Thought I would repost my GU trade from yesterday to illustrate how I view SL management. I look at two things in making these trades. One do I want to take it, and two how I will manage it once in. I usually always take a partial profit at +5. Then I will move to BE on the SL. If the trade progresses I switch to a 10 or 20 trailing stop.
In the past I have fixed my stop and never move it. So I don't take as much profit it comes back. But if it moves it can hit some pretty big numbers. Yesterday I had the 10 trailer on this trade. I ended up with +43. A fixed stop would have gotten a potential of +108. They don't happen all the time but when you do catch them, nice.
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