I am looking for some tips on signs you guys use to close your trades prematurely or before TP
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hey al..... as enivid mentioned, sometimes it cheaper to iron details out on demo.....
reasons for earlier than planned closures, might include some up coming market moving news on your pair, or the technical picture has changed , or end of week house cleaning.....
market moving news..... here the need for early pre planned closures might be relative to trade size.... by that i mean, a standard lot trade might need to be closed while a insignificant 0.01 trade might be allowed to stand and ride out the news.....
technical picture has changed...... here the need for early pre planned closures might be in relative to profit target pip size.... by that i mean, suppose your daily chart pip target was 800 pips...... there are usually several 240 chart technical direction changes during that 800 pips..... that direction change can erase a lot of profit......
end of week house cleaning...... here the need for early pre planned closures might be to relative to account free margin...... with low free margin, it might be wise to reduce weekend risk with the idea to reenter next week......
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it seems to help me by having insignificant sized trades with small pip targets..... by that i mean, 0.01 or 0.02 sized trades with 20 pip targets..... occasionally 0.05...... a few bucks here and a few bucks there add up over 24 hours.......
some try to knock home runs every time at bat...... i just try to get on base safely...... the market will get me home.......h