Yes, I'm a newbie and couldn't specifically find an answer to this question that continues to bug me. For the experienced traders, after you enter a trade (it can be ES, YM, NQ) how much do you change your T/S?

For example, you enter a trade long and it starts going your way but immediately reverses and all the sudden you're negative. You nearly stop out but now it starts going back up, back to even. Do you get out even or small profit or do you stay in til' you hit the original T/S regardless?

I realize the answer for set it and forget it, overnight orders, automated orders, etc. But what do you do when you're sitting watching it with intense anticipation?

Brandon Marlo 

Yes, I'm a newbie and couldn't specifically find an answer to this question that continues to bug me. For the experienced traders, after you enter a trade (it can be ES, YM, NQ) how much do you change your T/S? For example, you enter a trade long and it starts going your way but immediately reverses and all the sudden you're negative. You nearly stop out but now it starts going back up, back to even. Do you get out even or small profit or do you stay in til' you hit the original T/S regardless? I realize the answer for set it and forget it, overnight orders, automated orders, etc. But what do you do when you're sitting watching it with intense anticipation?

Yea, been there done that... for me, first off you need to have realistic target or you can trail with a stop and allow to run and lock in profits. But, if at first it goes your way and then turns, try to take some profits off the table. There is no worse feeling than having a winner turn loser... and if the market gifts you by not stopping you out and you have a chance for break even, I would take it and look for the next setup. Another thing is, if your edge is no longer there that's another hint that maybe you should close position and again, look for next setup. Ability to make quick decisions is important, I believe, hesitating usually can be bad in my experience. I trade with a stop which is usually strategically placed (below support if long) and sometimes it can be out of my personal risk parameters... and no one wants to get stopped out and realize that loss. So, if my edge disappears and market goes against me I try to cut my losses quickly. There's a saying "The first loss is the best loss" it refers to 'fear of taking a loss.' You enter market. It goes against you. You freeze like a deer in headlights... and instead of taking that first $100 loss or then a $200 loss, you end up eating a $1000 loss. Or even worse yet if market gifts you by coming back and you still don't close position and the markets goes against you again... been there done that too This is all in my humble opinion and my style of trading. I like to put on the hard hat and go to work I'm sure a set profit target and stop works for other people. The size of your account and lifestyle can also dictate how much risk you can ultimately absorb. Try to be discipline to which ever way you trade and rid emotions. Hope that helps...

If it goes your way then comes back, you can be down from your entry but the original setup could still be valid, so you can't judge whether you should bail or not based on the +/- from where you entered. Notice I said could be, not is valid, because it depends on what happened after it moved away and whether that changes your original setup or not. How to make that judgment is something only you can answer because it depends on what your plan is.