best Way to Entering & Exiting A Trade | Forex Factory

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best Way to Entering & Exiting A Trade

  • #1
  • First Post: Feb 22, 2007 1:02am Feb 22, 2007 1:02am
hi,

i would like to know how you guys enter & exit a trade,

for instance i exit a trade by using fibo xtension,entering well...too bad usually wait for retracement (order limit) but most of the time it didn't happen.

i trade mostly on 15m chart

thanks for sharing

p.s: sharing is caring...
  • #2
  • Feb 22, 2007 1:15am Feb 22, 2007 1:15am
I trade using daily charts, and I never place a trade using market order. It's always limit order.

Limit order at yesterday's highest price. (for buy)
Limit order at yesterday's lowest price. (for sell)

The logic is simple, if the price fail to break (or at least move towards) daily support/resistance that means it's not ripe for entry.

Exit is always the closest support/resistance.
  • #3
  • Feb 22, 2007 1:25am Feb 22, 2007 1:25am
Quoting luqmanz
I trade using daily charts, and I never place a trade using market order. It's always limit order.

Limit order at yesterday's highest price. (for buy)
Limit order at yesterday's lowest price. (for sell)

The logic is simple, if the price fail to break (or at least move towards) daily support/resistance that means it's not ripe for entry.

Exit is always the closest support/resistance.

sounds like srdc to me
  • #4
  • Feb 24, 2007 5:44am Feb 24, 2007 5:44am
Quoting hanz
sounds like srdc to me
SRDC has a strong foundation.
  • #5
  • Feb 24, 2007 6:06am Feb 24, 2007 6:06am
Hi. Thanks for sharing. But I got abit lost here on "SRDC". Can tell what does it refer to?

Thanks again.
  • #6
  • Feb 24, 2007 2:14pm Feb 24, 2007 2:14pm
SRDC, a very effective and known system here on FF. Try searching .
As for my exit, its money management based. After a 50 pip gain, close half your positions, move stop loss to breakeven. Then let the rest ride, moving stop loss up every now and then based on momentum of the run or a common indicator.
  • #7
  • Mar 6, 2007 1:30am Mar 6, 2007 1:30am
Thanks. I found it.
  • #8
  • Mar 7, 2007 4:36am Mar 7, 2007 4:36am
Hi Hanz

Do you always use this method? Do you never look at 15,30 or longer durations for trends? How has you success been using only daily charts?

I have tried this on a few positions but have had to used more than a day to get good indications for position entries?

Btw, I am newer to this so am just looking for insights in formultating a method that works best for me

Thanks for you tips

Kevlot
  • #9
  • May 26, 2008 10:53am May 26, 2008 10:53am
Hi, I'm in forex just about 4 years. I always use the 15 minutes timeframe to trade. It is profitable but only if we place a trade that didnt against trend on hourly or daily chart. enter the position when the signal begin (any signal you use) and set the exit target about 20 - 25 pips if you trade either G/U or E/U and 30 - 40 pips for G/J. Dont be greedy. If you get 25 pips perday it will be 500 pips permonth. If you use 10% of your margin, then the profit is about 50% permonth. The more trades you are doing then the more risk youre getting. The main target is getting profit. It is hard to earn big pips in every trades but it is easy to target small pips. It is better if we earn only 20 pips perday but we win than we earn 100 pips but later we lose 150 pips. Sorry for my bad english. I just intend to give a little of my experience.
  • #10
  • May 26, 2008 10:58am May 26, 2008 10:58am
Quoting pro73
Hi, I'm in forex just about 4 years. I always use the 15 minutes timeframe to trade. It is profitable but only if we place a trade that didnt against trend on hourly or daily chart. enter the position when the signal begin (any signal you use) and set the exit target about 20 - 25 pips if you trade either G/U or E/U and 30 - 40 pips for G/J. Dont be greedy. If you get 25 pips perday it will be 500 pips permonth. If you use 10% of your margin, then the profit is about 50% permonth. The more trades you are doing then the more risk youre getting. The main target is getting profit. It is hard to earn big pips in every trades but it is easy to target small pips. It is better if we earn only 20 pips perday but we win than we earn 100 pips but later we lose 150 pips. Sorry for my bad english. I just intend to give a little of my experience.

yes pro73..
i totally agree with u...
  • #11
  • May 26, 2008 11:05am May 26, 2008 11:05am
You enter when you system tells you to get in. You exit automatically when your stop or limit gets hit. Seems to work for most around here.
  • #12
  • May 26, 2008 11:23am May 26, 2008 11:23am
I totally disagree. When I enter a trade i am targeting 100 pips or more. Scalping, and looking for 10-20 pips is ludicrous. Trading on a five minute chart or 15 minute chart is also ludicrous. I start with daily work my way down to one hour. Sometimes and only sometimes I will use smaller time frame to get a better entry, but never use it to enter a trade.

