I seem to be doing good at choosing right trades but I find it hard to know when exactly to exit a trade. ie: I exit positions when the profit doesn’t realize its full potential. Or I quit when the trade goes the opposite way from my prediction, but turns out, it’s just testing. What are some tips and strategies I can use to be able to find the right time to close a position?
For example right now I have a short position on NZD/USD at 0.5603. It’s keeping its downtrend as I predicted. Right now the profit is around 40 pips and I am thinking of closing it but I am afraid that I might lose the extra possible profit. I tend to close trades the minute that the 15 min graph shows even a little signal of possible reversal, but from the last couple of trades I learned that price will never keep going one way non-stop. It will always do little turn-arounds of a few dozen pips, just to “test” a pivot point, and then turn around again and keep following the trend.
Anyway, any good tips on determining exit points would be appreciated.
For a start, we are not clairvoyant.
So tell us what strategy you use to trade.
Tell us everything - lots entered, what trade you are doing, what timeframe, any indicators you use etc.
If you can post charts of your trade, that is even better.
The more information you give us, the better we can help answer your question.
or shift your SL as a no brainer way?
Sometimes, if you are confident with your trade, and you use a longer time frame, it is good just to turn your computer off, and walk away…it’s nice to come back to bigger profits, and if a stop loss is set, then you have already decided to risk that amount…
true true… but MM is impt ok… i just took some loses… as i was over confident lol
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He is asking about how to set exits, not stop losses. 
Exiting a position is extremely important in retaining a profitable edge in Forex. However, it can be a difficult decision to make at times. Two days ago, I closed out 50 pips profit and then next day it continued to sink down another 100 pips. Yesterday, I closed out 20 pips and price continued down another 40 pips. So while I captured 70 pips, I missed out on twice the amount.
Support and resistance is the key. Price will let you know when enough is enough. And price will always retrace in a trend before continuing onward. Learning to identify when this is occurring is essential to determining a profitable exit.