This is a topic that will have various answers across traders, as this is certainly up to each individual

trader’s strategy, style, and management approach.

So understand there is no right or wrong, “holy grail” kind of decision.
It's up to you individually as a trader. I will share my management, and why I choose to go with these
types of approaches, and you can certainly use them to your advantage to tweak/modify them to fit
your strategy.

Few things to keep in minds are:

1. Moving the SL to BE or/and in profit is a way to protect your entry, as well as secure profit.

2. Sometimes moving the SL too early may “choke” the price, and you can get stopped out for BE or
small profit. Then watch the price take off in your desired direction, which can create negative
emotion.

3. Whereas sometimes if you don't move SL to BE or in profit, you can watch a trade that hits 3:1 RR
or more, end up reversing down, passing your entry point and to your actual SL of -1%, which can
also create negative emotion.

4. No perfect scenario or management when it comes to the aspect of trading, as every trade is
unique, and different outcomes may happen, since the market itself is not perfect, and can do
whatever it wants to do.

Now, I will explain my own management when it comes to moving SL to BE or/and in profit.
Certainly, this is NOT the only way, nor it will be the best way, but over the years of back testing &
chartwork have given me reassurance on these types of management ways. Example of it is in a
forex which is CPDJPY

GBPJPY
CHFJPY
First, a general rule of thumb for me. IF the price has hit about 1:1 RR or so, and has broken past the
previous recent lows,
I will move my SL to BE. There is no exception in this rule.
Again, I explained earlier that sometimes this will help you to protect your entry when price
reverses, and sometimes it will choke the price.
In this case, I would rather take a BE first, and re-look for entry again in the same position, as long as
the bias and the price action is still valid on both the higher time frame and lower time frame.

Second, once the entry is in some profit, say 2:1 or higher, I generally will move the SL up to about
+0.5% profit or so.
Just want to secure a little profit while not choking the price entirely.

Third, once the entry is in 3:1 profit, then I will move my SL to +1% profit.
This is where I generally will decide whether I should take full profit here or hold the trade for a mid-
long term if the higher time frame has given me the bias.

Fourth, since the trade has already been in 3:1 profit or higher, generally we can expect a
continuation correction to form now after the impulse phase.
If it's a smaller correction and price isn't reversing up sharply right away, I will move my SL to about
+1.5% profit, set my alert above the continuation correction and observe the development of the
correction.
This is generally a point where I can decide to hold the trade longer, or if it reverses up from the
continuation correction, then exit the trade for profit.

Fifth, if we start to see a possible reversal development, then I will move down my SL to the recent
swing highs/lows,
or just above the reversal correctional structure, and will let the trade tag me out for profit if it
reverses.