necessary adjustments to your take profit

[chen2020]

Guys hope doing well
Are you monitoring the trade closely to make any necessary adjustments to your take profit level based on evolving market conditions?

 

[Jenithetradegirl]

Hey there! All good here, thanks for asking! When it comes to monitoring trades, it's super important to stay on top of things. Keep an eye on the market.

 

[chen2020]

What you keep your eyes on Jenithe?
thanks for your response.

 

[thomassup]

Guys hope doing well
Are you monitoring the trade closely to make any necessary adjustments to your take profit level based on evolving market conditions?

Hey dude, I'd make necessary modifications to capture potential gains or protect against losses, I guess what Jeni said makes total sense.

 

[Juanstevenson19]

Personally I always closely monitor trades closely and make necessary adjustments to take profit levels. I also use trailing stop to automatically adjust my stop loss level.

 

[bigdolly]

Personally I always closely monitor trades closely and make necessary adjustments to take profit levels. I also use trailing stop to automatically adjust my stop loss level.

It is safe but quite stressful approach as many people tend to react poorly when they see loss on their account.

 

[kakadoo14]

I agree 1000% the market conditions are always changing so I do believe in modiifying my tp if need be but it may affect risk to reward ratios

 

[bigdolly]

Guys hope doing well
Are you monitoring the trade closely to make any necessary adjustments to your take profit level based on evolving market conditions?

I use trailing stop loss so condition for order close becomes flexible. Also when spreads become wide I also adjust trailing SL according to them. I take profit manually and it does depends on how a particular trading pattern develops.

 

[chen2020]

well-thought, adjusting it based on spreads is a smart move.
by manually you mean that you don't set it at the time of opening the position?

 

[bigdolly]

well-thought, adjusting it based on spreads is a smart move.
by manually you mean that you don't set it at the time of opening the position?

I do set them when I create the order, I just a have an EA that monitors moving average of spreads over time and if it becomes elevated, it is deemed as a volatility sign and SL width can be increased.