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 Exiting Strategy
 
 2/8/2007 5:51:32 AM
User is offlineBennett
4 posts


Exiting Strategy
What should be the exiting strategy in the forex trade. I would like to be in a simple reflexive manner. Give your ideas please!
 2/8/2007 6:47:53 AM
User is offlineBrianTran
155 posts
5th




Re: Exiting Strategy
For every 1 entry, there should be 2 exits: one stop loss and one profitable exit. The stop loss should normally fit in with your requirements on the maximum percentage allowed to lose on any one trade. Most give only 1-2% max and no more.

As for exits, there are a few alternatives. Some traders set targets and exit it does get there. Others depend on indicators to tell them when to get out. Another one is using trailing stops, either pip amount or percentage amount. This is extremely useful when the market is moving rapidly in one direction (don't be confused with data release times). This happens often in forex. So trailing stops are more useful than other stops. These trailing stops settings depend on each pair.

Personally I use a target exit and in fast markets, a trailing stop.

Post if you have more questions.
The sum is greater than its parts.
 2/8/2007 6:59:55 AM
User is offlineJaylon
4 posts


Re: Exiting Strategy
Set a fixed exiting time everyday say at 7:00 PM Pacific Time. You can combine your exit times in the same way you combine your entry time having a look over your profits for the day. This will give you a simple, unambiguous Yes/No as to when to exit a trade. Or, the most important is always set the same fixed limit order to take profit at the same level, and remain steadfast.
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