What is your exit strategy?

[finimej]

According to statistic, 80% or entry has been right, but only 10% of people make a live out of trading.

 

Last two times, I have see my 10 pips profits turned back into breakeven and get stoploss out, and asked myself why I did not take hte 10 pips profits when it was there?

 

What is your exit strategy?

[barbara1713006084]

Re: What is your exit strategy?

 

According to statistic, 80% or entry has been right, but only 10% of people make a live out of trading.

 

Last two times, I have see my 10 pips profits turned back into breakeven and get stoploss out, and asked myself why I did not take hte 10 pips profits when it was there?

 

What is your exit strategy?

 

run away as fast as you can =))

 

For me it depends, I always have a feeling what is the best... unfortunately my feeling works very well only on demo :))

 

Barbara

[asmaradana]

Re: What is your exit strategy?

 

Hmmm my exit strategy? :-?

 

feeling! Yes it is! I know it sounds like a fool. But when you really get fammiliar with your system everything feels like ridding a bike.

 

Let say, you open a position and the trend move so fast (just too fast) go in to your favor, and your previous experience says this is already good, i should exit now because too many times before I got this much but closed for much less.... so exit now.

 

or may be maybe like other chase, you enter a position but the price just stand still and going no where, your previous experience says

 

"hey i've been here before, when this condition occured ussually the price will move so fast sooner or later but my system is not designed to capture this moves, if I hold my position I can be so rich or so broke! what should I do... may be I should exit now taking small loss and put twin stradle stop with few pips to stop in chase the price make double move (dive and fly or jump and sink), yeah thats feels better for me"

 

I know it sounds like a nonsense just like telling a fairytale, but that is exactly what I do. Especially for newbie who try to capture all the move, in most chase they'll regret exiting a position with small profits because after he/she close, the price can buy him/her a new car, but I just try to think like this, what if thats a negatif? certainly those small profit look better isn't it? :))

 

Another experience most newcommer affraid is to close in a loss, why? because they think it will be just a temporary, he/ she will search infoation arround the net, asking everyone in traders chat room, asking their mentor again and again, etc :))

 

well here what my mentor ever said when I keep a bad position, more than that I did looks like a fool who fall in love with my ugly position;

 

"just to know it, asking everyone will be useless why? because what ever they all saying as long as you have 1 people saying what you want, you'll do what you want. don't you realize that the market always have 2 sides? and both always think they are smarter? both will deffend their own opinion so it is useless to ask someone wheater to hold or dissmiss."

 

lol, it sounds like he don't care, but then I know he was right.

 

So I've learn that a good exit is not necessarily in profit! Why? well loosing 40 point it still better than loosing 200 point isn't it?

 

This will take us to the system itself, what the system is intended to do, how much this system usually earn profit? how much the standard floating loss occured before it goes into profit? etc, etc, etc

 

most importanly can we have the guts to execute our decission when "something seems too good to be true so we want to be there forever" or "something so bad so it mustn't be real, I believe I'll wake up soon..." ??? well get out and wake up now!

 

Hope can can be useful

[vladv]

Re: What is your exit strategy?

 

One of my favorite exit strategies is exactly to move SL above/below the entry point with only +10 pips!I think it's better to get at least 10 pips per trade every time! :D

[barbara1713006084]

Re: What is your exit strategy?

 

One of my favorite exit strategies is exactly to move SL above/below the entry point with only +10 pips!I think it's better to get at least 10 pips per trade every time! :D

 

I like that :D

 

Barbara

[vinko]

Re: What is your exit strategy?

 

maybe this could help

 

http://[email protected]/file/129828616/b3f1e7d9/scalingoutx.html

[Kaishakunin]

Re: What is your exit strategy?

 

I use NonLag ZigZag indi for my exit.When indicator changes it direction I simply exit my position and wait for another trade opportunity to opposite direction. ;)

[sam_konna]

Re: What is your exit strategy?

 

For 30 Minutes & 60 Minutes :

 

If EUR/USD 1.4285; then i rounded to be 142/2 = 71 pips

 

If GBP/USD 1.6539; them i rounded to be 165/2 = 83 pips

 

What do you thing about this exit strategy ?

[Kaishakunin]

Re: What is your exit strategy?

 

For 30 Minutes & 60 Minutes :

 

If EUR/USD 1.4285; then i rounded to be 142/2 = 71 pips

 

If GBP/USD 1.6539; them i rounded to be 165/2 = 83 pips

 

What do you thing about this exit strategy ?

 

Not bad either but especially at GBP/USD there are a lot more move then this.

[trading]

Re: What is your exit strategy?

 

Find strong S&R as TP, after price goes by my wish, i move my SL into +5 or +10, and just let it go until reach Support or Resistance that i believe it will go there... then close your chart, time to downtown :-bd

[sam_konna]

Re: What is your exit strategy?

