Are you considering time span?

[GreatArkansas]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

[1714004101]

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[1714004101]

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[jackg]

I normally wait for a certain number of candles but I'm a bit random with it. If I remember I have a position open and haven't received any alerts, I'll normally wait for double or triple the previous trend (in candles) before closing my trade (say the price bounced from 20000 to 21000 twice and took 4 candles the on the drop and 3 candles on the rise, 12 candles later it's probably less likely to happen again - and a risk to leave the trade open). This also often happens because a tightening range (where the resistances above and supports below) have already coincided/crossed by the time I opened the order or there might be something on a higher timeframe that becomes more obvious.

A lack of movement imo is generally a bad thing if you're trading sub 4h candles (1d timeframes).

[mk4]

I cancel orders a lot when trades that I want don't execute in a certain timespan I want/expect. It isn't necessarily concerning timespan though, in general I just cancel "slow" orders(no specific timespan) when I see a better opportunity elsewhere.

[adaseb]

Yes the time span is important. Especially when you are in a trade, you are expecting something to happen, and if it doesn’t you need to get out.

Reason why this is important is because you are probably not the only trader to think like that. Eventually others will get bored and start to sell and it’ll go against you. So it’s wise to always get out if the trade doesn’t look like it’s going to work.

[Oshosondy]

If I set a stop lose and take profit, one of it would surely trigger within a minutes or hours (but usually minutes) unless I planned for swing trading which I will have to set the stop loss and take profit to have more far price in a range from the mark price. When I use scalping, the option triggers very often. Maybe because I do not like going for day trading. I prefer scalping and swing trading instead.

If I go for day trading and the price do not get to stop loss or take profit price, I will prefer to just close the order if I am making some profit already. But if it is loss, I use different approaches like checking if the market would correct itself, or if my analyses is suggesting me to just close the trade. It depends.

You may not have the satisfactory info from us because trading there is more to trading with different approaches. It is good for people to close trades, it helps to minimize losses, but I have many different approaches that are still very different in a way to have profit from each position opened.

[SquirrelJulietGarden]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

We should close our positions after a while. How long should we let our positions open depends on the type of chart we use for entry price. It should not be longer than 28 candles before we should exit and close our positions. Profit, draw or minor loss, it is good enough if we can close our position without big loss.

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

But it won't move sideway forever. Price has to go to a break out or break down at the end of a price channel. That is time when it is very risky to let our positions open.

So, do you have a limit for your trades? Like 1 day, week, etc?

If I use 1 hour chart, I will not let my position stays more than 28 hours and usually I would like to close it after about half of day.
If I use 1 day chart, I would like to close it after 2 weeks.

Of course it depends on when I enter. Above duration is if I enter at early of a price channel.

[livingfree]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Yes, I usually do that, but I don't have that time limit. As long as I feel and want to do it, I'll just do it, hit it and cancel that trade. I don't know what triggers me but maybe being impatient that nothing is happening.

And after for a while, will think of another price target for SL and TP and that's it.

I guess it's normal for the majority of that since we're all having different thoughts about the market and all of a sudden, we change our minds when we don't see any move.

[Bitcoin_Arena]

It depends on the trading strategy in use. If I am scalping, even 24-48 hours feels like a very long time, so I tend to manually close the position if unrealized loss isn't that much. If it's a low leverage long or short position, I can wait for much longer, especially for Bitcoin.

I once had an open 3x position for Bitcoin that lasted for almost 2 months, but the wait paid out in the end 

[Mahanton]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

This do depends on the situation and also the emotion and thinking on my mind on that particular moment.There are indeed times which i do really hold off my trades if i do wait for something.
Time span? It is totally random yet there are really times which i do really let those orders open and wait up for some time where price do really make out some action.
Sometimes my patience isnt really that long for me hold a particular trade which doesnt really give out immediate results or outcome.
When i do saw that the price is moving sideways for too long then most likely i do really decide to make out some repositioning.

[msbeby]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

If you’ve not heard of the term stop loss in trading, check out this link to help you understand what it’s all about.
https://www.investopedia.com/terms/s/stop-limitorder.asp

Every trade we get into requires us to know when to get out, whether we’re making a bitcoin profit or not. Establishing a clear stop loss level can help you cut your losses; a skill that’s very rare in most traders😴.
🤥
Choosing a stop loss is not a random activity, and perhaps the most important thing to note here is that you shouldn’t be carried away by your emotions – a great point to set your stop loss is at the cost of your coin. If, for instance, you acquired a coin at $1,000, set that as the minimum point you’re willing to trade your coin. This will ensure that if the worst comes to pass, you can walk away with what you invested in the first place.🤥

The same applies to profit levels if you target to get out of the market after hitting a certain minimum profit; stick to that. Don’t be greedy; it’s never a nice color on anyone!😊😊

[sheenshane]

I didn't do trading mostly, it's occasionally when I feel I've extra funds for it.
IMO, yes.  Could be a great decision if you consider the time span for canceling your order, this happens when your strategy won't work and you need to cancel to prepare another strategy to apply.  At a certain time your strategy won't work, don't push hard on it, find another one that'll be suitable for your trading orders that has a close to accurate result.

