Exactly that!
Once trade moves in my favour like 20-40 pips I am unsure of whether to move my stop to b.e. (capital protection) or leave my stop below a technically siginifact level (higher probability) ???
Argh, it’s driving me crazy 
Thanks my comrades
It has got to all depend upon your trade plan & your method of trading.
You need to trial different exit strategies. ie at 20 pips profit move to b/e,
30 pips move to +10 etc.
Also at 20 pips close half your position etc.
There is no right or wrong system only you can decide.
Breakeven point is arbitrary. The market doesn’t know or care where your BE point is. Just because a certain price level happens to be where you originally entered the trade, doesn’t mean it’s a good place for a stop.
Traders move their SL exactly on BE for psychological reasons. Instead, move your stop somewhere logical, according to price action, support/resistance/fractals/trendlines.
Although I agree with Rainman on placing stops somewhere logical on the chart. I usually take some profit when my trade hits 1:1 and move stop to be. That way if the market does reverse before giving me a chance to move my stop somewhere “logical” I am at least with some profit. Now by 1:1 I do not mean if you had a 20 pip stop and the market moves 20 pips. To me it depends on how many lots I went in the trade with. So lets say I opened with 2 lots with a 20 pip stop. I would wait till the market moved 40 pips to cash 1 lot 2 X 20 pip stop = 40 pips. Thats 1:1.
idk there are soooooooo many different ways.
you just have to try things but the most important is that whatever you do, you ALWAYS do the same thing.
Here’s one that I’m working on: I’m still new though, and would like to find a way to scale in as well as scale out… rather than put on the whole position on the onset.
set: S/L 1, TP 1, TP 2
When I hit TP 1, move S/L1 to S/L2 which is equal to 0.5*S/L1 (close 1/4 position)
When I hit TP 2, move S/L2 to S/L3 which is equal to B/E (close 1/4 position)
As price continues upward, I use a 3 bar trailing stop. (1/2 position)
just some ideas. from what i hear though, it doesn’t matter what you do, what matters is consistency.
Typically i wait till a flag is formed. In a bearish market ill move my stop 10 pips above the bullish flag and vice versa for a bullish market
If I can offer a piece of advise on scaling in. Lately I have not had the chance to do so but I will recomend it to people if you have certian conditions met (and however you trade it does not matter). First and foremost protect capital. This is why with markets lately I have not had a chance to do so but when I do I look for certian conditions. 1st my trade must be risk free even with scaling in I must not be risking any of my account. This mean my stop must be already past BE and the risk od scaling in will not cost me a dime but profits on the trade I am in already and nothing more. Even if stopped after scaling in I need to walk away with something. Once you have that met just wait for the market to give you another entry signal (in the direction of your original trade of course) and if your stop that you have been trailing (if you do like me) fits as in a new entery then scale in. Lately the markets have been kicking my butt or computer issues have but things are going to get back on track here just follow my thread in the comdolls section of this site. I will get to it when I chance shows up. I cant promise when as the market has not given me a chance with it kicking my butt recently. It will come however so if you want better details either ask or read. I hope it was clear as for any strategy this should work its simple. Just follow your rules and repeat thats all