Hi All, here are some common sense rules for exits:

a) Identify what it is that you want?

Do you want to make a killing on only one trade, or do you want to do many trades and get a 10 to 20 pip nibble?

b) Identify the market you are trading in.

Draw trendlines to see what have been the highs and lows of the last 5 - 6 hours. Look for S/R and pivot lines. I'm always amazed at how well the price action follows those price points.

c) Program an alarm with the day's news events to warn you of upcoming events a half hour ahead.

d) Run a 5 minute chart and look at the action on the 5 minute chart. If you are using then 30 minute chart, this is like having a window into the future.

e) Beware of many of the indicators we have. They look into the past to reflect their output, and many will only tell you of a move when it's already an accomplished fact

Note:

Since what I've wanted to accomplish with this Forex thing is to become a steady, but long-term player, I've looked more at the behavior of the more experienced traders as a general guideline. This is what I've learned from watching them:

a) There are essentially 2 kinds of Forex days: regular and news driven days

**On regular days most of the experienced traders are pleased to get their 20 to 25 pips.

** On news days they get up early if they have to, and are ready for the news event. The news affecting the US Dollar seems to be a major event.

b) They are well-versed in the different markets and have a strategy for dealing with them. I've seen markets go from trending to near flat, and they were able to profit from both.

c) The best of them keep it simple. They only use a small number of strategies and indicators. Most of us here at this forum run the risk of "indicator addiction" and forget to develop our own trading philosophy ...hmmmm, I wonder if there is a 12 step program for that?

If you gather that your style of trading should be the general guide, you're quite correct. Technical indicators make good servants, but terrible masters.

moneyline