What is your exit strategy?

[Victorial]

They say traders should not be greedy after accumulating profits. Yes, there will always be money in the market as long as the forex market is still open. However, each time I place a trade, I am always missing out because I think the market will reverse in the opposite direction. And 96 percent of the times I closed, the market keeps moving in that direction for a long time. This always disturbs me as I think I am missing out on cashing out twice of what I made. I study reversal patterns and continuation trends but they are not always working. I wonder what will work.

As a forex or crypto trader, I know you must have experienced something similar to this. How do you deal with it and what is the perfect exit strategy for you? I make sure I place a tight stop loss to prevent trades from making more losses. But the profits are always far off. I have resulted in looking at the trade and continue to shift stop loss and take profit. But immediately I saw a candle form in the opposite direction, I close the trade and it is always bad.

I need help ahead of the new year.

 

[Kingstone]

My exit strategy is kinda difficult to master. I used to believe that a trader must play it very safe in trading forex. So when you are trading forex, it is good that you l when to exit a trade following a good entry point. This is different from traders do traders and I don't think you can use any one's exit strategy for your exit method. What I can encourage you to do is that you should count your entry method. If you are a candlestick pattern, look for the candles reversals. They are very useful. And if you are using the indicators, all of them will have where to enter and exit

 

[Mataracy]

To me I think what can help one to overcome that is patency and strong heart to take risk.
If you are the type that can not take risk you may not be able to make it in forex trading.
And also I want to say that some time one need to have a mentor who will be mentoring someone in the business.

 

[Dita Walczak]

I usually work with market context and price action. This strategy is very profitable. So by working with this strategy I can gain a lot of profit. Successful traders follow this strategy.

 

[Setho]

While there are some people that will tell you exactly how important a befitting entry trigger is, it is also very important to know exactly when you are going to be going out of a trade on profit or you should know where your idea is going to be invalidated. Whenever I have an open position are usually try to be taking profits little by little for example I take profit 25% after it has reached the closest resistance and then a further 25% when it hit higher levels of resistance and on and on like that till I reach my goal.

 

[Dita Walczak]

Market analysis with proper strategy is required. If the trader cannot do the proper analysis, he will never be able to make a profit. A trader can make a lot of profit if he trades with perfect strategy.

 

[Thanosis]

My exit strategy involves using a couple of indicators with use of support and resistance levels to decide on take profit which is mostly below the resistance level or above the support level.

 

[Asahi]

In exit strategy, we mostly focus on support and resistance level and we always take profit that is mostly below the resistance level or above the support level. Efficiency of trading analysis is needed to reap gain on such strategy. To develop traders, FXOpulence allows traders with access to free educational resources.