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Hi Paul,
We can have a ball with this, how about exit if the ADX(14)>=49 or what
ever value you are comfortable with, or exit if the days close is less then
66% of the daily range in the direction that you are trading. There's no
end to what you can try. Scaling out is a winning plan and I am convinced
that it in and of itself is a major reason for market behavior.
Best Regards,
Brent
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> From: Paul Cote <cote@xxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: exits
> Date: Saturday, June 20, 1998 4:55 AM
>
> With a variety of exits out there, I would like comments on great exit
> strategies. I am familiar with the following:
>
> 1. Exit at a target, ie a retest
> 2. Exit at a target, ie an expansion
> 3. Exit at a target, a fixed profit objective in dollars
> 4. Exit at a target, an objective chart point
> 5. Exit at a target, a subjective chart point
> 6. Exit at a time interval, 4 days
> 7. Exit at a combination profit time, first profitable open, 2nd
> profitable close.
> 8. Don't exit but just reverse
> 9. Exit on a range expansion
> 10. trail a stop off the low
> 11. trail a stop off the high
> 12. parabolic exit
> 13. Exit on close
>
>
> There are a variety of exit methods. What I am starting to believe is
> it is best to exit with a profit. This means taking smaller profits and
> not letting any get away from you, it also does not mean trailing a stop
> because if you do, you will get an even smaller profit. So, what I am
> thinking is to exit when the trade is moving in your favor and as long
> as you made money, be happy.
>
> I would like to hear from experienced traders on this philosophy. I have
> had many times where I have had 500 profit into a trade and did not take
> it only to have the trade fail to my stop. I am a one lot trader so it
> is hard to scale in and out.
>
> I don't let 500 get away from me anymore, but then I am not letting
> profits run either. I suppose a solution would be to build up the acct
> with one lots and later use three lots to scale out and leave one on for
> the big pull.
>
> comments?
>
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