Exits? Take the money or follow the trend

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Now I know this may have been asked many times before but.

In your mm/trade managment system does it have a take the money and run eg TP either a set amount of pips or a percentage target etc.

Or follow the trend with a trailing stop or trailing profit.

Or something else.

Cheers

 

good theme

you rock as i wanted to know the same thing

 
Beno:
Now I know this may have been asked many times before but.

In your mm/trade managment system does it have a take the money and run eg TP either a set amount of pips or a percentage target etc.

Or follow the trend with a trailing stop or trailing profit.

Or something else.

Cheers

I usually use a trailing stop. But if I'm at my computer and can monitor the trade, I usually watch the trades and move the stop loss to break even or lock in a profit and let it run. It really comes down to what your comfortable with. If you can't sit around and monitor your trades I would use a trailing stop and a take profit. The trailing stop is usually where I know I can make some sort of pips and the take profit is best case scenario.

 
jturns23:
I usually use a trailing stop. But if I'm at my computer and can monitor the trade, I usually watch the trades and move the stop loss to break even or lock in a profit and let it run. It really comes down to what your comfortable with. If you can't sit around and monitor your trades I would use a trailing stop and a take profit. The trailing stop is usually where I know I can make some sort of pips and the take profit is best case scenario.

I have question, How do you determine were your trailing stop and or take profit will be set. That is, how do you determine were to set them?

Keit

 
cockeyedcowboy:
I have question, How do you determine were your trailing stop and or take profit will be set. That is, how do you determine were to set them? Keit

That all depends on what kind of system I'm trading and what time frame I'm trading on. As a general rule higher time frames need bigger stop losses, but you also have bigger take profits and trailing stops. That's something you need to figure out by demo trading and experimenting.

 
jturns23:
That all depends on what kind of system I'm trading and what time frame I'm trading on. As a general rule higher time frames need bigger stop losses, but you also have bigger take profits and trailing stops. That's something you need to figure out by demo trading and experimenting.

Thanks for your reply, Just was wondering if you had any set method for setting them.

Keit

 

Stay with the Trend. Old Trader's phrase

 
Beno:
Now I know this may have been asked many times before but.

In your mm/trade managment system does it have a take the money and run eg TP either a set amount of pips or a percentage target etc.

Or follow the trend with a trailing stop or trailing profit.

Or something else.

Scale your exits at fibos lines. Each time you close a % of your position at a fibo, move your stop to the previous fibo.

FerruFx

 

Interesting comments.

Would your exit come down to the type of system you are trading ie can you use a trend following style exit if you are a scalper. and like wise could you use a fixed exit for trend following. these are just question rattling around in my head

 

I prefer selective exits. That's mean where is time to exit.

Sometimes because the profit is enough and often on RS points, fibos, pivots, past swings, market hours.

 
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