Should I set Take Profit (TP) every time I trade?
For me it depends on how well you understand the asset you are trading. it also depends on if you are trading a news release. Some markets range at certain times so it would be better not to set a TP and instead use a trailing stop. In cases where I am trading a news release, I don't set TP i also use trailing stops.
This is because when trading news releases its hard to tell how far the price is going to range, so I prefer trailing the profits using a trailing stop.
Another method is to take partial profits as the trade moves in your favor, cTrader is a very good platform for this.
However, if you do not understand the asset's price action then it is better to set a TP. Again, if you intend to leave the trade open and attend to some other matters (if you wont be on seat to monitor the trade) then it is good risk management to set a TP.
For me it depends on how well you understand the asset you are trading. it also depends on if you are trading a news release. Some markets range at certain times so it would be better not to set a TP and instead use a trailing stop. In cases where I am trading a news release, I don't set TP i also use trailing stops.
This is because when trading news releases its hard to tell how far the price is going to range, so I prefer trailing the profits using a trailing stop.
Another method is to take partial profits as the trade moves in your favor, cTrader is a very good platform for this.
However, if you do not understand the asset's price action then it is better to set a TP. Again, if you intend to leave the trade open and attend to some other matters (if you wont be on seat to monitor the trade) then it is good risk management to set a TP.
On this day, I traded natural gas and from the image you will notice I adjusted my SL to secure $30 profit, I kept doing this as price kept going up because I was trading after a natural gas news release which was pushing price upwards. Setting a TP in such a case would have been counterproductive for me.
