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In any trade, both the entry and exit at the right time are very important. Many traders are satisfied by making a good entry into the market. When it comes to exiting at the right time, they don’t mind leaving the profit behind on the table out of too much fear and caution. On the other hand, there are traders, who can’t let go and continue the trade even after the signals say that it’s time to exit in the greed of making more profit.
Whatever, just like for an aeroplane pilot both takeoff and landing are very important, in the same way, for a trader, both entry and exit should be very important. First, you manage your risk in the trade and then think about taking profit.
Money management should be an integral part of any trade exit strategy. Many traders make the mistake of ignoring money and risk management in their trades. They learn it the hard way. The most important thing for any trader should be risk and money management.
Stop Loss Orders are very important in risk and money management. There are different types of stop loss orders. There is the Trailing Stop. This stop loss order is ideal for securing your profits in a trending market. The stop loss keeps on trailing the price action by a fixed percentage set by the trader.
As long as the price action keeps on going in one direction either up or down, the stop loss is no triggered. But as soon as the price action reverses itself, the stop loss get locked in and is triggered when the price action retraces by the percentage specified by the trader.
As soon as it reaches that percentage, the trailing stop order is triggered and your trade is closed. Trailing stop locked in your profits and as soon as reversal took place, your trade was closed with the profits untouched. So, you can see how the simple use of a Trailing Stop Order locked in your profits without you having to monitor the market all the time. Once you had set in the Trailing Stop, everything was automatic.
In the same way,you can use many other types of stop loss order that fit very well with different situations. Warren Seah has optimized 11 different trade exit strategies for forex trading. Infact, these are robots that can be customized to suit your trading needs. You should take a look at these 11 trade exit strategies!
