3 Factors for When to Close Your Trades (Trade Management Strategy / Exit Criteria)
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- Опубликовано: 27 сен 2024
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When should you exit your trade either in profit or loss? Where should you place your stop loss or take profit levels? This video explains how we take 3 factors to help with our trade management.
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For YEARS, I was young and foolish, trying on new indicators and methods like they were last fall's fashions, testing them back and forwards in time, creating massive complexity. A few months ago, I finally came back around to the simpler basics (with some select support from ATR and std dev indicators), using basically HH HLs and LH LLs. Yours and a few other articles/videos by traders have helped corroborate my own experiences and learning.
Also, thank you for discussing trade exits -- it's sometimes pointed out that almost everyone likes to sell and talk about entries and indicators, but exits are what matter far more, given that the market will statistically likely revisit one's own entry price sooner or later (often after having seen you dip both into loss and profit). The trick then is when to exit! :D
love the market structure method. clears so many grey areas when in a trade.
This is GOLD.
Thank you Nicholas!
Another 5 stars videos Nicholas, you are on fire!!!
Thank you Nicholas great video great explanation!
thank you
But if the setup and path of resistance are against you after TMP there's no reason to exit bc as long as the structure is on your side when you get those two against you it means there's gonna be a reversal but you already knew that price was going to make new HL/LH, it doesn't mean that it's gonna reverse and break structure. So I'd say after tmp the only way you'd exit trade is if structure gets broken do you agree? I'd love to hear your opinion
Interesting information. Highly teaching important points. It shows you take planning seriously. Cheers
This is really good.
And wow, now im profitable 😂🤣
That was a loooooong journey past self.
Hahhahahhahahahahaha.
Thanks nic for reminding me about money management. That is very crucial from the start. Thanks.
edited that ...i got the reason, ty donny
i have another question
you have one major turning point as a target for tmp
but you have for example minor trendlines that come and intersect price line before reaching your tmp.
that means that you should be setting your tmp at the minor resistance lines in an uptrend? (conservative estimate)?
that seems a bit of a drawdown because when you thought at the structure before taking the trade, the structure you set up your trade is the one with the major significant levels, and your stop loss and tmr and your quantity traded , all are based on that.
thats confusion right there
You are missing the factor of time. Resistance can strengthen and weaken over time. POLR is a path and must test to find the least resistance as the path travels through time (price action). The resistance is still there, but it'll go through the lesser of the resistances. So, it goes up and then pulls back. That pullback is from the path finding resistance. The path then goes to the trend line to test if it's still stronger resistance. If it is, it'll move up and past the last high/weaker resistance. If the test proves the trend line is now the weaker resistance it'll break down. Make sense?t
yes, thank you @@DonnyS.
Hi Nicholas,
Have you ever been stopped out on a profitable trade even though the candle wick did not meet the SL price?
I had a strange encounter yesterday on GBPUSD where i had a SL just above the significant level at 1.27907. Not a single candle wick broke the significant level which was 1.27894 but I was still stopped out.
Is this a common or normal thing to happen and how can I prevent it.
The spread may have increased to the point where it stopped you out even though the bid didn't make it all the way to your SL.
Onya Nwokedi check you charts in the other side of the trade if you went long check bid graphip if you went long check ask levels
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Great content. These are exactly the things that are going through my head during a trade. Thanks!