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

[LauChoKun]

lmao

Thanks mate! But, what does it mean?

[dpaterso]

“Laughing My Ar*se Off”

[tommor]

My goodness! How delightfully colourful…

[ponponwei]

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

[LauChoKun]

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

[dpaterso]

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!!!

[Alex33]

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.

[KonradOP]

my stop loss to a trailing loss

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

[momo3HC]

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

[frandlost]

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.

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

[petrogold]

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

[QuadPip]

I don’t usually adjust my TP but I do move my SL to BE and then to lock in some profit as soon as I can. I’m particularly mindful of this when trading a yen pair since they can make some large and sudden moves. So for yen pairs I will usually only move my SL to BE and I won’t move it to lock in profits since I don’t want to be taken out of a trade too early. Every currency has its unique characteristics. The CAD on the other hand moves in very precise price action patterns.

[ponponwei]

Have you ever had it triggered to BE then it goes to your original TP afterwards?

[QuadPip]

Hasn’t happened in a long time. Sometimes it takes me out and continues in the same direction so if I had not moved it to BE then I would have suffered a loss.

[ponponwei]

Ahh that’s good. I’ve had a couple trades hit BE after I adjust the SL only for it to hit TP afterwards.

[QuadPip]

Check out this thread. I explain how to trade a trend.

A Simple & Effective Method to Ride a Trend

Our trade has concluded. We got 180 virtual PIPs out of it. Yay! New traders following this thread should take away the following: How to spot a price action setup for a developing trend How to enter the market using price action Use price action analysis to exit (this will take time to learn) If you were to exit at 2x or 3x even, you would leave too much on the table. Let’s say that your stop was at 20 pips or even 30 pips. You would exit with 90 pips at 3x when you could hav…

[ponponwei]

Ooh will check that thread out. Thank you!