Set and forget or watch it like a hawk?

[foredog]

I know this depends on your style of trading but just wondered what others do.

For years i've been trading more short term, not necessrily scalping but if i was short something and it dropped like a stone I wouldn't give back any of that drop which sometimes meant missing an even bigger move.

I still find it difficult when I'm in a trade not to keep checking it even though i know that if i leave them the runners will more than pay for the few where i give back a few £££.

Not really looking for everyone to start saying trade your plan etc, just maybe a discussion over others techniques and what you prefer to do, pro's and con's.

eg trail the previous high, round numbers, set targets etc.

 

[Technically Fundamental]

For years i've been trading more short term, not necessrily scalping but if i was short something and it dropped like a stone I wouldn't give back any of that drop which sometimes meant missing an even bigger move.

Have you considered letting 1 in x run to see if you can get used to the feeling?

Edit: assuming you're in profit for the day as rossini states.:arrowd:

 

[Rossini]

It depends if i'm in profit for the day, if I am I can quite easily set and forget (assuming I have guaranteed a BE or better on the trade). If i'm not or its one of my first trades then I keep watching and as you say, try not to give too many pts back.

 

[robster970]

Figure out key S&R lines and set automated entries first thing in the morning before markets open.

Directly manage exit once in the trade based upon the price action/news/market mood/my mood. I personally find that I can manage profits and losses better than a formulaic trailing stop or fixed profit target although I do have notional targets/loss mitigation going on based upon the price action if that makes sense.

 

[TheBramble]

foredog - not sure what question you're asking.

Are you asking on whether others fire & forget OR monitor closely from entry through to exit.

Or are you asking what techniques to use to squeeze the maximum out of any trade and not give back 'too much''?

 

[foredog]

foredog - not sure what question you're asking.

Are you asking on whether others fire & forget OR monitor closely from entry through to exit.

Or are you asking what techniques to use to squeeze the maximum out of any trade and not give back 'too much''?

Sorry, a bit of a ramble from me there Bramble!

I was more interested in what others do, rather than asking for specific techniques. I'm pretty sure what works best for me, just sometimes you end up having a sneaky peak a taking a profit too soon etc, just wondered waited to see, constantly monitored or a bit of both.

More curiousity than anything else.

 

[barjon]

Kind of a bit of each really, foredog.

I have exit zones (upside and downside) and get an alert if price enters zone. When the bell rings I do the hawkish bit - otherwise I try not to peek, but often succumb to the temptation

good trading

jon

 

[rs1]

This can be a tough one. I have my rules and pretty much follow them consistently, but it does involve alot of self control when watching the movements of the markets during the day. So I do follow my rules but try and make it easier on myself by not having my P+L on the screen all the time and surfing the net while letting trades run on. I have to keep reminding myself that my edge will play out if I allow it do so. That means cutting losses without hesitation ( I always put stops in at same time as trade entry) and the corollary of that is I have to let the winners run in order to actually make good money.

 

[Masquerade]

I watch it - In case I decide to get out, suddenly take profit or add to a position. Only times I forget is when the stakes are small and I need to sleep.

 

[foroom lluzers]

Figure out key S&R lines and set automated entries first thing in the morning before markets open.

Just buy option at lower strike below support and sell an option above support level.

Repeat at every lower major supports.

 

[JohnDesey]

I HAVE HAVE HAVE to use bracket orders. Look em up if you do not know what it is. So, that means once I enter, my stop and my exit at profit is automatically there. Sure, I watch it, but I do not allow myself to move the stop or the profit target. On the ES Mini, I use a 2 point stop and 3-5 points on the profit depending on the daily volatility. This is what works for me. so, it's kinda like set it and forget it