Exits

Hi FF :-)

So, I've realized something recently. Entries are great, and of course are necessary, but exits are what makes you profitable. A good entry can still lose you money, but a great exit keeps you from losing your shirt (at least) :-)

So, I guess I'm asking where can I find out more about solid exits. I've read a ton of posts and books about the "perfect strategy", but none of them are really strategies, they're all MM or fundamentals plus an entry Where do I find more about how to tell if your trade is going south?

Thanks in advance!


Seavo

This is a HUGE question. I wish it was simple. Well.....it IS actually, although difficult to explain. (Much like trying to explain the color red to a person who has been blind all their lives.)

There is a thread that is really, really, good on this topic in the private James16 group. I would share it with you ....but that takes some of the value away from the group.

I will leave with this though:

When going with the trend....(i/e/ take a look at the weekly chart if you don't know what I mean.) follow your trade with a trailing stop, not a "50 pip" trailing stop, but behind it....under obvious places of support. (assuming an uptrend.)

If you are going counter-trend.....then aim for a specific target....maybe 20 pips above support. (Again, assuming we are in an uptrend.)

Think about this for a few moments, it will reveal itself.

Good luck, and you are certainly on the right path......entries are easy. Exits are what gets us paid.

Clockwork

Thanks for the words of wisdom and the motivation :-)

This question has been driving me nuts for a couple months now. It seems like sometimes there's etiher too much money left on the table or good trades go bad. I guess it's the perfectionist in me always looking for ways to improve :-)

I've been a big fan of the James16 thread, but never actually subscribed to the group. I've heard nothing but good things, so maybe it's time to bite the bullet.

Anyway, thanks again, and I love the grill on your Avatar btw. Flav rules!


Seavo