hold on to your trades; however, if you are using smaller timeframes like M5, it would be better to close your trades before weekends. Best of luck, Pauley!
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@Pauley1 -
If you really wish to be flat over the weekends you could use the Monday Breakout Strategy. This means setting up D1 charts and waiting for Monday’s price action to end. At Monday’s close set a buy order at the day’s high and a sell order at the day’s low. Each order cancels the other: each order price is also the stop-loss price for the other order. Adjust positions sizes for the two trades depending on the range.
If an order is triggered, close the position at the first profitable close.
If an order is triggered but never reaches a profitable close, exit the position at Thursday’s close.
If neither order is triggered by Thursday’s close, cancel both orders.
I did a visual look-back to gauge the win rate for this strategy over the last 3 months across the 28 major pairs. The strategy had a positive win rate for 21 of the 28 pairs, and 4 broke even. Only 3 pairs had a negative win rate.
7 of the 21 pairs with positive win rates scored win rates of at least 75%, 3 scored better than 80%. Win rates for the 3 negative win rate pairs were all above 40%.
the aggregate win rate for all 28 pairs was 63%.
It looks like something to trade using a basket of pairs and seems worth exploring.
As long as it runs. I’ve been in a trade for 4days (weekends included).
My principle: "Confidence is not ‘this trade will be a winner and it’s about time I enter’, confidence, is ‘regardless of the outcome, am open to every of the uncertainties of the market’