When you get triggered on day 1, are you happy to let it all automate? i.e. let you stop/limit take you out without looking at the charts again?
You have to manage your trade, profits, and losses, according to the trade plan.
This means that you revisit every open position or order on a daily basis.
First profit can often be automated by means of a limit order, it depends on your broker platform, but when that happens you need to adjust your initial stop-loss to the new balance of the holding (if that is not automated), and the new stop-loss level to near break even (allowing for relevant Support/Resistance/Highs/Lows) to become a dynamic trailing stop.
You also need to check daily for any new danger signals that may influence your trading plan.
Related Articles
Is it normal enough that after a trade is filled that it comes back into the flag (bull) and bounces along like that for quite a few days before it thinks about going back up through the original buy stop order level again?
This is something that can happen. Ideally when the stock breaks out it keeps going, takes out our first profit target and then some more on top, which you manage by use of Guy's Dynamic Trailing Stop. When the markets are breaking out big time ...
How long would I be typically in a trade (Hours, days, weeks)?
Once you have taken your first profit target, you'll need to manage the trade using Guy's Dynamic Trailing Stop on the stock price (underlying stock price if trading options). All these are explained in the training videos. Therefore, you could be in ...
How would we put in an order to close out 50% of our position with our broker?
The method to close half the position when first profit target is reached will depend on your broker's platform. Your broker will be best placed to advise on this. Typically you would place a stop/limit order to open, with a 'Bracket' order attached ...
What order types (for stocks) does my broker need to support?
For stocks, options, CFDs and Spreadbets if your broker offers a 'demo' or paper trade account you can check out their order procedures and terminology there at no risk. They should also have an FAQ, and should be happy to guide you by online video ...
How would we put in an order to close out 50% of our position with our broker?
The method to close half the position when first profit target is reached will depend on your broker's platform. Your broker will be best placed to advise on this. Ideally, you will place the opening order conditional on the stock price (or for an ...