It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?
Just wondering what everyone else does when it comes to taking profits?
Actually, it depends on your perspective and your trading plan. Some people has a fixed 2x take profit every time they trade because they find it to be profitable.
But, waiting for 2x gain before taking profit is not working for me, I backtested it and will only hurt my emotions because most of my trades almost hit the tp but end up hitting the stop loss. That's why, I decided to change the way I take profit.
Every 20% gain, I will close 25% of my margin and move my stop loss into my entry price so that I will not get loss incase the price hit my sl.