The advantage of setting stops using a technical formula, is one way to move your stops away from the clusters where the majority of market participants set their stops at. This way, you can achieve better executions on your exits and lower the probability of a stop run.

The method of taking those profits which are on the table works best when you are trading counter trend since the anticipated amount of profits is relatively limited. However, to take quick profits in a trend is usually frustrating when we see the price continue to move in our trade direction without us. Therefore, I recommend exploring different profit taking strategies to get the most out of each trade's profit potential.
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