When you use stop orders to exit from trades should you ever use discretion to exit early?

Discussion in 'Trading' started by Steve Ladd, Jan 11, 2021.

  1. bone

    bone

    One of three things gets me out of a trade:

    1. I hit my profit target,

    2. I hit my stop-loss level,

    3. My Indicator Package reverses from the trade entry profile (thus my reasons for entering the trade are no longer valid).

    YMMV, I wish everyone good fortune !
     
    #11     Jan 11, 2021
  2. Turveyd

    Turveyd

    Sometimes, you need a tad more room and 3pts on NQ saves you from a loss, you'd just have to get back in again anyway, I prefer to reduce the cost of being wrong, but at times it goes the other way.

    Sometimes I close a position at a loss, before it hits the SL, upon realising on the wrong side of the momentum.

    Sometimes, I sit there, can't function and do nothing but HOPE, that's why my account gets slapped silly LOL
     
    #12     Jan 11, 2021
    KCalhoun and comagnum like this.
  3. KCalhoun

    KCalhoun

    One thing I found helpful is to tighten up trailing stops near noon , since sometimes there's big reversals A or V shape. Also at 3:30
     
    #13     Jan 11, 2021
  4. You should try placing your stop loss close to the entry. This will increase the probability of profits even more for you. Good luck.
     
    #14     Jan 22, 2021