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What is the best way to exit a trade?

  • #21
  • Oct 20, 2012 5:02pm Oct 20, 2012 5:02pm
my idea is that we shold thak in cosidiraision pull bake and acording thise to set the trailng stop


lets asume we acspect 61.8 retracment so we will need to consider it when we seting are trailing?

what do you say?
Iam just A pips on the rode :nerd:
  • #22
  • Oct 20, 2012 8:53pm Oct 20, 2012 8:53pm
Quoting -er-
my idea is that we shold thak in cosidiraision pull bake and acording thise to set the trailng stop


lets asume we acspect 61.8 retracment so we will need to consider it when we seting are trailing?

what do you say?
61.8% is a lot of retracement and a lot of profit you're assuming to get back.
  • #23
  • Oct 21, 2012 1:03am Oct 21, 2012 1:03am
Best wayto exit a trade is "plan your trade and trade your plan". You should decide TP zone before enter any order.
Keep Simple...!
  • #24
  • Oct 21, 2012 3:19am Oct 21, 2012 3:19am
I trade on the Daily TF. I concider closeing positions only when the price approaches to a Fibo or other significant level. I review the simple and logical candel pattern or the series of close price trends, i.e RSI.
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  • #25
  • Oct 21, 2012 9:03am Oct 21, 2012 9:03am
Quoting -er-
alot been writen about the exit while the most difficult think is to exit a trade...

thise thread will be dedicated to exit method from all kind of sys and generaly

you all wellcom to comment from your expirience or an idea you have been think about..


so what are the best ways to exit a trade white out to left much on the table and having a good r/r?



What is the best way to exit a trade?
the best way is ;If you are in a losing position ,try to achieve the BEP or a little less or reducing defeat

and If you are in winning position , whatever you want to take just take it
I think in the winning position is easy for every one when out of the arena all the time

salaam
  • #26
  • Oct 21, 2012 10:08am Oct 21, 2012 10:08am
I'm a swing trader. I trade swings on a 4 hr chart. My suggestion is this: Do a little homework on the timeframe YOU trade. Measure each swing on that tome frame. Go back severals years if necessary. Find a number that consistantly pays out more than 60% of the time. Set your first take profit there. Find another number (using the same process) that pays out 20% of the time. Set you second take profit there.

When your 1st take profit is hit, take 80% of your current position off. Raise your stop up to break evdn or better, then let the rest ride to the second take profit. If this "runner" advances significantly, move you stop on this up to lock in profit at the original first take profit point. Then hold for either stop out in profit or limit out in even better profit.

Repeat procedure at next swing.

Try to enter as close as possible to extreme of each swing znd place your initial stop outside that range.
  • #27
  • Oct 21, 2012 11:11am Oct 21, 2012 11:11am
The best way to exit a trade is akin to the best way to enter a trade.

1. Do your own research and analysis.
2. Plan the trade and be ready to trade the plan.
3. Execute the plan accordingly.

That's it. If you feel that you're target is going to get hit, the best way to exit that trade is to let your target get hit. If you feel that a news release or a surge in momentum changes the conditions of your trade, then adapt!
Play the players, not the cards.
  • #28
  • Oct 21, 2012 11:51am Oct 21, 2012 11:51am
Quoting gspajon
I'm a swing trader. I trade swings on a 4 hr chart. My suggestion is this: Do a little homework on the timeframe YOU trade. Measure each swing on that tome frame. Go back severals years if necessary. Find a number that consistantly pays out more than 60% of the time. Set your first take profit there. Find another number (using the same process) that pays out 20% of the time. Set you second take profit there.

When your 1st take profit is hit, take 80% of your current position off. Raise your stop up to break evdn or better, then let...
Attached is a management EA that will do this trick for you. To save you, and other visitors some time. It might help if you use it correctly.
Attached File(s)
File Type: mq4 TrailingRatchetB.mq4   15 KB | 458 downloads
  • #29
  • Oct 21, 2012 2:12pm Oct 21, 2012 2:12pm
Quoting Robertk
Attached is a management EA that will do this trick for you. To save you, and other visitors some time. It might help if you use it correctly.
As I am not much of a programmer, I wouldn't understand what is written in the code...but can you tell me how does this EA work? How does it determine the swing size? Is it based on the last x number of swings? And how does it determine the swings themselves.

