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Exit is more important than the entry

  • #41
  • Jun 3, 2012 9:57am Jun 3, 2012 9:57am
Quoting Custos
coin toss entries and simply managing the trades won't lead to long-term profits.
Long-term profits is NOT the topic of the thread &
NO-where i suggested buying a coin flipping machine and making millions!
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #42
  • Edited 10:17am Jun 3, 2012 10:07am | Edited 10:17am
Quoting forexsaint
Long-term profits is NOT the topic of the thread &
NO-where i suggested buying a coin flipping machine and making millions!
edit: nvm
  • #43
  • Jun 3, 2012 10:10am Jun 3, 2012 10:10am
we you enter a trade, no matter what your strategy, the only part we can control is the risk at entry....

the exit is much harder to perfect...
tradewith60
  • #44
  • Edited 10:30am Jun 3, 2012 10:19am | Edited 10:30am
Quoting burt
lol I don't get it whats the point of this dicussion if we aren't implying long term success
edit: nvm
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #45
  • Jun 3, 2012 10:28am Jun 3, 2012 10:28am
so you're going to have an argument that taking off a trade can be hard at times?
  • #46
  • Jun 3, 2012 5:48pm Jun 3, 2012 5:48pm
The entry is more important for me. If I can't get in with a 10 pip S/L I won't get in.

This is more a personality thing, as my psychology can only seem to handle large risk/reward trade-offs (1:10 or greater).
"Don't Panic..."
  • #47
  • Jun 3, 2012 10:36pm Jun 3, 2012 10:36pm
I don't think either one is more important than the other.

They are both important.
  • #48
  • Jun 4, 2012 1:33am Jun 4, 2012 1:33am
Hi, I am brand new to forex trading and have just opened a demo
account with oanda. My question is this: say I have $15,000 in my real account
and I used $10,000 of it to place a long trade, if I end up closing it a minute or two later with a nominal profit of say $15 , will I now have $15015 available IMMEDIATELY for my next trade or will I have to wait 2 or 3 days for the trade to settle before the $10015 is returned to my account to join the $5000 not used for trades , I guess my question is how quickly are my funds available to place another trade after I close a position? Is it immediate or does it take days, thereby limiting the amount of times I can jump in and out of the market ?
  • #49
  • Jun 4, 2012 7:57am Jun 4, 2012 7:57am
Quoting HiddenGap
The largest part of capital preservation is knowing when not to be in the market.
Yeah like today! Holiday markets suck anyway, but while my pair's consolidating I keep out. On the entry/exit thing after 7 years of trading live almost all my trades go well into profit, but exits are STILL my weakest skill. A couple of weeks ago I gave back over half of what could have been a great trade just because of an impatient exit and I should know better by now, but I'm workin' on it!
  • #50
  • Jun 4, 2012 8:05am Jun 4, 2012 8:05am
Quoting pipprincess
Yeah like today! Holiday markets suck anyway, but while my pair's consolidating I keep out. On the entry/exit thing after 7 years of trading live almost all my trades go well into profit, but exits are STILL my weakest skill. A couple of weeks ago I gave back over half of what could have been a great trade just because of an impatient exit and I should know better by now, but I'm workin' on it!
yeah my point exactly, entries are far easier to perfect then exits
tradewith60
  • #51
  • Jun 4, 2012 8:15am Jun 4, 2012 8:15am
Quoting lxmcpeters
Hi, I am brand new to forex trading and have just opened a demo
account with oanda. My question is this: say I have $15,000 in my real account
and I used $10,000 of it to place a long trade, if I end up closing it a minute or two later with a nominal profit of say $15 , will I now have $15015 available IMMEDIATELY for my next trade or will I have to wait 2 or 3 days for the trade to settle before the $10015 is returned to my account to join the $5000 not used for trades , I guess my question is how quickly are my funds available to place another...
immediately
  • #52
  • Jun 4, 2012 8:16am Jun 4, 2012 8:16am
Quoting 60minuteman
yeah my point exactly, entries are far easier to perfect then exits
Couldn't you make the claim that an exit is basically an entry reversed?

