In my opinion, micro-management is a huge performance killer for most traders. Here are things traders do when they micro-manage their trades.
If traders concentrate on larger picture and let the market do it's thing, it would be beneficial for them in the long run.
- Watching trades tick for tick
- Moving to lower time frames, once in a trade
- Looking for outside confirmation (social media, forums, news sites that have usually nothing to do with your system)
- Constantly moving around stop loss and take profit target
- Adding to trades and/or partially closing trades (usually without a plan).
If traders concentrate on larger picture and let the market do it's thing, it would be beneficial for them in the long run.