Hello everyone,
We all know exits are way more important than entries. However, it is my weakest link in the chain and we all know a chain is only as strong as the weakest link. So I ask you to bounce some ideas around on how to exit off the daily. My entry technique is too lagging to get me out soon enough, but it does do a decent job of getting me in. I have yet to brainstorm some ideas on how to exit, so I ask for your help, please!
Hi swordofrue & all at babypips,
I feel discipline is the key, decide how much you
are willing to lose, so set stop losses accordingly.
Also how much you are willing to gain & set take profit accordingly.
That said I must be one of the worst at exiting trades for a loss.
(This may come from seeing so many trades reverse after knocking out my stop loss. :lmao: )
But “Plan your trade & trade your plan”
:wishes:
I am still developing a trading strategy however what i have been doing on my daily charts is modifying my order as soon as i am in profit so a minimum of 10 pips is locked in for profit. Then if the transaction keeps going my way i will lock in another 10 pips. However often my stop will be activated only to reverse and keep going in my direction. I know i am potentially missing out on alot of pips and i need to address that however i refuse to allow a winning trade go into to a negative.
I’m sure many of us have this problem and there are probably dozens of ways to fix it. I like to target a key moving average like 50, 100, 200 or a longer term trendline or Fibonachi level from a previous swing. I actually made a nice 150pip trde on the EUR/USD when it hit the longer term trendline and I bailed out. Of course once it broke through I am now kicking myself so now I am thinking I should have just trailed my stop and rode it down the the 200ma on the daily chart :). On the other hand I hit my target and can close out the week ahead of my small weekly goal of 100. I also find that if you place targets on the daily charts it could take days/weeks to hit them so it is not really a good idea for intraday traders. Happy Trading!
Topgun
To Willsucceed :
Do not be discouraged - that is an excellent tactic you are using. Just hope that if you get stopped out all the time, hence making only 10 pips, the broker does not punish you for scalping.
Kind regards, Tymen Wortel, Perth, Western Australia.
When I first started trading my gut was always wrong. However, recently my gut has been pretty consistent lately, but I am not listening to it. I think following the plan will be best, but the gut feeling will just help you expect things so you can adjust your stops and other things.
I think I will basically trail my stop and aim for a monthly fib ext that overlaps with a weekly MA and Fib level.