So now that you pull the trigger and open the position, you are now in the foreign exchange market. It's time to sit down and let the market do it, right? no way. The Forex market is not the role of the bet you bet, you can watch the dice rolling and then simply get the results.
This is a vibrant, fast-changing arena where new facts and price movements create new prospects and change previous expectations.
I hope that you can adopt the recommendation to always use the plan to trade – accurately determine the entry and exit positions of each transaction based on the stop loss and take profit. Bottom line: You can improve your overall trading success [and minimize the risks involved] by systematically planning each trade before falling into market sentiment and speculation.
Depending on the trading method you follow [short-term versus medium- and long-term] and overall market conditions [intervals or trends], you will be more or less positional when managing open positions. If you are following a medium- to long-term strategy and usually have greater stop-loss and profit-making restrictions, then you may prefer to use your own “get and forget” trading plan. But there may be a lot of things going on between opening a trade and a price that reaches one of the trading levels, so even for long-term trading, it's a good idea to stay ahead of the market.
No matter which trading method you use, you always have to keep up with market news and price dynamics when trading is open. Unexpected news may affect your rankings at any time. News is news; and you haven't planned a trading plan yet, but any news may require you to change your trading plan at any time.
When we talk about changing a trading plan, we only mean reducing the overall risk of the transaction by making a profit [in whole or in part] or moving the stop loss in the direction of the trade. The idea is only dynamic and dynamic in one direction: getting profit and reducing risk. Keep your initial stop loss where you think you should go before entering the trade.