hi all
well, due to some PC issues i am not trading these days but game for discussions as i have to access net from work.
it is very surprising to know that i could not find a single thread on forex factory, TJ, forex-tsd & blah..blah which focuses strictly on EXITS by any breed of traders ! I mean all traders consecutively posting EXIT strategies.
EXITS are very very important, more than entries, and all i did & see other fellow traders do is SEARCH for magic systems, indicators & ENTRIES.
yes, any system dealt with consistency will allow profit but ..................
what have you done to smoothen your EXITS ?
many times we just want to ride the trend till it lasts but it has proven dangerous as well, so fix TP comes to mind, but even that does not work !!!
please don't come up with a foolish remark, nothing works for ever in forex...
we might know it already !!!!! rather come up with an answer.
it is very easy to jump on keyboard to mark your expert answers but equally difficult to remain humble & share an insight.
when we start forming a trading system, all we look at is how well the indy or strategy is mocking price... what the hell... you can always see good entries & spot pips running but if you don't know when to take money on table...boom & you see red everywhere !
truth is all indicators have to follow price data so by the time you act upon it, pips are already lost or even if you had good entry by tight running ma' s crossover...you know what happens at EXIT if no fixed TP kept !
i have cut down on indicators where as i had 4-5 previously.
price action lovers, i admire you a lot & i wish i could trade off patterns some day by just watching price but that's not me.
i hold great respect for desifxtrader, tavnaz & preet in this regard.
desifxtrader was the one who drew my attention back to trendlines & made some of my basics stronger.
i like tavnaz' s approach towards price action.
i respect preet a lot because his was the first system with which i had major success but somewhere i felt system in live was not helpful though it could be ignorance on my part. I heard different results for different people but i admire & respect the guy for what i have learnt from him & recommend reading his posts in forex factory.
hey...coming back to EXITS
i came across an indicator (not really an indy though)
by the name of grid builder, which was introduced by preet in forex factory. thanks preet :thumb:
it is very helpful as you are able to build a customised grid quickly & set distance of 50 or 100 pips or so on. till now i had never realised that grid was very important as the default grid seems awful at first.
but traders, you are instantly able to determine price action if you keep looking at price around grid. it has helped me to some extent in EXITS.
well, i also realised that timeframe plays a very crucial role in fixing amount of pips you want to secure. I always heard that timeframe doesn't matters & you can earn as many pips as you can in any timeframe till trend lasts but hey...you don't know when it will last..do you ?
so for example you are trading a 15 min tf...best TP so far has been 7-9 pips...that's it ! i have tried & hit home runs as well but 7-9 pips seems to be running most of the times if you had a good entry.
i believe EXITS are a problem because price always wants to RANGE...because of which i am working on an indy which tells if price is ranging but hey that is the only second indicator i have on charts
various EXITS used by professional traders i have come up so far :-
* fib
* pivot
(* exit strategy during 30 Min TF
EUR/JPY
1) I target 20 pips and close half positions .At the same time move my S/L to entry point for the other half position.
2) Then ,trail my S/L by 10 pips for each 25 pips move in my direction. However considering the huge volatality a S/L of 10-15 pips can be eaten away in a minute.
EUR/USD
1) Closing half at 15 pips .At the same time move my S/L to entry point for the other half.
2) Then ,trail my S/L by 10 pips for each 20 pips move in my direction.
please note that a trader has mentioned EXIT above based on his experience & ain't mine.)
* bull bear or vice versa candle combo in BB
* price crossing single ma
* reversal of a smoothed moving average or ma' s like xpma, nonlagma, nonlagAMA etc...
* alligator exit
* trendline
* linear or polynomical regression
* fixed TP or SL trailing
i would request all traders to throw in their current or past EXIT strategies which worked for them.
strictly for posting EXITS only... not by numbers but explanation as to why you exit on your profitable or loosing trades .
regards
rishi
well, due to some PC issues i am not trading these days but game for discussions as i have to access net from work.
it is very surprising to know that i could not find a single thread on forex factory, TJ, forex-tsd & blah..blah which focuses strictly on EXITS by any breed of traders ! I mean all traders consecutively posting EXIT strategies.
EXITS are very very important, more than entries, and all i did & see other fellow traders do is SEARCH for magic systems, indicators & ENTRIES.
yes, any system dealt with consistency will allow profit but ..................
what have you done to smoothen your EXITS ?
many times we just want to ride the trend till it lasts but it has proven dangerous as well, so fix TP comes to mind, but even that does not work !!!
please don't come up with a foolish remark, nothing works for ever in forex...
we might know it already !!!!! rather come up with an answer.
it is very easy to jump on keyboard to mark your expert answers but equally difficult to remain humble & share an insight.
when we start forming a trading system, all we look at is how well the indy or strategy is mocking price... what the hell... you can always see good entries & spot pips running but if you don't know when to take money on table...boom & you see red everywhere !
truth is all indicators have to follow price data so by the time you act upon it, pips are already lost or even if you had good entry by tight running ma' s crossover...you know what happens at EXIT if no fixed TP kept !
i have cut down on indicators where as i had 4-5 previously.
price action lovers, i admire you a lot & i wish i could trade off patterns some day by just watching price but that's not me.
i hold great respect for desifxtrader, tavnaz & preet in this regard.
desifxtrader was the one who drew my attention back to trendlines & made some of my basics stronger.
i like tavnaz' s approach towards price action.
i respect preet a lot because his was the first system with which i had major success but somewhere i felt system in live was not helpful though it could be ignorance on my part. I heard different results for different people but i admire & respect the guy for what i have learnt from him & recommend reading his posts in forex factory.
hey...coming back to EXITS
i came across an indicator (not really an indy though)
by the name of grid builder, which was introduced by preet in forex factory. thanks preet :thumb:
it is very helpful as you are able to build a customised grid quickly & set distance of 50 or 100 pips or so on. till now i had never realised that grid was very important as the default grid seems awful at first.
but traders, you are instantly able to determine price action if you keep looking at price around grid. it has helped me to some extent in EXITS.
well, i also realised that timeframe plays a very crucial role in fixing amount of pips you want to secure. I always heard that timeframe doesn't matters & you can earn as many pips as you can in any timeframe till trend lasts but hey...you don't know when it will last..do you ?
so for example you are trading a 15 min tf...best TP so far has been 7-9 pips...that's it ! i have tried & hit home runs as well but 7-9 pips seems to be running most of the times if you had a good entry.
i believe EXITS are a problem because price always wants to RANGE...because of which i am working on an indy which tells if price is ranging but hey that is the only second indicator i have on charts
various EXITS used by professional traders i have come up so far :-
* fib
* pivot
(* exit strategy during 30 Min TF
EUR/JPY
1) I target 20 pips and close half positions .At the same time move my S/L to entry point for the other half position.
2) Then ,trail my S/L by 10 pips for each 25 pips move in my direction. However considering the huge volatality a S/L of 10-15 pips can be eaten away in a minute.
EUR/USD
1) Closing half at 15 pips .At the same time move my S/L to entry point for the other half.
2) Then ,trail my S/L by 10 pips for each 20 pips move in my direction.
please note that a trader has mentioned EXIT above based on his experience & ain't mine.)
* bull bear or vice versa candle combo in BB
* price crossing single ma
* reversal of a smoothed moving average or ma' s like xpma, nonlagma, nonlagAMA etc...
* alligator exit
* trendline
* linear or polynomical regression
* fixed TP or SL trailing
i would request all traders to throw in their current or past EXIT strategies which worked for them.
strictly for posting EXITS only... not by numbers but explanation as to why you exit on your profitable or loosing trades .
regards
rishi
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