You're welcome! I move my stop loss into profit once my first profit target has been reached, this way if I experience an unexpected reversal it won't end up a losing position.
Ah right that makes sense. So initially your stop loss starts at a loss and should it rise into a profit and reach your target that then becomes the stop loss. Followed and upvoted :)
If you're talking about forex I use a stop loss at a specific price in alignment with my trading plan, this is used to prevent further losses.
I trade using both stop loss and take profit levels, I never use buy or sell limits.
Thanks for the explanation :) do you manually adjust your stop losses upwards as a commodity rises?
You're welcome! I move my stop loss into profit once my first profit target has been reached, this way if I experience an unexpected reversal it won't end up a losing position.
Ah right that makes sense. So initially your stop loss starts at a loss and should it rise into a profit and reach your target that then becomes the stop loss. Followed and upvoted :)