The Break Even Stop - How fast/when do you move it there?

[PinguPingu]

For example, lets say by luck/skill/grace of god you pick a perfect entry and within a few hours price has moved beyond your buy point by say 1% on 2% risk, or half your risk as an example, do you move break even stop straight away, wait for next opening, etc.? I feel like you may run the risk of getting stopped out too quickly if its volatile. So I guess just wondering under what criteria do people make the call for the break even stop amendment.

 

[tech/a]

Not getting a lot of response here??

Personally Ill move it to (Or toward) B/E for 3 reasons.

(1) Price has broken decisively away from my initial buy price.
(2) Price has tested my buy price with a retracement toward it
Then reversed and continued in my direction.
(3) Price is showing that a pattern is likely to break down (Here Ill move price toward break even).

 

[boofis]

I'll only move to break even in one scenario: when I've got a lot of open profit but feel like I'm about to pass out from blood pressure and so want to close to make it all go away even though i think its still got more in it. Instead of closing ill move the stop to b/e and run to the toilet and vomit then come back lol.

 

[PinguPingu]

Thanks Tech, I've generally done it for the first condition mostly. I'm finding the 'letting profits run' mantra a little bit of a challenge to follow hence trying to incorporate more of the break even stop. My past month or so of trades have had great win %'s but they generally haven't been all that 'big', while only a few have hit protective stops, but have been quite wide ones very much dragging on p/l ratio.

Boofis, I pretty much feel that trading anything on the US exchanges haha - some fast movers there