Last night I saw this opportunity. Looks juicy. But I was afraid to put it on since it's a 24/7 market. I didn't want to stay up all night monitoring it. This morning woke up to see had I put the position on it would been have a nice $20K-$30K gain(depending on how much I was willing to buy). I guess I could have use stop orders. For that size, I don't know. Or I could just enter on a smaller size and let it ride. I usually just trade intraday and occasionally overnight. For one market, I've been holding weeks because I had a long term view and it's working out. But for something I just want to go in and out with size and I'm about 60-70% sure of the signal, what's the best approach for 24/7 markets? 1) stay up all night watching it 2) put in stop loss 3) trade smaller size 4) ??
2 and 3. You can't trade the same size because your stops (#2) will be further out. Place the trade, and forget about it, so #1 doesn't make sense. Either you are right, or you are wrong. #2 takes care of being wrong. If you're right, there will be plenty of time to get out when you're awake. You're not scalping.
You are right! I'm still kicking myself. I could have put on a smaller size and still made $5k-$10K-$15K. Now I made nothing because I was planning to put on a mega size and too afraid to hold overnight. Shucks!
With 2) make sure stops rest on your broker's server if you are using automation, - in case your internet goes down at the wrong time.
While it's typically best to have stuff resting with the broker, it can also go wrong if orders at the broker are cancelled due to a technical issue. It's very rare but has happened.
Put in a stop-loss or put in a VERY LOUD sound alert to be sure to wake you up when the price moves to a certain level so you can decide manually to close or keep it open.