I don't think either one is harder or more important than the other.
  • #53
  • Jun 4, 2012 9:01am Jun 4, 2012 9:01am
Quoting Trade2Day
Couldn't you make the claim that an exit is basically an entry reversed?

I don't think either one is harder or more important than the other.
In my experience its far easier to teach someone to take good entries...
tradewith60
  • #54
  • Jun 4, 2012 10:47am Jun 4, 2012 10:47am
Quoting 60minuteman
yeah my point exactly, entries are far easier to perfect then exits
I just took a look at a journal I started some years ago on this forum when I'd just developed the method I still use now, and I was having the same problem back then even though most of my entries were ok.

pipprincess' fx journal


After reading this thread, I'm thinking I might start that journal back up again and experiment with Trade2Day's suggestion of using short signals to exit longs and vice versa.
  • #55
  • Jun 4, 2012 10:54am Jun 4, 2012 10:54am
Quoting pipprincess
I just took a look at a journal I started some years ago on this forum when I'd just developed the method I still use now, and I was having the same problem back then even though most of my entries were ok.

pipprincess' fx journal


After reading this thread, I'm thinking I might start that journal back up again and experiment with Trade2Day's suggestion of using short signals to exit longs and vice versa.
i'm a trend trader and in general if i held my trades longer i would have fewer wins and bigger profit... very hard to train the brain to accept that... I tend to use the walk away from the charts scenario, but that's not ideal
tradewith60
  • #56
  • Jun 4, 2012 1:30pm Jun 4, 2012 1:30pm
Funny how a thread develops. Reading between the lines of the OP's initial post, he was asking for some ideas regarding profitable exit strategies (although his question was perhaps too open-ended, to be answered absolutely).

But he made the fatal mistake of titling the thread "Exit is more important than the entry", and as a result, the thread has merely re-opened that tired old debate as to which is the more important; and inevitably with all of the same responses that have been posted in the many other previous threads on this topic.
  • #57
  • Jun 4, 2012 2:22pm Jun 4, 2012 2:22pm
Quoting hanover
Funny how a thread develops. Reading between the lines of the OP's initial post, he was asking for some ideas regarding profitable exit strategies (although his question was perhaps too open-ended, to be answered absolutely).

But he made the fatal mistake of titling the thread "Exit is more important than the entry", and as a result, the thread has merely re-opened that tired old debate as to which is the more important; and inevitably with all of the same responses that have been posted in the many other previous threads on this topic.
yes, because really, the only way to answer those questions is through your own trial and error i guess...
tradewith60
  • #58
  • Jun 4, 2012 2:43pm Jun 4, 2012 2:43pm
Quoting lxmcpeters

Is it immediate
Yes
  • #59
  • Jun 4, 2012 2:46pm Jun 4, 2012 2:46pm
Quoting wallstreet03

Exit is more important than the entry...

How manage your trades ?

have you an good method ?

when exit ?

thank you
Exit when there's no longer a valid or viable reason to be in the trade, that applies equally to profitable as well as unprofitable trades.

If you're looking for more specific advice then you probably need to be more specific about the strategy you use, with (chart) examples if possible.
  • #60
  • Last Post: Jun 4, 2012 2:56pm Jun 4, 2012 2:56pm
Quoting Trade2Day

Couldn't you make the claim that an exit is basically an entry reversed?

I don't think either one is harder or more important than the other.
Good point, but unfortunately retail trading platforms in the majority are designed for (novice) traders who need TP and SL in a little box on their trade ticket.

There's a lot to be said for going back to more professional platforms, it would cut out all the n/hedging nonsense and encourage traders to think about buying and selling in the market rather than cashing in a trade for a few bucks. Entry and exit then become clearer as just buying and selling....with all the consideration and analysis which that entails.
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