Still in this position. I'd like to bring your attention to the R:R ratio. Look how it has changed over time. This is a concept that was first brought to my attention by Crypto Cred who learnt it from Trader Dante. It's called an evolving R and the concept is that there's no such thing as a free-trade.
So often you see people move their stop to break even immediately and then say it's now a free-trade but really this a shit mindset. There's still money to be made and you're throwing it away if you don't manage a position correctly and you allow it to come all the way back to your break even point or your original stop loss after being well on it's way to meeting your take-profit target. I'm not saying to trail a tight stop-loss and choke the trade because that would go against your original trading plan; what I'm saying is that if your position is 90% of the way to your target then move bloody stop-loss up because you're now risking 90% for that last 10% because your R:R has evolved over-time. Hope you understand this, I'm not great at explaining it. Look up Trader Dante & Crypto Cred for a better explanation.
So often you see people move their stop to break even immediately and then say it's now a free-trade but really this a shit mindset. There's still money to be made and you're throwing it away if you don't manage a position correctly and you allow it to come all the way back to your break even point or your original stop loss after being well on it's way to meeting your take-profit target. I'm not saying to trail a tight stop-loss and choke the trade because that would go against your original trading plan; what I'm saying is that if your position is 90% of the way to your target then move bloody stop-loss up because you're now risking 90% for that last 10% because your R:R has evolved over-time. Hope you understand this, I'm not great at explaining it. Look up Trader Dante & Crypto Cred for a better explanation.
Ah well, it is what it is. Have logged this trade in my journal and will learn from it.