What do you guys think of adjusting your trades while they're running?

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!!!

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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!

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ria_rose -
You said "Hmmm. :thinking: 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.

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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.

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I admire your discipline! :slight_smile: 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.

Thanks mate! But, what does it mean?

“Laughing My Ar*se Off”

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My goodness! How delightfully colourful…

@dpaterso got it right. There’s another version - rofl lol. You’re familiar with that one? :slight_smile: @LauChoKun

Oh; now I got it! Thanks, man!!

Oh. She didn’t explain the other one i.e. “Rolling On Floor Laughing My Ar*e Off”!!! ROFLMAO!!!

One of my favorites and liberally used!!! LOL!!!

Trailing Stop Order

In this case I would prefer using a trailing stop order which has three main benefits ,Its secures your profits,doesn’t limit your potential profits and sets a limit on your potential losses. As the price increases the trailing stop increases but keeping its distance.

Really, it’s such a great practice; I’m also following the same way when I see the momentum supports my trading decision.

Of course you can adjust but remember one of the biggest mistakes in trading - Greed. :thinking:

I am in the same boat here. One of the thoughts I have had has been scaling out. Or completely closing out and putting a limit order somewhere below/above current price.

I have only considered this, not actually implemented. Again, I’m still in demo so take with a grain of salt.

KC

What do you mean by ‘trade management’? Is it money/risk management or anything else? A few insights would surely help the readers. Thx.