When to exit the current trade position?
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Thread: When to exit the current trade position?

  1. #1
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    When to exit the current trade position?

    [lang=id]We will always think that "if we didn't close it then we will absolutely make a large deal of money in here."
    But sometimes we will just think like "if we didn't close the deal yesterday then i would have already lost quite a lot of money now."
    So what exactly is the right one in here actualy?
    Here it is!

    1. Make sure that our target already reached

    Just in case that any worst scenario happened in this business, we need to be satisfied only with the current profit we got anyway. If we just want to make unlimited profit then we will pay the price when we loss it quite big. SO if we reach the target better close it.

    2. Make a lot of research if we want to hold position

    Let's say that we are i losing position but we are very reluctant to close our own position in here, then we need to make a research first whether the current price is dangerous or not. Once we have deducted that current condition is bad, then we better close the loss before we loss even more in te end.[/lang]

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  2. #2
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    You can not set some random exit level, like several pips from entry. That will be gambling, if you do not have specific and solid reason for why you are entering and exiting on some levels. So, my point is that you must have predefined and precise plan. You must have a predifined system, like in any other normal job in the world. You must know what you will do no mater if the price go up or down. All setup must be known before you enter in the position.

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  3. #3
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    Quote Originally Posted by Ema10 View Post
    You can not set some random exit level, like several pips from entry. That will be gambling, if you do not have specific and solid reason for why you are entering and exiting on some levels. So, my point is that you must have predefined and precise plan. You must have a predifined system, like in any other normal job in the world. You must know what you will do no mater if the price go up or down. All setup must be known before you enter in the position.
    Well, that the same as making plan before we trade. But personally i think that we need to be flexible in forex trading anyway. It's just because most traders can't see too much thing when they are going to trade so they have a lot of contraints in here. In order to reduce the gambling factor we need to have a target but we need to change the target as well depend on the condition.

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  4. #4
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    It is a very good thing that you make sure that the target is reached, this would at least make the trader better in emotion handling than just quitting the market before maturity. But to the beginners, this is not an easy thing for them, but with time, they will have the full experience to do it because it is the right thing to do.

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  5. #5
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    Greed and fear is that which controls traders and it makes them to take traders based on their feelings, I have been a victim of such, but i have learned how not to alloe my emotions to make me loss my money.

    Therefore what I do now is that I take my strictly candle stick engulfing reversal patterns and when it is not that kind I take, I will leave my position to run for me, thereofre I will close it when I have seen signs of reversal.

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  6. #6
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    [lang=id]cozard, i think that emotion is something that will eventually make us to change our very own target in here. personally i have seen several traders that can make their own profit in here but we will rarely see any result i think. Even with a good target, traders usually will change it because they want to earn more money.[/lang]

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  7. #7
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    Quote Originally Posted by splash View Post
    Greed and fear is that which controls traders and it makes them to take traders based on their feelings, I have been a victim of such, but i have learned how not to alloe my emotions to make me loss my money.

    Therefore what I do now is that I take my strictly candle stick engulfing reversal patterns and when it is not that kind I take, I will leave my position to run for me, thereofre I will close it when I have seen signs of reversal.
    Greed and fear is something we need to control no matter what in this business. In this factor, i will even recommend a trader to hold a strong confidence in everything they will try to do as well. Having strong personality is what will make us even better in here. But trading only based on feelings is just the same as gambling to me.

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  8. #8
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    [lang=id]Well, i think we need to exclude emotion in my topic here because it's just too basic i quess. All traders already know that they need to trade without any emotion and we only trade with our own risk management and target. Surely, all of that will greatly depending on your experience first as a trader.[/lang]

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  9. #9
    Trader techboy's Avatar
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    There are different ways to set exit and entry in the market, some has fixed target and stop loss while others has dynamic target and exit,it really depends on what strategy we are using and how comfortable we are in using a particular strategy, and as long that we make more profitable trades then we must stick to such approach.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

  10. #10
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    Quote Originally Posted by techboy View Post
    There are different ways to set exit and entry in the market, some has fixed target and stop loss while others has dynamic target and exit,it really depends on what strategy we are using and how comfortable we are in using a particular strategy, and as long that we make more profitable trades then we must stick to such approach.
    The timings that we are using in our trades will actually depend on many such factors and the main will be the trading strategy that we are using and the time frame that we want to consider while doing our trades. But a lot will depend on the actual movements in the markets because it is always safe for us to get out of a trade if we are in profits rather than risking the profits for a loss.

    Because we cannot predict the moves which are taking place in the currency markets with surety

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