This thread is getting interesting, I am also looking for the perfect exit strategy...but havent found one yet...the oppinions of pros here are sure to come in handy
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DislikedDear All,
I am using a simple Trend Following System (trendlines mostly) which is giving me good entry points, but on pairs like EURUSD I gets a few hundreds in green, and then the trade reverses and most time leaves me with little or no profit . The exit strategy I am using (which evidently is not working) is to exit on closing above/below 75 EMA. I would like to hear from all of you, what’s your exit strategy?
Thanks for your time!Ignored
DislikedCurious, are you nervous if you get out with 300 pips the market will continue to go up without you?Ignored
DislikedCurious, once you were up 300 pips are the 230 left after a retrace not satisfactory for you now?Ignored
DislikedBirdt was barking up the same tree with a couple of the things he asked, about milking the market and such.
Depending on how you feel about these scenarios, have you considered not "exiting"? Take 1/2 - 2/3s off of the table and set the rest with a SL to BE. Exit the rest when you don't want to be in the trade any longer. Usually this will be established by wanting to go the other way, right?Ignored
DislikedUntil you get your signal to short (the same type you got for going long), there isn't a whole lot you can look forward to. You are essentially giving the most important part of trading, exiting, a second class status by focusing on the "entry signal" first, using an "exit signal" strategy not worthy of being your entry. Think of it this way, why is the exit strategy good enough to take you completely out of a market, yet not good enough to get you in the other way? :nerd:Ignored
DislikedHere's an EA that Caveman wrote for me after this request.
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[i]Hi folks,
As some of you know I have, only recently, moved to a MetaTrader Platform.
Therefore, I am now without a few of the Tools I used to carry in my toolbox. {funny how learning a different language can, sometimes, make you feel lost.}
This is not something that you would be likely to use on a Scalping Method but moreso on one of those Trades that take off & you are up 50P before you know it.
Here's how it works. Let's use a Long Trade as an example.
I Buy EUR/USD...Ignored
DislikedSimplicity works for me. First move is to b/e and take partial profit from positions. I proceed by closing 75% of my profit at target level and let the other 25% ride till end of day or week. It all depends on how you trade.Ignored
DislikedCurious, are you nervous if you get out with 300 pips the market will continue to go up without you?
Curious, once you were up 300 pips are the 230 left after a retrace not satisfactory for you now?...Ignored