Joined Aug 2011
Currently I do not have the luxury of managing most of my trades right now because of my work schedule. I put in a Limit order along with my TP and SL all at once. About half the time I will put in a TS along with TP. Then I check up on it when I get up or get home.
Surprisingly I have found that I have been getting better results doing this instead of staring at a screen all day. My W-L % has dropped a bit but my winners are bigger.
Could this be the cure to my long standing notletter the winners run problem???
I still love to actively trade and scalp. And for two days during the week you will most likely find me in front of the screen for 10 hours a day.
How do you manage your stop from order open to close? I would like to hear.
I always determine the stop loss level before I open a position. Once the position is opened, I set the stop loss order and donít remove it no matter what. I usually take partial profits, so if the trade got to the first target I move the stop loss order to the entry level. If the trade continues in the needed direction, I just move the stop loss order along the trend, as it sets new lows (or highs if it is a short-position).
There are many ways to approach this, but the most important thing in my opinion is not extending the stop loss when the trade losses- that will kill your account.