I have always been a bit skeptical when allowing a computer to "think" for me. But this sounds like a very useful tool, if I understood more about how it works.

Can you advise?
  • #30
  • Oct 21, 2012 2:14pm Oct 21, 2012 2:14pm
Quoting -er-


so what are the best ways to exit a trade
in profit

... NEXT!!!
  • #31
  • Oct 21, 2012 2:56pm Oct 21, 2012 2:56pm
i just only use use fractal indicator in fx. so when i open a trade then i just follow the fractal indicator althrough its give signal late. but i love that. nd normaly i set my tp at 50-70 pips.
  • #32
  • Oct 21, 2012 3:15pm Oct 21, 2012 3:15pm
Quoting gspajon
As I am not much of a programmer, I wouldn't understand what is written in the code...but can you tell me how does this EA work? How does it determine the swing size? Is it based on the last x number of swings? And how does it determine the swings themselves.

I have always been a bit skeptical when allowing a computer to "think" for me. But this sounds like a very useful tool, if I understood more about how it works.

Can you advise?
Its a pretty simple tool. The only thing it does is moving up your stop when certain level is reached. It will then move your stop at a predefined value. My scalping system usually grabs moves of about 10-15 pips. Often enough however moves will only be about 4-6 pips. I therefore put the first TP at 4 pips with another EA. It closes 50% of the position at 4 pips. I attached this EA in this post.

The swing one you are talking about is another EA. I assume you are talking about the bar H/L trailing. Not sure where I have it stored but it can be found on this forum somewhere. Attached is an PDF with multiple types of trailing. Most of them can be found on either FF or tru google.

Btw, I am not a big fan when it comes to EA's generating entries. Managing trades however is a different story for me. It will keep my mind cleared considering I tend to open 20+ positions a day. I cannot manage them manually by PA, too stressful.
Attached File(s)
File Type: pdf Trailing MT4 experts.pdf   240 KB | 774 downloads
File Type: ex4 Quik_Trailing.ex4   19 KB | 435 downloads
  • #33
  • Oct 21, 2012 3:45pm Oct 21, 2012 3:45pm
Quoting mirazsozol
i just only use use fractal indicator in fx. so when i open a trade then i just follow the fractal indicator althrough its give signal late. but i love that. nd normaly i set my tp at 50-70 pips.


what time frame do you use?
Iam just A pips on the rode :nerd:
  • #34
  • Oct 21, 2012 7:31pm Oct 21, 2012 7:31pm
Your initial stop loss should be at a point where if it is touched, that initial trade idea is invalidated.

TP's can be executed in a myriad of ways, and I won't enter that discussion, however as a general rule I find it useful to think - when green on a trade - "would I enter a new trade here?"
  • #35
  • Oct 22, 2012 2:14am Oct 22, 2012 2:14am
BabyPips is a great site, and the discipline recommended in the previous posts are good answers for the original question.
As a scalper, I have minimum goals. I exit a trade when my stop-losses are reached, or when I reach my limits, or before - but never after.
I'd rather lose some pips than overextend myself and not lock in my profits. I don't risk much and if the trend continues I may enter immediately after my limit takes me out of a trade.
  • #36
  • Oct 22, 2012 3:04am Oct 22, 2012 3:04am
best thing to so is always have ur predefined profit target, if price shows some indecision before ur target is reached trail ur stops a pip (+ spread) behind strong S/R, if price is going to turn around you will be stopped anyway.

exiting trade manually involves emotion factor.. which is kinda weakness.

well everybody thinks different and there is no right or wrong till you are making profits, this is what works for me.. Hope it might contribute something...
  • #37
  • Last Post: Oct 22, 2012 3:12am Oct 22, 2012 3:12am
Quoting ToeCutter
Your initial stop loss should be at a point where if it is touched, that initial trade idea is invalidated.

TP's can be executed in a myriad of ways, and I won't enter that discussion, however as a general rule I find it useful to think - when green on a trade - "would I enter a new trade here?"
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