I have created several Expert Avisors using various strategies. However I tend to focus more on the entry point. However I have difficulty setting a perfect exit. What do you guys do.
Do you just set a take profit and stop loss when the trade is opened?
Set various take profit and stop losses where you take some money out of the table at each time?
Use trailling levels?
Ideally I would like to know if anyone has a strategy for modifying the exit levels as the market progresses.
Pivot points, important psychological barriers or simply watch the EA trade for a month or two, write down all the trades and you will see how many pips to go for not the hit the stop loss before.
Exits are definitely more difficult than entries. I stil am trying to refine mine. Fixed SP and TP levels doon’t work. TS is an account killer. Some people like ATR but they tend to lag. Manual exits are a bit easier. Automated exits are tough.
I have noticed that most of the times trailing stop, whipes out your earned pips.
Anyone ever tried a “Reverse” Trailing Stop while being on loss. Ie Reverse Trailing stop 20pips and you are currently loosing 55 pips. Exit the trade when the market moves 20pips in favour of yours and you reduce some of your losses
I was thinking about trailing stops, but these days the market is so volatile, it seems like giving profit away. Setting up a trailing stop of 30 pips will most probably mean to decrease the profit by those 30 pips. I have had more luck with fixed profit target and watching it closely before its close of being hit and increasing it a little manually, if an important pivot is not close.