Do we need to watch our open positions to make sure we don't go to loss.

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Originally Posted by Jazpa

I forgot to close my trade and very next day I did not get any chance to view my trade. And later when I got to my trade all my money was gone. If I had been there keeping constant eye upon the trade, perhaps I will not be broke. So what do you all do? When you have to go for any urgent jobs, would you leave the trade open?

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You do not need to constantly monitor your trades, you just need to set stop loss so that if the trade goes bad it will automatically stop itself. Another thing you can do if your pc is constantly connected to power and internet, is to set a trailing stop so that your trades will close at a profit if it is about to go bad.

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Originally Posted by aadrika

You do not need to constantly monitor your trades, you just need to set stop loss so that if the trade goes bad it will automatically stop itself. Another thing you can do if your pc is constantly connected to power and internet, is to set a trailing stop so that your trades will close at a profit if it is about to go bad.

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This is right action if you dont have time to look at market, but there is no harm if you have time to watch the prices and your trade, may be you can take action looking at market movement like increasing target or closing trade before target if you see signals that show indicate trend reversal. So it pays if you want your trades.

i do not watch my open positions all the time, because it will create more pressure, tension, and emotions in my mind...because if my positions increase in negative floats, then i will get more anxious....so i will just apply stop loss to my open positions, and simply see it few times and my stop loss always make me relax, because i apply it to that place, which money i can afford to loose....it is the best way to avoid extra burden and stress...

I had happened with me also. Now I always close my all positions before leaving my computer.
The answer of the question you are asking is depended on the traders' style of trading. If he is a long term trader then should have enough capital and smaller lot sizes to keep open positions for weeks even months and years. But for a day trader as they have small capital they should close all the positions before leaving, or if they are leaving then they should put stop limit.

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Originally Posted by sathish999

u no need to watch whether the trade is in loss or profit once if u place take profit and stop loss. if u r long term trader u definitely need to place it. If u r scalper u just sit and watch for not more than 2 hours to make 10 to 20 pips.

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stop loss aur take profit bahut hi zaruri forex tools hai jinki madad se aap apni tarding ko aur acha bana sakte hai
har tarder ko iski zarurat samjhni chhaiye aur issi ke hisab se tarding karni chahaiye...agar aap inhe set karke tarding karte hai to aapka account kafi safe rahega aur apko bar bar account ko dekhne ki zarurat bhi nahi padegi

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Originally Posted by frozz

It is okay to keep on monitoring your open position but it's no need to worry about it if you have used good money
management to limit your losses. So it is no need to keep on watching chart because we have setted TP and SL
so we won't lose too much.

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I agree with you that we don't have to keep on monitoring our open positions if we use the best money management because with a good money management there is very less danger of margin call so we can put stop loss and take profit and no need to monitor if we have good MM.

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Originally Posted by dollar

hame jo bi trade ki hai or agar wo market main chalu hai to hame usko dekhna hi padta hai.
bina trade ko dekhe ham rah hi ni paate hai.
agar hamari trade main stop loss or take profit ni hai to hame jyda dekhna padta hai ki kahi hame bahut bada loss ni ho jaaye.

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apne tradres pe har trader ko anzar rakhni chahaiye..aur waise bhi ajb market me paisa laga hua hota hai to apne aap trader ka dhyan us taraf jata hi jata hai
leki nsabse acha tarika rehta hai ki apni deals ko stop loss aur take profit se lock kar diya jaye..aisak arne se aap agar kabhi apni deal ko nahi bhi dekh paoge tab bhi apko shanti arhegi kyunki apka maximum profit aur maximum loss pehle se hi decide ho chuka hai..

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Originally Posted by frozz

I think it's okay if we don't have time to monitor it again and we have setted SL and TP because it is safe enough when we have
setted SL and TP. It is not wrong if you want to monitor again but the usage of SL and TP is limiting profit and loss in trading when
we left the market.

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aisi situation se bachne ke liye hi traders stop lsos aur take profit ka use karte hai
pehle me bhi inka use nahi karta tha lekin fir jab mera account 1 bar margin call tak gay tab mujhe smajh aya ki stop lsos kitna zaruri hiota hai.uske bad se maien stop loss lagana shuru kiya aur fir mujhe bahut kam tension rehne lagioi apen account ki kyunki mujhe pata hota tha ki meri deals limited profi ya loss me hi kategi

Yes apni open positions ko dykhna bohat zaroori hai because forex trading minton ka game hota hai ager aap apni trade ko nahi dykh rahy to hosakta hai us time aap ki trade profit main ho or bad main who loss main chali jay or aap apna earn kiya howa profit kho dain.

There are lot of advantages of watching your trade, first you can easily track when trade is turning direction and so you can exit, you can also make more profit if you see prices are moving aggressively near your target, and more than these you get good understanding of levels of pair and range to enter further traders.