DislikedArrgh, the pain, the pain (of being stuck the wrong side of the spread for 12 hours), what do I do? Cover at B/E and of course just before the market gets smashed? That's my normal trick.Ignored
You did your analysis and you placed a trade by putting your SL in a logical position, hopefully just risking 1% of your account, and setting your profit targets... now it is out of your hands.
Now, if it doesn't move in the desired direction as quickly as you thought it would, you need to give it some time and breathing space. Once it has moved significantly in the desired direction, but doesn't reach your profit targets, then you will need to manage your trade, but for me moving my SL to BE is not part of it.
I am still in my USDCHF long trade and have no plans to move my SL to BE at any point. I have some targets in my mind and I will play it as I see it, but under no circumstances will I ever move my SL to BE on this one!
Remember I am a higher timeframe swing trader and as a daytrader or scalper the above rules do not really apply. Just a thought!