Exits - How to do it? | Forex Factory

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Exits - How to do it?

  • #1
  • First Post: May 3, 2009 8:43pm May 3, 2009 8:43pm
I already got several reasons to exit.
But I am still hesitate to exit.

How do you exit your position?
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  • #2
  • May 4, 2009 8:30pm May 4, 2009 8:30pm
Screen-shot was taken 9:05 GMT.

I moved the S/L well above previous peak (not taken into account the 'stop-hunt' ), which is above round number as well ...
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  • #3
  • May 4, 2009 8:36pm May 4, 2009 8:36pm
Quoting www
...

How do you exit your position?
Occasionally @ 80% of the Maximum Profit of the Current Trade.
  • #4
  • May 4, 2009 8:48pm May 4, 2009 8:48pm
Quoting Bemac
Occasionally @ 80% of the Maximum Profit of the Current Trade.
Thanks Bemac.

Do you do it for the whole or partial position?
Do you do position sizing?
And how do you determine your max profit or only do it when you already bag more than 100 pips for instance?

I, myself, exited partial position and let the rest ride, the position in the screen shot was the rest position.
  • #5
  • May 4, 2009 10:41pm May 4, 2009 10:41pm
Screen shot at 15:36 GMT.

The S/L was tested right to the pip, but luckily it was not caught by the (again) stop-hunt?
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  • #6
  • May 4, 2009 10:53pm May 4, 2009 10:53pm
My next S/L candidate as shown which I choose thinking that the last trough might act a resistance in the future.

But I think I'll give a bit more pips-room to breathe ...
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  • #7
  • May 5, 2009 3:11am May 5, 2009 3:11am
Remember, you do not have to exit by closing-out the entire position. You could "scale-out" of the position if your broker/platform allows it.
  • #8
  • May 5, 2009 4:51am May 5, 2009 4:51am
Quoting Jhig
Remember, you do not have to exit by closing-out the entire position. You could "scale-out" of the position if your broker/platform allows it.
Thanks Jhig. I do.

Unfortunately I do not have the luxury of exiting partial position. The way I did it was what in the text of my 1st post: '1st pos out, 2nd pos in'.
My 1st take-profit was only 78 pips and at the same price I opened another position which is currently still open.
  • #9
  • May 5, 2009 5:11am May 5, 2009 5:11am
Quoting www
My next S/L candidate as shown which I choose thinking that the last trough might act a resistance in the future.

But I think I'll give a bit more pips-room to breathe ...
As planned, I moved the S/L.

Were I flat I would look for short opportunity on the challenge of the trend line from below on Daily.
Or should I add another position?
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  • #10
  • May 5, 2009 8:14am May 5, 2009 8:14am
when price hit a S/R i trail my trade by 2x ATR. But i have hard exits at 2xR(1/2 off) and 3xR.
  • #11
  • May 5, 2009 9:36am May 5, 2009 9:36am
When you're long, you get out when the market stops buying and when you're short, ... well vice versa.

regards
daytrading
Enter Signature
  • #12
  • May 5, 2009 9:50am May 5, 2009 9:50am
Quoting daytrading
When you're long, you get out when the market stops buying and when you're short, ... well vice versa.

regards
daytrading
Now that's what's known as K.I.S.S.

I think it takes the noobs two years and two blown accounts before this sinks in.





PS. www. Keep a close watch now. When it turns it's going back to where you got in!

Roy
Polishing my crystal ball
  • #13
  • May 5, 2009 10:07am May 5, 2009 10:07am
haha, yes - it took me a while too.

regards
daytrading
Enter Signature
  • #14
  • May 5, 2009 10:49pm May 5, 2009 10:49pm
Quoting hilmy83
when price hit a S/R i trail my trade by 2x ATR. But i have hard exits at 2xR(1/2 off) and 3xR.
Thanks hilmy83. I'm pretty sure it needs much more detail explanation to apply this method ...
  • #15
  • May 5, 2009 10:57pm May 5, 2009 10:57pm
Quoting daytrading
When you're long, you get out when the market stops buying and when you're short, ... well vice versa.

regards
daytrading
Thanks daytrading. But how do I do that?
  • #16
  • May 5, 2009 11:03pm May 5, 2009 11:03pm
Quoting 30XTCi
...
PS. www. Keep a close watch now. When it turns it's going back to where you got in!

Roy
Thanks Roy. No worries. I already had my hard-stop set, even when I don't have it on the exit side.
  • #17
  • May 5, 2009 11:06pm May 5, 2009 11:06pm
It finally caught me ... right to the pip.
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  • #18
  • May 6, 2009 1:49am May 6, 2009 1:49am
It gets me somehow ...
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  • #19
  • May 6, 2009 3:00am May 6, 2009 3:00am
Exotic pair - considering that the price (a.k.a. RRR) is right, I took this position ...
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  • #20
  • May 6, 2009 3:20am May 6, 2009 3:20am
Quoting www
Thanks daytrading. But how do I do that?

WWW,

Although the proof is in the pudding, it depends largely on whether you make use of a possible trend.

Running the risk that I am stating the obvious here (or that it sounds like a cliche), you buy after pull-backs in an uptrend and once the price has cleared that area (i.e. making a new high), the pull-back low will be your trailing stop position. You can repeat that procedure until after a pull-back, no new high occurs. Usually your position will get taken out at the level of your last trailing stop and you are faced with the decision to put on the opposite trade (and repeat the procedure in the opposite fashion: rallies in down trend etc.).

regards
daytrading
Enter Signature
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