I love this if you get 20 pips a day you are doing great. Why not take three trades a week and get 300 to 400 pips a week. then you can average that out to what is it per day.


Pipmachine
  • #13
  • May 26, 2008 1:20pm May 26, 2008 1:20pm
my way work reaaly well out,,trade now almost 8 years, and the first 4 years ,i was a scalper and after that start to be a position trader,where i trade about 5 trades a month with min 150 pips per trade ,with 5 lots on standard acc. .. im getting there,by the way,my next entry is short on eur/gbp for 300 pips
  • #14
  • May 26, 2008 1:42pm May 26, 2008 1:42pm
Quoting pipmachine2
I totally disagree. When I enter a trade i am targeting 100 pips or more. Scalping, and looking for 10-20 pips is ludicrous. Trading on a five minute chart or 15 minute chart is also ludicrous. I start with daily work my way down to one hour. Sometimes and only sometimes I will use smaller time frame to get a better entry, but never use it to enter a trade.

I love this if you get 20 pips a day you are doing great. Why not take three trades a week and get 300 to 400 pips a week. then you can average that out to what is it per day.
Pipmachine
I am sure everybody would like to learn more details about your trading philosophy. Please do share it and help us all make more pips. But please realize that other styles also work for other people, so don't assume yours is the only valid way to trade.
If you want to point out the disadvantages or dangers of scalping, you are most welcome. Personally, I think it would be better to explain the advantages of the way you trade, than to ridicule something else.

In general, I think what you need is a system that you believes works, and fits your trading style/philosophy. That system should give you the specific answers regarding when to enter and when to exit. Otherwise it is not a system. Of course, it might also tell you which pairs, timeframes, time-of-day, etc. to look at.
Good luck!
6p
  • #15
  • Edited 2:13pm May 26, 2008 2:00pm | Edited 2:13pm
scalp trading just dont fit my trading style. i just cant trust indicators for my entry strategy. some work out,and some dont work out. i wish i can explain more in detail in english,but to difficult. long story short, ive been to thailand to sit with joe dinappoli for a week and discuss all his methods of trading and his strategy,where all my entries is actually based on his style of trading. trnd reversals,crowns,double repos etc..on the eur/gbp im waiting for the short position , is busy with a double repo on weekly chart,if you not know it,try to google it ,and its also busy with the right tip of a daily bearish crown. it can go all the way to the 161.8 extension. double repo's dont happen very often,but when it happen ,its huge ..so look out for it ..good luck
  • #16
  • May 26, 2008 3:08pm May 26, 2008 3:08pm
pls can anyone tell me how to start a new thread on this forum? i have some strategies i will like to post here for everyone to benefit. thank you.
  • #17
  • May 26, 2008 3:12pm May 26, 2008 3:12pm
click on forum.click on forex discussion,then click on open new threat..like hear youre stratgy.
  • #18
  • May 27, 2008 8:27am May 27, 2008 8:27am
in fact, any trading system will work out and profitable but only if it match with these thing. 1. margin amount and margin management, 2. full time or part time traders, 3. knowledges on fundamental factors, 4. currency pairs 'behaviour'. currencies value are super unpredictable. Sometimes I used scalping methods to trade but in the other times I prefer the intraday. Yesterdays movement and range will not be the same as today and so the way to trade. To be a scalper or a swinger is good only for those who want to consume all of his time in a day. high profit high risk and low health. But I like to be a day trader. trade long term if you have USD500k and above. but if we dont have that amount of capital it will be hard to wait for the USD1k turn to USD100k. Our emotions in trading will be interrupted and the result, we lose.
  • #19
  • May 27, 2008 9:42am May 27, 2008 9:42am
Quoting fourkinghell
click on forum.click on forex discussion,then click on open new threat..like hear youre stratgy.
thank you very much. i will begin the posting asap under the name hefhem911. lol
  • #20
  • Last Post: Dec 21, 2010 6:52am Dec 21, 2010 6:52am
Quoting pro73
Hi, I'm in forex just about 4 years. I always use the 15 minutes timeframe to trade. It is profitable but only if we place a trade that didnt against trend on hourly or daily chart. enter the position when the signal begin (any signal you use) and set the exit target about 20 - 25 pips if you trade either G/U or E/U and 30 - 40 pips for G/J. Dont be greedy. If you get 25 pips perday it will be 500 pips permonth. If you use 10% of your margin, then the profit is about 50% permonth. The more trades you are doing then the more risk youre getting. The...
hi , yes u are absolutely right pro 73. i am in new in forex trading. now i m demo trading. can u teach me how to make 20-25 pips daily,
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