Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine how successful the trade is. This article hones in on 3 trading exit strategies that traders should consider when looking to get out of a trade.
FOREX EXIT STRATEGY #1: TRADITIONAL STOP/LIMIT (USING SUPPORT AND RESISTANCE)
One of the best ways to keep emotions in check is to set targets (limits) and stops at the same time the trade is entered into. This is a much better approach than entering without a ‘stop loss’ and having to wipe the perspiration from your brow as you watch losing trades consume the account equity.
