Whats the best Exit Strategy? - page 2

[mikkom]

Enroth:
Trailing stops will never give you a perfect exit, targets sometimes do. In all my backtesting I have never found trailing stops to be more profitable than targets so I use targets.

Other than that its if I get a short signal or get stopped out.

BTW targets are a function of volatility.

That totally depends on your system. For longer term systems trailing stop of some kind is almost always better than fixed target.

Some ok methods include donchian trailing stop (lowest/highest of last X bars, X is up to you) or bollinger bands stop (trail the low/high of BB, don't move sl back down).

[Enroth]

You are right mikkom. The turtles come to mind here.

I am an intraday trader only though.

The thing is to know the market structure you are trying to exploit and plan acordingly.

[NormanSP]

I use a trend line and line chart on mt4 to indicate when it's time to exit a trade. It works well and causes less panic than watching a candle change direction suddenly.

[prasxz]

hi

place a stop loss 3-5 pips below or above your trendline to avoid a pullback movement

===================

Forex Indicators Collection

[NormanSP]

Hi Prasxz. That's certainly worth a thought I think. The method I use protects against pull backs though

[PlanetExpress]

I agree with Enroth.

I could never find a system or setup (and, believe me, I've tested a lot...) based on trailing stops or "trend following" methodology that is profitable in the long run.

All profitable systems that I tested have a T/P.

I am not against trailing stops at all. The case is that, as I stated before, never foung a good syustem based on this kind of exit.

However, if someone knows such system and have tested it seriously (no 2 months forward testing please... ) I would give it a try.

[BlueWhale]

Good thread,

I think there is no right or wrong answer to this question. I go against the grain a lot. I am not trying to see how many pips I can make a week, that is IMO the path to failure. Get 25 pips a day, which is easy, then increase your lot size according to your MM. Its easier to build your lot size which you control than to get every pip out of every move. 10 Lots x 25 pips is a rocking income.

[prasxz]

hi

to get 25 pips a day is easy , the hard part is to repeat it in the next next day

if you feel you can get a stable 25 pips a day then you can increase your lot size

===================

Forex Indicators Collection

[Stevenl10]

Am I saying something silly if I say fibo retracements can give good exit points ?

[BlueWhale]

Try this...

Ok I am going to show ya my set up.

Enter long Williams Percent above 50 Non Lag Stoch crosses up, set TP at 25 pips.....go play golf. LOL Hope you guys have a good New Years.

If No lag has crossed already then you can wait for pull back and enter when the perky scalper signals.

Edit - I trade 5 minute EUR/USD From 4am - 11 am NY time