Forex Exit Strategy! We take so much time and effort to analyze when it is the most appropriate time to enter a trade; there are lots of charts, indicators, setups, and probability checks to make us feel secure before the opening of the work that sometimes nobody talks about when to exit the business, i.e., the Forex exit strategy. Do you go to the point of panic and fear or greed? Of course, we shall try to focus on how to go without significant regrets from the position.
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How many of you have exited a trade out of fear when they have seen the market run further just after closing the position, losing all those possible pips? How many times did you complete a place, on the other hand, at a nominal loss out of fear of getting worse, only to watch it retrace back to your profit target soon after you closed the trade licking up your wounds? If these have been happening to you, then your Forex exit strategy is not correctly in place or as sound as it should be to make you feel comfortable.
First of all, however, make sure to pause your emotions and try as much as possible to get them out of your trading plan, as both fear and greed are going to bang on your head so often that they might lose your focus and concentration on the trades and targets you want to achieve.
As previously said, indicators are extensively used to find entry points, but that should not be it. Hands will also help you understand whether the open position is exhausted. The principle of market movements with many more minor retracements is always in place, as you should have already noticed from your trading. So if you know of them, do not make them leave you to react negatively and click that closing trigger too soon or too late.
Use the indicators to see oversold or overbought areas to understand if the turning point is near. Use support and resistance points; Fibs are also a great way to target your trades as they will always reach important retracement points that any currency pair reacts upon. So even if it is not the complete Forex exit strategy, try to collect part profits and move your stop loss to breakeven regularly to secure long-term survival.
Forex Exit Strategy
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