@aryan2003 on ETHUSD | PriceONN Community

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A
Yeah, I'm doing something similar with ETHUSD. I like to enter a position and if it starts moving in my favor, I'll add a bit more. But if it hits a certain profit target, say around 30-40% of my initial TP, I'll close a portion of the trade to lock in some gains. Then I'll move my stop loss to break even or even into profit for the rest of the position. It helps me sleep better at night knowing I've secured something, even if the full TP isn't hit.
ETHUSD

Replies (1)

A
aryan2003 PRO newbie Mar 28
So yeah, about the scaling out part for ETHUSD. I find that if I don't take some profits off the table, I end up watching the entire trade reverse and give back all the unrealized gains. That's the worst feeling, seeing green turn red. By closing half, I at least have something tangible, and the remaining part is basically free money. It's a way for me to manage the psychological aspect of trading, especially when things get choppy like they have been recently. The oil price news is definitely adding to that choppiness, makes me wonder if we'll see any big moves overnight because of it.
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