Take Profit Part 1: Finding the Best Approach?
It seems that many are waiting for the bottom. I'm new to crypto swing trading and am forward testing my self developed strategy 🥲. It gave me an enter signal to go short on 2 altcoins last week so I setup a sell entry. To be fair with my readers, I have entered short twice before this and got my stop loss hit 😅
There is no news, anticipation nor prediction involved. Just followed the strategy, set the stop loss, and that's it.
After that I just waited for my stop loss to get hit but market is generous this time and now it's gain. I have started to trail stop my small gain 🫰.
Why do I not put a hard take Profit Price?
My mentor in fx never beleived in setting a Take Profit price. The strategies I was taught were all like that in nature. That made me wonder and asked why. Somehow now I got my answer, because in this way I can ride the tide until it dies. So once PNL is positive there will only be two outcome, Small Gain or Big Gain.
