I’m trading the daily, using a strategy kindly provided by @tommor. I was just wondering, I’m in profit right now, but want to know when should I move the SL up?
My SL is 2X ATR. So should I monitor the trade throughout the day if possible and keep sliding it up like a trailing stop?
If you do move it, how much? Some % if risk?
Thanks!
When you make a trade following your process, it should also include an exit plan for both losing and winning trades. Otherwise you’ll find yourself in this great position and don’t know what to do.
THIS IS AN EMOTIONAL CHALLENGE.
Top traders push the S/L up to the breakeven, plus 1 pip, so at the worst you don’t lose money on that trade. They then could add another position or more if the trend is continuing, or take a percentage profit and let the remainder run with a trailing S/L that you can trigger from the platform automatically - right click.
Then it’s up to you to decide how many 10 points = 1 pip, you want to risk if using a trailing S/L IMO, monitoring the trade throughout the day is a recipe for a lack of emotional control - unless you’re a robot or a time traveller.
Best of luck with it.
I usually don’t have time to be fiddling through trades throughout the day so I literally just check at the end of the day and see how the charts are looking. Sometimes I exit if price action isn’t going the way I expected it but I try not to move TP up higher if it’s doing well lol because I’ve been burned many times by this type of greed haha. So it’s either I close the trade at that moment or let it run. At least that’s been my experience so far!
Yea for peace of mind, and not having to check charts all day long, I’ll do one in the afternoon and then end of the day. Keep it simple.
Cool!
What strategy do you use
Haven’t really decided on one.
Maybe a strict rule isn’t the best way to go. Like @ponponwei said, if price action is looking good, maybe move it up.
But maybe right now it’s just about following a plan. Do that for a while, gain more experience.
How about you?
Yeah this esp won’t work for me because the stricter the rule is, the more constrained I’d feel and it just seems unnecessarily stressful. But I suppose it could also be a lot easier since you don’t have to think about anything and it’s just a matter of execution.
That’s where I think it could work. It’s so strict that you know exactly what’s allowed and what isn’t.
Probably means less trades but maybe better quality trades.
Sooo… back to strict rules? Lol.
My strict rules worked against me in a couple of recent trades. Need more trades to figure it out.