 

Find strong S&R as TP, after price goes by my wish, i move my SL into +5 or +10, and just let it go until reach Support or Resistance that i believe it will go there... then close your chart, time to downtown :-bd

 

Tom Stregano in FOREX CONFIDANTE (ebook) told The "Stop Loss Hunter" allways keep an eye at Support & Resistance Level, Agustin Silvani in BEAT THE FOREX DEALER said, The Stop Loss Hunter allways keep an eye at DAILY CHARTS Support & Resistance base MOVING AVARAGE 200, 100, 50; and many2 Traders doesn't want to put Stop Loss at Support & Resistance.

 

Can you explain to us how you describe your Support & Resistance so the Stop Loss Hunter cannot chase your Stop Loss (e.q. what Time Frame, etc).

 

Thank You.

[trading]

Re: What is your exit strategy?

 

Tom Stregano in FOREX CONFIDANTE (ebook) told The "Stop Loss Hunter" allways keep an eye at Support & Resistance Level, Agustin Silvani in BEAT THE FOREX DEALER said, The Stop Loss Hunter allways keep an eye at DAILY CHARTS Support & Resistance base MOVING AVARAGE 200, 100, 50; and many2 Traders doesn't want to put Stop Loss at Support & Resistance.

 

Can you explain to us how you describe your Support & Resistance so the Stop Loss Hunter cannot chase your Stop Loss (e.q. what Time Frame, etc).

 

Thank You.

 

I'm use MTF system based on MA too, feeling and psychology plays here... but first you must know when and where the condition is going wrong according your analysis, most of my trade not use Stop Loss, but when i know something is going wrong, not in second i do cut loss. Just put free S&R indi, like camarilla or Fibo SR and trust it as important level. Put your SL into Breakeven after price go +20 or +30 by your wish, it will give some range for pair movement. And let simply run... theory always sound simple right?...

[jsonc]

Re: What is your exit strategy?

 

my current exit strategy is a decent size profit, $100+. currently in the process of building account size. i have done well so far as i have 4x my account in 1 month, which is the end of this week. started with .5 lots and currently at 2 lots, soon to be 3 lots, on each entry.

[Bredman]

Re: What is your exit strategy?

 

I generally have my exit planned prior to entry so that I can work out an estimate of risk/reward. Recently pivot points(weekly) have been generally solid on any day except monday. If things start going against what I had planned, I exit when I see technicals going against me.

 

My timing has been poor recently, though - working on the discipline in waiting for the trade to come to me.

[rdi_de]

Re: What is your exit strategy?

 

@jsonc:

 

Ok, a pip+profit-goal is a common exit strategy to (partial) close trades, but that is only one half of an exit-strategy.

How do you exit if the goal is not reached ? Indicator ? Only a SL ?

[crashcunk]

Re: What is your exit strategy?

 

on my EA i am using opposite signal to exit and open position again at new signal.

 

but until now still looking best indicator that support this method and give maximum profit.

 

thanks

 

CC

[sergeyt2]

Re: What is your exit strategy?

 

I exit by Fibo lines

[William1713006271]

Re: What is your exit strategy?

 

Interesting topic. :D

 

On EURusd...

I normally start with 50 SL on entry.

Normally I put 150 - 200 pips TP.

I move my SL to BEP if i have seen +30 pips.

Then I Trail Stop using one of these:

- Dow Theory

- -50 from the top/low of profit

- EMA50

I normally spare 50 pips for retracement.

 

I don't always trade each day. Also, it works good on trending days but do very poorly on ranging days such as these current months. Well, what do you think?

 

Regards,

[sustainablegrowth]

Re: What is your exit strategy?

 

bro william

i think your exit system is good, and in my opinion its complicated

 

i think using fibo, trading with chart pattern by ed ponzi and Fishnet dynamic Support and resistant trading system

is good and simple

 

:-bd

[sustainablegrowth]

Re: What is your exit strategy?

 

and i usually five days trending days in determining exit points

exits at the fifth days

 

share your exit strategy ;)) please ^^

[squ1d]

Re: What is your exit strategy?

 

My exit strategy is usually based on the RSI... If I don't like what I see (losing a lot of strength) I exit, no matter if I began to lose money or not.

[smartconsultant]

Re: What is your exit strategy?

 

squ1d: Do you manage to stay as a profitable trader over the long run with the RSI based exit?

[rphister]

Re: What is your exit strategy?

 

Set your exit based on expected next level resistance. If it gets there and your indicators are starting to roll over or narrow get out.

[jstrong]

Re: What is your exit strategy?

 

I use a trailing stop, usually ATR based.

 

Also use divergence.

[mak2009]

Re: What is your exit strategy?

 

Donchian channels are also useful.