There's many ways to deal with the close of trade.
1- Fire and Forget: Put you Target Profit (TP) and your Stop Loss (SL) and forget the trade until it hits your SL or your TP.
2- Trail Stop (TS): Put your SL but no TP. You put a TS of x pips and the trade will continue until your SL is hit or your TL is hit.
3- Profit or loss stop: You close all your trades whenever a certain profit or loss in percentage or in $ amount is reached, independently of each individual trade status.
4- Moving targets and stops: Not very recommended, at least for beginners. You put, remove or move your SL and TP following price action. Trades should be closely monitored and you should really know what you are doing.
I use all these ways, while always keeping in mind to never (as possible) let a winning trade turn to a losing one.
1- Fire and Forget: Put you Target Profit (TP) and your Stop Loss (SL) and forget the trade until it hits your SL or your TP.
2- Trail Stop (TS): Put your SL but no TP. You put a TS of x pips and the trade will continue until your SL is hit or your TL is hit.
3- Profit or loss stop: You close all your trades whenever a certain profit or loss in percentage or in $ amount is reached, independently of each individual trade status.
4- Moving targets and stops: Not very recommended, at least for beginners. You put, remove or move your SL and TP following price action. Trades should be closely monitored and you should really know what you are doing.
I use all these ways, while always keeping in mind to never (as possible) let a winning trade turn to a losing one.