Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.
My question is do you consider closing your trade if those orders didn't trigger for some time?
We should close our positions after a while. How long should we let our positions open depends on the type of chart we use for entry price. It should not be longer than 28 candles before we should exit and close our positions. Profit, draw or minor loss, it is good enough if we can close our position without big loss.
Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.
But it won't move sideway forever. Price has to go to a break out or break down at the end of a price channel. That is time when it is very risky to let our positions open.
So, do you have a limit for your trades? Like 1 day, week, etc?
If I use 1 hour chart, I will not let my position stays more than 28 hours and usually I would like to close it after about half of day.
If I use 1 day chart, I would like to close it after 2 weeks.
Of course it depends on when I enter. Above duration is if I enter at early of a price channel.