Holding trades over long durations of time is a very strategy based question. As you’re looking into whether or not to hold your trades over time, looking into what your strategy has to offer is a big part of that. Apiary Fund does offer strategies that allow for those longer term trades, but it is a matter of finding if those types of strategies are for you. If you scalp or do shorter term trading and it works well for you, then don’t feel the need to hold your trades longer, because you may turn out less profitable. Looking into a longer term strategy may be what you need to take your profits to the next level.
An important first step in using a longer term setup is “How does it work with your schedule?” If you’re online most of the day trading, a longer term strategy most likely won’t be beneficial. The most profitable strategy for someone on the platform most of the day is a day trading or scalping setup. In a longer term strategy, you won’t have the movements you’re setting up for in one day; your trades will last 24 hours plus. Knowing how long you’ll be trading will be a foremost indication in gauging the duration the trade. From there, using something such as the Apiary Fund Price and Time cycles can key you into whether you will hold the trade longer than you think or not.
If you are more concerned with holding your trades you currently have open for longer, there are other things to look at. One of these things is if there is news coming up. News events can put a substantial damper on certain trades. Knowing when news is coming up should be one of the top priorities for traders looking to hold trades while they are away from their computers. News and market opens/closes are times when the markets move the most, so knowing how much on average things shift due to events and times is a key component to the question, “Should I hold my trades longer?”
With any change to the way in which you trade, risk management comes into play. If you’re funded, switching to a simulated account while seeing how holding your trades longer is a great place to start. While in a simulated account and not having to worry about losing your profits, tightening stop losses can be a beneficial plan. While more may be lost up front in the beginning, an overall ideal stop loss and take profit range can be determined before going into a funded account. This way, you aren’t losing too much or too frequently when real money comes into play.
Knowing what is happening in the markets and knowing why you are looking into longer period trades is important. Apiary Fund offers strategies, implementation, and adaptation for going into longer term trading. Which of these you need comes from why are you going longer term. Regardless of which reason, a risk management evaluation will need to be done accordingly as well. Long-term may look great, more pips per trade, but if you are able to keep up with a shorter term setup then you will see three times the trades with half the profit each making it more profitable overall. Don’t fix what isn’t broken. If you are looking to expand, long-term trades can work alongside shorter term to increase general profits.