Exit Strategies for Taking Profits | Forex Factory

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Exit Strategies for Taking Profits

  • #1
  • First Post: Oct 31, 2006 3:39am Oct 31, 2006 3:39am
Hi. I am relatively new to forex trading and am struggling with profit taking strategies. I'd appreciate anyone's thoughts and experiences on this. Thanks.

MDT
  • #2
  • Oct 31, 2006 3:45am Oct 31, 2006 3:45am
There are different ways to go about it. You can scale out every X number of pips. Or you can scale out according to Fib levels... or EMA support lines, etc...

You should backtest your system and see what PT and SL works the best...
Mr. Trend
  • #3
  • Oct 31, 2006 4:10am Oct 31, 2006 4:10am
scaling into a trade aswell as out is a good idea too
Regards, J.
  • #4
  • Last Post: Nov 1, 2006 8:38am Nov 1, 2006 8:38am
Is it important to scale out? I know for example in stock trading there is a concept of pyramiding. If the price is moving in your favor, add to your position. Scaling out is opposed to pyramiding.


Thanks.
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