My swing bot runs a time based stop, so 2-3 days and no profit = exit. Granted you have to leverage with the understanding that you could have 2-3 really baaaaad days in a row statistically. You have to be able to absorb that. So just as much as it is a time based stop, effectively it is a price based stop because you have to understand a devastating move against you over a 2-3 day time frame.
So in effect you are taking a look at both price and time when considering a time stop.
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But each individual trade has a stop and target so 99% of the time either my targets hit or stops hit before end of day. If I am still in a position at end of day my bot will close it.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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Both, plus number of trades.
For the day, I stop when I hit a certain number plus or minus, a certain time, or an upper limit amount of trades.
Per trade, I use a defined stop, negotiable target, but if I stay flat for too long I'll get out in favor of less market exposure/original trade idea being wrong.
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I day trade and take swing trades on occasions. For me if a trade isn't working out in the first 20 minutes I nix it. I give swing trades more leeway hours/days depending on why I'm taking the trade in the first place.
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