Breakeven Stops: At Entry or 1-2 Tic Profit? | Psychology and Money Management


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Breakeven Stops: At Entry or 1-2 Tic Profit?

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Chicago Illinois USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: Gold GC, Emini ES
 
Posts: 4 since Mar 2016
Thanks: 20 given, 0 received

Breakeven Stops: At Entry or 1-2 Tic Profit?

Experiencing a conundrum:

I can set a breakeven stop after so many tics of open profit in NinjaTrader, either automatically as part of an ATM or just dragging my original stop order. So far, I have been using the automatic route - which is nice because either the ultimate target is reached, or the breakeven (Entry +1 Tic) is reached (Heads you win, Tails you don't lose). Of course, there are times when Entry +1 is filled only to see the ultimate target get reached soon after - suggesting I learn to take some heat and move the stop myself after the retracement is over.

Could I ask for thoughts on this, please?

Thanks, and all the best!

MTCTrades


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