after six hours my trade is only 5 pips profit, should I close it or wait?

So yeah, I opened a trade today and after 6 hours of waiting the market has moved just 5 pips in my favor. Big question is do I close it and exit with 5 pips profit, or do I hold on and hope the market picks up steam?

O
@ozgal_galzo - 3 months ago

If a new session is about to start, then I would rather take profit and exit because new sessions have the tendency to reverse the previous direction suddenly.

H
@headies25284 - 3 months ago

Well, i think the session you entered the market is important. If the pair you executed moves more during the New York session, i will advise you leave the trade and let it run but if not you can close.

R
@robert_sondreli - 3 months ago

Check your economic calendar to be sure the market is not expecting some important news release, as that could be the reason for the sluggish price movement.

G
@george_kramer - 3 months ago

Since the trade is in profit, I think you just need to sit on your hands and wait.

H
@hosea_makelele - 3 months ago

Watch for economic news release, if any important news is coming out soon, then close the trade immediately and take profit. News can scatter the markets and cause price to spike towards your stop loss.

Y
@yokoyi - 3 months ago

Happened to me today, almost 5 hours with price going nowhere only for it to shoot up

T
@tony_xhan - 3 months ago

You have to be patient, sometimes the market could choose to take a longer route to get to what seems a short distance.

T
@teefx001 - 3 months ago

The decision to close or wait on a trade like this depends on your trading plan, risk management, and the session. If your trading plan is to make 5 pips and you are comfortable with that, then closing the trade is a good idea but if the market is, showing potential for further movement, especially if you are in a session such as London or New York, then waiting on the trade would be a good move, although this also depends on your risk limits. The session is important because it determines the volatility and movement of the markets.

K
@koms55 - 3 months ago

If I open a trade and it is not in profit after 30 minutes, i take it that I am on the wrong side. In your case you were still in profit so it would be safe to leave it open

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