Though I stopped trading now and this was my experience before. 
Stop-loss is always the best weapon if you won't consider time span or closing order.

[jrrsparkles]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Honestly I don't like to keep the trade open for longer time even few hours happens very rarely so I will just go with the current market price only if I am going to sell it but that is not the case while buying there is no regret in it, since the funds will be in possession so more the profits if we decide to wait more then there is no denial in that in my opinion.

[Flexystar]

Yeah Timeline could be dangerous for long term trading. I mean it’s the hardest job really to hold the patience when order is not getting executed as we want. It becomes heavy burden on the hands while clicking those sell and buy buttons when we see the timeline stretching a lot more than expected.

I’m not even putting such executions anymore because I have lost a lot in the process. Better have portfolio which is gonna be there for longer times I mean more than 2-3 years without any look backs.

It could at least take burden off the hands.

[Adbitco]

It all depends on the trader, like for me if I opened a trade and fix my stop and take profits and it happens not yet triggered or no changes what only does is that, I would go for the little changes. For instance, if I made a 2 dollars profits from the open trade then I can close it with that amount I made because sometimes we fails to understand that "a tree doesn't make a forest" for with little 2 to 3 dollars changes I can close my trade and target for another best entry point.

[palle11]

My question is do you consider closing your trade if those orders didn't trigger for some time?

This is a good question and newbie trader would benefit from this thread because it is really a practical trading question. You can't understand this question or attempt to answer if you have not been trading, as a trader you will be locked in between this kind of decision.

So my answer is yes. I do exit an order that is taking unnecessary time to trigger because with experience sometimes you lose after waiting that long.

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

Experience have taught me this that when market is sideways for long, it could be a result of market price and indecision going on at your back (yes lol because you are not there present only through the trading channel or platform, exchange), so it is better to stay out and allow whatever that wants to hit the market to do just that while your capital still stays safe at the time. With experience too I have learnt that it is better to have your money than to unnecessarily lose it and there is always another opportunity for profit. Another lesson to this, when the market seem quiet or sideways for long, something is about to hit the market either a new trend will be formed.

[abel1337]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Yes especially if it goes sideways on a big timeframe 4hrs minimum. When sideways happen there's a chance that it could possibly disrupt the technical analysis you are using as a guide but yeah it depends, Sometimes you just need to reposition or change plans like putting the fund allocated for that trade to other positions since you don't want to be stagnant in a position that give you slower result than you are expecting.

[mindrust]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Obviously, everybody is dead on a long enough time line.

Nobody can afford to wait forever.

If you are waiting for a certain price and you are cool with waiting more than a year, then it don't make much sense to keep your coins on an exchange. You can certainly keep your coins in your cold wallet and wait there for your price target, send coins and execute.

Keeping coins on the exchange for long periods of time has its own risks. I don't recommend it.

[msbeby]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Honestly I don't like to keep the trade open for longer time even few hours happens very rarely so I will just go with the current market price only if I am going to sell it but that is not the case while buying there is no regret in it, since the funds will be in possession so more the profits if we decide to wait more then there is no denial in that in my opinion.

Though this strategy might not appeal to all investors, those with the stomach for it can reap gains if their bet against Bitcoin pricing succeeds. Sell off tokens at a price you are comfortable with, wait until the price drops, and then buy tokens again. Of course, if the price does not adjust as you expect🤦‍♂️, you could either lose money or Bitcoin in the process.🤭🤭

Short-selling Bitcoin also incurs high costs and risks. For example, you might need to pay custody or Bitcoin wallet fees to store the cryptocurrency until the trade occurs.🙆‍♂️ You will also have to bear the risk of Bitcoin's price volatility. If the price goes up (instead of down, as you'd hoped), you could end up with significant losses. Certain exchanges also offer leverage for conducting such trades. Again, the downside to using leverage is that it could magnify gains or losses.🫠🫥

[msbeby]

Binance ftx these are the exchanges I use for cryptocurrency trading.
These have relatively less risk. If you want, you can use stop limit, then your loss will be less.
And also Browns has introduced trailing stop options for a new cryptocurrency business that will reduce your business losses and help you become more profitable.

[Fatunad]

Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.

My question is do you consider closing your trade if those orders didn't trigger for some time?

Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.

So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?

Obviously, everybody is dead on a long enough time line.

Nobody can afford to wait forever.

If you are waiting for a certain price and you are cool with waiting more than a year, then it don't make much sense to keep your coins on an exchange. You can certainly keep your coins in your cold wallet and wait there for your price target, send coins and execute.

Keeping coins on the exchange for long periods of time has its own risks. I don't recommend it.

Even myself wont really be that patient on waiting for long time, specially if i do saw some good entry point or situation then i would immediately close those positions that i do have remained opened
and would really be putting or making those positions whatever the situation might be.You could eventually make more profits on doing active trades rather than making yourself that
longing or waiting for too long and believing and just depending on market breakeven or recovery.Its not really worth and you are just basically wasting too much time.
Overall it would be depending on you because each person does have their own goals and targets in mind.