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Spot FX - when to lock in profits
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Spot FX - when to lock in profits

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Trading for Fun
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Spot FX - when to lock in profits

if you're daytrading spot forex, should you have a preset profit target or should you use trailstops

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That is a bit of a broad question.

Either way can be profitable or unprofitable.

How are you entering? Where are you entering? What are you decisions based on? Do you like fib extensions? Do you want to exit using a momentum oscillator? What chart resolution are you viewing? Have you tracked your MFE?

Do you want to exit every trade the same way? Do you want to make it mechanical, or would you like to apply discretion?

One thing you can do is pick a few exit management strategies, and test them over a period of time and see what comes up.

Not that you have to answer all these questions, but some things to think about.

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In my experiences trading spot Ive found that daytrading is the most difficult way to approach them . The reason is that pairs move then pause , move then pause and watching this on smaller timeframes makes TA incredibly difficult , until you see this action on timeframes like a 1h or higher . Then the moves become predictable and very tradeable .

I share that to help you because it was learned by me the hard way . But the question was locking in profits and holding runners . Best way is to trade multiple units and target prior highs and lows and scale out a unit or two at a time leaving a runner aimed at just short of a distant high or low , as a target . therefore you will be required to hold positions overnight or through the week .

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