I have been visiting this site regularly know for a few months and i have got to say it rocks. Now that i got that out of the road.
I have noticed there is a lot of mention of having the right exit strategy, but very little in the way of what a good strategy is, except to say it should contain multiple lots, and a method to peel them away to lock in profits.
So to that end i have devised an exit strategy and would like to know what you all think of it, as i am still only running a demo as i build discipline and understanding of forex.
I'll cover my MM first to give you a better picture.
$10000 at 1% max risk $100
$100 / 15 pip stop loss = 6 lots on a mini account
Now the exit strategy
First 3 lots at +15 stop loss to -5
then 1 lot at +34 stop loss to +13
then 1 lot at +55 stop loss to +34
Last lot left to run and use a Hanging Chandelier Exit
Ok Guys & Gals pick it apart.
I have noticed there is a lot of mention of having the right exit strategy, but very little in the way of what a good strategy is, except to say it should contain multiple lots, and a method to peel them away to lock in profits.
So to that end i have devised an exit strategy and would like to know what you all think of it, as i am still only running a demo as i build discipline and understanding of forex.
I'll cover my MM first to give you a better picture.
$10000 at 1% max risk $100
$100 / 15 pip stop loss = 6 lots on a mini account
Now the exit strategy
First 3 lots at +15 stop loss to -5
then 1 lot at +34 stop loss to +13
then 1 lot at +55 stop loss to +34
Last lot left to run and use a Hanging Chandelier Exit
Ok Guys & Gals pick it apart.