Is there anyone would like to share how you exit?
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DislikedThere are 4 reasons why I will exit a trade:
1. The stop gets hit.
2. My system generates a signal in the opposite direction. Doesn't make much sense to stay in the trade when that happens.
3. Trend line break. Doesn't always result in capturing the most pips but in all reality do you need to get them all? No. You will see fantastic gains if you catch just 50% of most trends.
4. Hesitation or a pause at or near key support or resistance levels. This one is more of a judgement call that gets better with experience. Now the support and resistance...Ignored
Dislikedy catch 50% of the pips when u are confident u can get 80-90%? its all about calculated risk. if u have the ability to catch 80-90 den go for it! never limit yourself to gains.
personally i exit on 2 conditions 1) if im wrong i will exit due to stop loss being hit. 2) if im right, i will ride the wave until bill william's alligator setup where the mouth starts to close (signals the dropping of momentum n number of traders). thats y i said no point in running off at 50% when it clearly shows u that theres stil alot of people in the market pushing...Ignored
DislikedI am not saying you shouldn't catch 80+% I am saying it isn't required for success in trading. Too many people beat themselves up over exiting a trade too soon instead of celebrating the success of the trade.Ignored
Dislikedof cos any form of profit be it small or large is a good thing. but what if you have hit your take profit and yet u see that momentum in that direction is still high? will exiting be a good idea? personally i would move my stop loss to my take profit point. so even if anything happens bad happens i still can end up with my original take profit target. if anything good happens then i would have captured more pips! its like walking along a sidewalk with 1dollar notes stretched out in front of u. u pick them up as u walk. u decide it to call it a day...Ignored
Dislikedmaybe you should go back and read my post again. I never said anything about a rigid TP. I look for trendline breaks and/or price movement around support and resistance to determine my exits. I certainly do not rely on any lame lagging moving average (aka alligator)to determine when and where I exit.
and as far as your dollar bill analogy in Forex as in any trading you are blindfolded picking up those dollar bills you have no guarantee there are any more dollar bills to pick up.Ignored
Dislikedwell if u do finish reading 3 of his books by bill u will understand it is not lagging. the alligators with AO n AC are bar for bar information. n its always compared to the previous bar only. thus painting a clear information as compared to the previous bar. blindfolded or not is dependent on how u see the market. some people can see it some people dont. if you're blindfolded its not a good idea to say others are the same as u.Ignored
DislikedClosing a long is a sell. Closing a short is a buy. Get used to that concept. It's how the market works.
The only exception should be that we may wish to exit because we are over leveraged and see a better opportunity.Ignored
DislikedExcuse my rant. Every time this discussion starts, somebody comes up with this pearl of wisdom....Ignored