Managing an open trade
Plan the exits before you enter
Decide in advance what you will do: where the stop is, where you take profit, and when you protect the trade. Many traders take part of the profit at the first target and move the stop to breakeven (the entry price) once price has made a new swing in their favor.
Rules that keep you in the game
Never widen a stop. Do not close a good trade early out of fear, and do not hold a broken one out of hope. If structure breaks against you before the stop, it is fine to exit early. Afterwards, log the trade in your journal.
Remember: Manage the plan, not your feelings.
Test yourself
Moving the stop to "breakeven" means…
Putting it at your entry price so the trade can no longer loseAt breakeven, a reversal closes the trade at about zero instead of a loss.
Your long trade made a new higher high and higher low. A common way to protect it is…
Move the stop under the new higher lowTrailing the stop behind new structure locks in progress.
Taking "partials" means…
Closing part of the position at a first targetBanking part of the profit reduces pressure on the rest of the trade.
What should you do after every trade, win or lose?
Log it in your journalA journal turns outcomes into lessons and shows which setups actually work.
Short interactive lessons and quizzes on real crypto and forex charts. Free to start, no real money involved.
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Candlr is educational. Nothing here is financial advice, and trading involves a high risk of loss.