Dislikedhello Graviton, can i just ask. say if im trading on a 30M Timeframe, how long can i hold on this particular entry i made? and also you always mention 3% or 5% Profit. do you mean 5% of your capital? Keith LIgnored
Hi Keith. You can hold the trade until you have a good pre-determined reason to exit. That might be that you have hit a stop loss that you set going into the trade. NEVER increase your stop loss while in a trade. You can close because you have hit a predetermined TP going into the trade, say 2X to 4X your stop loss amount. You can close because you made a very good profit in the trade and the trend seems to be weakening. Exiting trades is something you should decide before entering. It's a critical part of your trading plan. If you are consistent, you can evaluate your exits after several trades and make improvements. If you are inconsistent, it's difficult to draw conclusions as to what to do to improve it.
Yes, 3% to 5% profit of my trading capital allocated for that week is a fantastic profit. If I make it, I'm done for the week.
Best success,
G