When to exit trade?
The question can be what is the right time to "take profit" and exit trade.
To enter a trade, we use different strategies. We use a stop loss too. What about Profit?
What strategy do you use to take profit and exit a trade. How do you know that this is the appropriate time to take profit.
No strategy for me. Its just my inner feeling which says "hey buddy, take profit" :D
Before entering a trade, I use SL and TP points. So if it reaches TP it will automatically exit. I determine TP by observing previous fluctuations and taking an avg.
I plan it before entering a trade. I estimate it just by observing previous behaviour of the currency
Stick to your rules
If you use an EA, it will automatically do for you. If you use signal services then signal provider will tell you. If you do trade manually without anyones help and totally on your own. Then you must be an expert Forex trader who can statistically analyze the data. Stop Loss and Take Profit strategies are purely based on the market conditions and indicators affecting market.
No one can predict 100% accurate but if you have these qualities, you can tell where to take profit and exit.
Bee There is no term like "sufficient money". So aim for a satisfied life.
hmmm, so I should go for "when I feel" strategy.
![[grin]](/themes/default/images/smiles/grin.png)
. lol yes. TP when you feel "its time"
The good or ill of a man lies within his own will. – Epictetus
No there is another option too. Get a degree of Forex Analyst and Statistician
Stick to your rules
Originally posted by ChampThe question can be what is the right time to "take profit" and exit trade.
To enter a trade, we use different strategies. We use a stop loss too. What about Profit?
What strategy do you use to take profit and exit a trade. How do you know that this is the appropriate time to take profit.
Hell it is a good question. I believe we have to exit a trade when the price is going to touch a confluenced level, so in simpler terms exit points must be ALWAYS related to market levels because the chance of a possible reverse is higher.
It's a known mistake beginner traders use a fixed stoploss or takeprofit level not paying attention to levels as big round numbers, fibo, swing high/lows, etc..
Keep it simple stupid
I was thinking about this issue today. How about something like this as a possible strategy after a breakout followed by a parabolic move:
1) A breakout occurs
2) Prices surge in the trend direction.
3) H1 chart SSD (15,5,5) turns counter trend after being in O/S or O/B zone.
4) Close trade if crossover exits O/S or O/B zone.
5) Use Fibonacci 0.500 with a stop below 0.618 to create an entry order back in the direction of the trend
Originally posted by leebutI was thinking about this issue today. How about something like this as a possible strategy after a breakout followed by a parabolic move:
1) A breakout occurs
2) Prices surge in the trend direction.
3) H1 chart SSD (15,5,5) turns counter trend after being in O/S or O/B zone.
4) Close trade if crossover exits O/S or O/B zone.
5) Use Fibonacci 0.500 with a stop below 0.618 to create an entry order back in the direction of the trend
I can understand it somewhat. But a chart explaining it would be excellent.
The good or ill of a man lies within his own will. – Epictetus