TheRumpledOne wrote:I saw a video of a professional trader trading years ago.
They entered the trade.
After the fill they entered the stop loss and TP1.
Then they sat back and watched.
There is nothing you can do but watch.
The TP1 was hit first.
The trader canceled his stop loss and entered a new stop loss at break even for the remaining position.
They didn't live and die by each tick nor did they have to babysit the trade. When an order filled, the computer sounded an alert.
Funny you say that.
When I actually do that (to let it run), it works out fine and when I don't by starting to actually THINK, it doesn't.
That may be coincidence though.
If you take a step back, and you would actually enter every possible trade using some condition (e.g. RAT trigger, or a retrace to supply/demand, preferably at a higher TF extreme like day or week) and then do the above and let the remainder run until B/E or a T/P that makes sense, you should do fine, especially if the TP1 covers more than the S/L for the remainder.
Anyway, the psychology behind it is very important. The risk of being discretionary about your T/P (and that includes modifying an existing one) is that you tend to start and see things in a different perspective, thereby ruining the premise that led you to take the trade in the first place.
This is my new signature: "new signature".