Jasraj Singh asked 3 years ago Hi Pat,
Thank you for your recent video; Stop Loss Contingency. I was hoping to expand it further; in situations where you had to step away from the screen for a couple of hours, as I'd occasionally need to while working a 9-5 job, how would you recommend setting SLs.
I imagine this would be different if say
(i) Trade has been on for several days and it's working in our favour, price has left our buy point. I'd think of perhaps a portion of the position's SL to be set at prior day's low to lock in profits if trade moves against us.
(ii) Trade has just been entered, and the price is fluctuating not far from our buy point. Base on our rule of never letting profits turn to losses; would you suggest a portion/all of the position's SL be set at breakeven/above breakeven?
Thank you Pat!
I imagine this would be different if say
(i) Trade has been on for several days and it's working in our favour, price has left our buy point. I'd think of perhaps a portion of the position's SL to be set at prior day's low to lock in profits if trade moves against us.
(ii) Trade has just been entered, and the price is fluctuating not far from our buy point. Base on our rule of never letting profits turn to losses; would you suggest a portion/all of the position's SL be set at breakeven/above breakeven?
Thank you Pat!
1 Answers
Owen Staff answered 3 years ago Hi Jasraj,
Pat made this video for you:
https://youtu.be/Y2MWREq7ZpQ
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Thank you Pat, you got my name perfect!
And thank you very much for the video, it’s very clear and makes absolute sense.