When it comes to setting take-profit targets, what’s your go-to strategy? How do you decide where to set your TP goals?
Your question is too general, exit from transaction depends on two things, strategy type and current portfolio of strategies. In case of strategy type, if you want to build trend following strategy, trailing stop or time exit can be better than hard take profit in pips. In case of portfolio , if you have strategies with hard take profit, it could be a good idea to build strategies with different exit like trailing stop. Regards Greg
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This is where trading gets interesting. Because there is no right answer and you have a lot of freedom of choice, even when using a single well defined strategy. You do not even have to have a TP goal.
Let’s assume you have picked up a well-tried strategy from researching the internet, text-books, etc… A TP rule should be included but if you’re a beginner, I would still recommend playing around with the rule in a demo account - the first option would be to set a TP which will deliver 1.5 times what your stop-loss would take away. Run this until it’s possible to do it with your eyes closed. Track the results.
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Never set TP - unless you have a crystal ball.
See where the trade takes you.
Exit when crossing back over 8EMA
You can be mindful of S/R and Pivots.
The only case for TP is if you can’t be there and this should not apply to day trading.
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It all depends on your trading strategy. For example, I use important support and resistance levels to determine TP. At the same time, I definitely consider higher time frames H4 and D1.
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Thank you guys for taking the time to respond. Appreciate all your contributions!