Hey dude, I'd make necessary modifications to capture potential gains or protect against losses, I guess what Jeni said makes total sense.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?
It is safe but quite stressful approach as many people tend to react poorly when they see loss on their account.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.
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.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 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.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?