Exit Strategy.

[mmja2003]

You may have the best of trades that turned into a loser, or u lost extra pips. Or, you had a bad trade that made unexpected pips.
Both of these are telling us something. The exit is just as important as the entry!

Besides exiting around areas of support or resistance, sometimes we feel disappointed by either not closing out earlier or closing out too late (lost some profit)

well, this is a simple method i've created tohelp keep pips on the table. It is quite simple, i give it in 3 steps

1. Three bars after entry move your SL to B.E (break even)
2. When another bar has formed, count from the new bar 3 bars a back (lets call it bar X).
3. Place your SL at the low of (bar X) for buying positions or at the high of the (bar X) for shorts

My backtest shows that if the trades are bad, u will be stopped out early without losing much. If the trade is good (lots of long bars) you will be stopped out when the trend is first exhausted.

Worked for me, hope it worked for you.

P.S, just pick a direction and try it...I know it sounds silly (funny to me too) but this is just my observation. Hope you can double check it with me and report your findings.

It is a remarkable advise for forex trading. Although I think that in forex trading no idea or advise will be perfect 100% but your advice will be helpful in my trading.

[abbey ak]

well as for me i think i will like to share with me other members the best way to exit or set a stop lose, as for me i think 30 pips is very much okay to set as a stop lose and any trade you place and you are losing 30 pips i think the trade is not worth investing on that what i really do as a profitable forex trader all day

[sitiz]

For newbie like, i learn to make trading plan to get disciline & not having greed, so when profit hit about 20 pips, i will close it. Cause usually after reach that pips, price is moving against my position, so before too late, i close mine.

True, a good trading plan we can plan profit well because if we do a trade without having a clear trading plan then it was difficult to achieve profit as we expected

[Sri Hartono]

There are two exit strategies, exit strategies to exit with a profit or loss strategy. an exit strategy with a profit can be made if the analysis goes according to plan.

[hammer]

I tried a lot of strategies, but I will be out of the strategy if that strategy always fails, and never make a profit, I would replace the new strategy, which I have test with a demo account, to determine the quality sebuat trading systems and strategies

[esif]

exit strategy

That is good strategy of your, i will give it a try and i like the strategy and also i will say that if the market is trending market, then one can use a trailing stop, i think it will work, in the conditions, where market is volatile.

[cfxsignals]

I think that your exit strategy should be preplanned. It is no good having a plan and breaking it. There is no point in trading one way and planning another way.

[jati]

Exit strategy is one of the most important factors in Forex trading. Here you have given some ideas how to implement them. Thanks a lot for this sharing. I am sure it will help us a lot to find out our exit point.

[SamMas]

Good method that gives a lot of knowledge here trading traders need the right strategy with respect to the indicator up or down the currency

[laptopw]

in forex trading the exit of trade is depend on trading way.
for long term trading we can exit when our strategy give us signal for close but in scalping trading we must close our trading after getting some pips.
i normally close my trade with 6pips take profit i do not wait for more.