Hi Reggie. The entry as well as SL levels are decided entirely by the software. No discretion there which is good as it takes the weakest link (human emotions) out of the equation.
This is a "keep your losses small and let your profits ride" strategy, hence there is no profit target. We will take as much as the stock wants to give us - whether 5% or 50%. In short, profits are determined by when our trailing SL is taken out.
The problem with profit targets is that the target is generally based on what we feel is adequate reward. However, markets being markets, they dont really care what target you have in mind. Setting targets also means you yourself have limited any possibility of windfall gains. These windfall gains might not come very often but when they do, it makes a tremendous difference to your trading profits. Case in point is Ajanta Pharma where gains were more than 50% and now DCM is also closing in on that figure. So imho, have a fixed target for SL and let the market decide your profits. This is another way to keep human emotion (fear) out of the equation by exiting early even though the stock may have steam left.
P.S. Pl note wherever I have said "you" I dont mean you as an individual. I mean each one of us individually as traders