Hi Everybody,
Here is a question I get asked a lot – what to do when a trade is in Profit but has not reached the first target ? This is a lot easier to answer “if” this trade has reached a natural support / resistance level, like the DP. But a good example is on the 3min NQ, where we can see that this TS1 short was sitting on +3.8R Profit (ignor9ing slippage and commission), but had not reached the first target...... So what should you do ?
Well, this is where common sense should come in. Firstly, once you are on such a good profit, your protective stop should already be at least at break-even..... The question now, is how far into Profit should you move it ?
This is judgment call based on experience and also based on what other markets are doing.... But common sense would suggest to lock in at least a small profit one you are on such a good profit initially....
Thanks, Steve
Here is a question I get asked a lot – what to do when a trade is in Profit but has not reached the first target ? This is a lot easier to answer “if” this trade has reached a natural support / resistance level, like the DP. But a good example is on the 3min NQ, where we can see that this TS1 short was sitting on +3.8R Profit (ignor9ing slippage and commission), but had not reached the first target...... So what should you do ?
Well, this is where common sense should come in. Firstly, once you are on such a good profit, your protective stop should already be at least at break-even..... The question now, is how far into Profit should you move it ?
This is judgment call based on experience and also based on what other markets are doing.... But common sense would suggest to lock in at least a small profit one you are on such a good profit initially....
Thanks, Steve
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