Hi guuuuys! 
I was just wondering what you guys thinkof adjusting your trades while they’re running. 
For example, you see that you’re about to hit your TP but news came out that would increase the chance of this pair to go even beyond your target. Would you wait until you hit your TP and just open a new one? 
Or will you adjust your TP there and then? 
Thank you sooooo much.
Good question.
Trade in profit, about to hit TP - I often don’t set TP’s and that’s because all my long-term trades are trend-following. so if the trend TA is just as consistent as it was on entry, a TP makes no sense. If I had a TP and the trend TA was getting stronger, I would definitely move it further ahead. In any case, I always consider pyramiding a trade in a good trend.
Exception - If something causes an unusually large sudden price move in my favour I would close all the trades manually and look to re-enter after a pull-back.
Actually, I’ve started looking just today at RSI during a trade’s lifetime to identify dynamic TP levels. I don’t set TP’s in advance as my long-term trades are all trend-following but it would be nice to get out before a massive pull-back.
Hmmm. That’s interesting. So you don’t really know what to expect or you don’t have any estimate of how much you’re gonna earn for each position? Not setting a TP sounds intriguing to me since I always tend to adjust my TP and SL along the way. 
What could be your basis in determining how far you’d move your TP (if you were to set one)? Right now, what I do is I just check out the move of the market for the past couple of months, and I adjust my TP to the next historical high/ low. What do you think about this?
The only change I will make is to switch my stop loss to a trailing loss when I am in good profit, and let it follow after the trend as far as it will go.
I don’t use prior highs/lows for TP’s if I have them - I ignore resistance when I’m in a trade in an uptrend and support in a downtrend.
As a matter of fact, I’ve begun looking only today at RSI amid an exchange’s lifetime to recognize dynamic TP levels. I don’t set TP’s ahead of time as my long haul exchanges are all pattern following however it is pleasant to get out before a monstrous draw back.
If you’re trading using SLs and TPs then my take is this:
Prior to entering the trade you had a reason for setting your SL and TP in the first place (and we are going to assume here that you had a good reason i.e. based on a tried and tested trading system or methodology not thumb suck). SLs being used because (hopefully) you calculated your maximum acceptable loss (risk) on the trade. Now something comes along that makes you THINK that the trade is going to be more profitable so you move your TP. Now all of a sudden you’re no longer following your trading system or methodology and guessing or hoping. Alright so maybe you get lucky with your TP and maybe not. You live to fight and profit another day (trade). But moving an SL??? The moment you start getting into that habit you’re done for. So you move it once because it looks like it may JUST be too close. Now price continues against you and passed the point of your initial SL. So you move your SL again. And so on and so forth. Where do you stop then??? Then you’re down 5%, 10%, 25% by that time maybe. And then the pain is too much so you close the position manually. Point is: going into a trade the only thing you can be sure of is your potential loss and potential profit. The rest is chance.
Regards,
Dale.
Unless adjusting the TP to try for greater profit is also a tried and tested part of her system.
Many traders do TIGHTEN their SL as the trade moves in their favor, to lessen risk or lock in profit. If her system If her system advances the TP under apparently favorable conditions, I would also suggest making the SL very tight at the same time, to lock in profit if the trade doesn’t go to the new TP.
Nice post
Agreed re: adjusting the TP if it’s part of a tried and tested system.
Also agreed re: tightening stops. Moving them to worse levels another story. Must say that some of the more reliable albeit not the most highly profitable trading systems that I’ve delved into over the years from time to time would have you move your SL to break even at a certain predetermined level and TP half positions at certain predetermined levels and then the remainder again at certain other predetermined levels (the idea obviously being to never let a winner turn to a loser and that any amount of profit is better than a loss). Not easy rules to follow in practice though unfortunately. Temptation is always there to cancel a TP when it LOOKS like the trade is going to make more money.
Did this once and I thought I saved myself (because so many times after a trade hits my SL, it goes right back up. How funny that on the day I apparently didn’t set an SL, that pair just went down down down. My losses doubled just like that. Such is my luck 
Learned my lesson after that!
Not just you. Did it more than once in a previous lifetime. Makes you move in ways you never thought possible when you’re trading the Dow at $100 per point and you’ve moved or, worse still, RE-moved your stop!!! LOL!!! Pretty good for 50% or more of a trading account. Used to amaze me in not being able to stomach a 2% loss but would rather hold on to a 50% (and counting) loss!!! LOL!!! Call it tuition fees!!!
I always wait for my TP or SL instead of making a new plan! And after closing my running trade; then I star to make my new research!
ria_rose -
You said "Hmmm. That’s interesting. So you don’t really know what to expect or you don’t have any estimate of how much you’re gonna earn for each position?
When long term trend trading you can’t / don’t have any idea what to expect and can only have a poor or useless guestimate of how much you are going to earn.
You let the trade run until the trend starts to change, whether that is in the first few days, weeks or several months on.
You must have the capital and cojones to accommodate the drawdowns that will occur during the trade’s journey.
What I do is use 2% of my balance each pair trade. Then, when creating an order I actually create 2 orders, 2% divided by 2. Then I set both with a SL at 1.5 x ATR, and then I set one trade to a TP at the ATR. Once I hit the TP on the one trade, I move the other trade to a break even point as a TSL. Then I just let it go. Sometimes, If I have a sideways trade, I will adjust the SL to equal 1.5X the ATR if risk is less than previous SL.
I watched mine and I was like “meh, this has got to reverse, what goes up must come down right???”
And guess what, it does end up reversing but what do I do? I still hold to see if I can at least make $$??? Guess what happened then HAHA. Serious tuition fees.
I admire your discipline! Can you tell me where I can get some of that lmao
It’s better to TP & wait for pull-back. Any way, decide in case by case. Buy news & sell the fact.
There is always a need of trade management when you decide actual trading. Even when use take profit and stop loss you may not ignore this point. According t o market situation you can change TP ,SL adjustment. A good trader is flexible with his strategy so that he can get maximum benefit from market.
i agree. though you should trust your strategies, but incase, you find the trade being able to give you more return, you can change the TP. i often do that myself.