How do you decide your exits? | Forex Factory

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How do you decide your exits?

  • #1
  • First Post: Mar 21, 2017 3:19am Mar 21, 2017 3:19am
Hello,

Is there an exit strategy that you apply everytime and are getting consistent results? Kindly share. I have no problem entering a trade, I usually enter on breakouts but just dont know how to exit a trade.
If you dont share your strategy then you can mention what are the things you look for in a good exit and how.

Regards,
Xpertize
  • #2
  • Mar 21, 2017 5:53am Mar 21, 2017 5:53am
Quoting xpertize
Hello, Is there an exit strategy that you apply everytime and are getting consistent results? Kindly share. I have no problem entering a trade, I usually enter on breakouts but just dont know how to exit a trade. If you dont share your strategy then you can mention what are the things you look for in a good exit and how. Regards, Xpertize
That depends on several things.
What time frame are you trading.?
Do you just day trade or do you hold trades overnight & or over the weekends.?
Combat crazy markets with crazy trading
  • #3
  • Mar 21, 2017 5:54am Mar 21, 2017 5:54am
Keep the winners

cut the loser
Let Market Tell You
  • #4
  • Edited 6:56am Mar 21, 2017 6:43am | Edited 6:56am
Never an easy thing to define to someone else, because we all trade differently. Neither would it be possible to share a strategy so to speak, because exits depend on many factors which cannot be lent or borrowed. Like any strategy, it is the the product of the slow accumulation of knowledge and experience, and so in that sense it is trader specific.

However, I look for combinations of signals at which to exit, meaning several indicators coming together , so pivot point combined with key moving averages, perhaps Fibonacci levels as well. What you have to try to do is determine which levels the money is likely to take the price to. There is always a good reason why price stops where it does and reverses and one of the key tasks as traders is to identify it and act accordingly. It does take a long time though, and most traders have to study the markets for many years before they begin getting consistently accurate with their exits.

I have thought about doing a section on exits on my Trader's Academy thread, but they are just too trader specific to address in any objective format. I am therefore of the belief than accurate exiting comes with screen time, and screen time only.
  • #5
  • Mar 21, 2017 6:57am Mar 21, 2017 6:57am
Quoting CrazyOz
{quote} That depends on several things. What time frame are you trading.? Do you just day trade or do you hold trades overnight & or over the weekends.?
I trade daily time frame but I can choose any time frame if strategy is good. My entry setup is the break of high or low of present daily candle. Looking to add good exit strategy to that.

Regards,
Xpertize
  • #6
  • Edited 9:10am Mar 21, 2017 8:49am | Edited 9:10am
Quoting xpertize
Hello, Is there an exit strategy that you apply everytime and are getting consistent results? Kindly share. I have no problem entering a trade, I usually enter on breakouts but just dont know how to exit a trade. If you dont share your strategy then you can mention what are the things you look for in a good exit and how. Regards, Xpertize
You have to predict SL and minimal TP point before entering a trade. If you don't, you have no clue if trade should be taken according to your past win/loss ratio and profit factor. You look for resistance/support levels to establish where price action might pause or reverse and than calculate if risk/reward ratio of trade is high enough for your past performance win/loss ratio. For more info please read http://www.tradeciety.com/four-steps...de-management/

Something like this trade I just took on break od flag pattern:
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  • #7
  • Mar 21, 2017 9:38am Mar 21, 2017 9:38am
Quoting xpertize
Hello, Is there an exit strategy that you apply everytime and are getting consistent results? Kindly share. I have no problem entering a trade, I usually enter on breakouts but just dont know how to exit a trade. If you dont share your strategy then you can mention what are the things you look for in a good exit and how. Regards, Xpertize
My exits are based in three factors:
A certain amount of profit/pips/percentage achieved (TP) or when I think price will change direction or when my SL is hit.
The funniest, is that nobody takes me seriously.
  • #8
  • Mar 21, 2017 6:57pm Mar 21, 2017 6:57pm

There are millions of ways to exit regarding to your strategy. It completely depends on the all aspects of your strategy such as the method you use for analyzing the market, RRR, MM, etc. but according to a few information you gave in respect to your strategy, ATR with the period of 30 could be a good idea to determine your exit point. You enter when the price passes the daily high or low and if you predict a correct direction, there is a good chance that the price goes to your favor as many pips as the ATR shows. You also can use 1.5 or 2 etc times of ATR depending your MM.


By the way you can use ATR for any timeframe, but it's better to use the ATR of the timeframe you analyze in. for example if you analyze and enter the market based on H1, you'd better use the number that ATR shows in H1, but again it utterly depends on your strategy to modify that.


  • #9
  • Mar 21, 2017 7:19pm Mar 21, 2017 7:19pm
Quoting xpertize
{quote} I trade daily time frame but I can choose any time frame if strategy is good. My entry setup is the break of high or low of present daily candle. Looking to add good exit strategy to that. Regards, Xpertize
OK, but for how long do you hold your trades. If you close your trades every day you need to look to a smaller time frame to find your exit target.. If you hold for several days or weeks you may need to look at a higher time frame to find your target.
Combat crazy markets with crazy trading
  • #10
  • Mar 21, 2017 9:42pm Mar 21, 2017 9:42pm
Thanks everyone.
@Crazyoz Currently experimenting with how much to hold. That's why asked the question of exits but general idea can be holding till the end of the day like this strategy http://forums.babypips.com/free-fore...-daybreak.html
  • #11
  • Mar 21, 2017 10:31pm Mar 21, 2017 10:31pm
Quoting xpertize
Thanks everyone. @Crazyoz Currently experimenting with how much to hold. That's why asked the question of exits but general idea can be holding till the end of the day like this strategy http://forums.babypips.com/free-fore...-daybreak.html
So, if you are closing the trades each day you should be looking for your TP on the 15min chart.
Combat crazy markets with crazy trading
  • #12
  • Mar 22, 2017 4:35am Mar 22, 2017 4:35am
I'll advise that you handle the loss side of your trades & you’ll boost your earnings more quickly than pursuing gains. When preparing your exit, remember a valuable law for optimal technical analysis entry which states; that you should execute your trade where price is required to move only a small distance to show that you are wrong. This commonly describes a strategy where you enter an assuring position at support/resistance. If the price goes within the line, exit quickly with a small loss & get on to the subsequent trade.
  • #13
  • Mar 22, 2017 8:17am Mar 22, 2017 8:17am
Quoting JamesFx007
I'll advise that you handle the loss side of your trades & youll boost your earnings more quickly than pursuing gains. When preparing your exit, remember a valuable law for optimal technical analysis entry which states; that you should execute your trade where price is required to move only a small distance to show that you are wrong. This commonly describes a strategy where you enter an assuring position at support/resistance. If the price goes within the line, exit quickly with a small loss & get on to the subsequent trade.
Thanks James,

Support Resistance works. I agree. But the problem is that I don't have enough discipline waiting for support and Resistance setups. May be automating support Resistance methods can be an option if I don't get exit system.

Regards,
Xpertize
  • #14
  • Last Post: Mar 22, 2017 8:17am Mar 22, 2017 8:17am
Quoting CrazyOz
{quote} So, if you are closing the trades each day you should be looking for your TP on the 15min chart.
Thanks mate
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