trade exit

[osc]

Hello all
A little advice on when to exit a profitable trade would be appreciated. No technichal "mumbo jumbo" re stochastics and MACDs, etc. Just plain common sense. I was in a trade that made 10%, and wanted to make sure I got out before it went south so I exited. An hour later it was still going strong. No complaints, but had I stayed in I would have made 20%. A bird in the hand and all that, but any alternative views are welcome.

TIA

 

[NihabaAshi]

Quote from osc:

Hello all
A little advice on when to exit a profitable trade would be appreciated. No technichal "mumbo jumbo" re stochastics and MACDs, etc. Just plain common sense. I was in a trade that made 10%, and wanted to make sure I got out before it went south so I exited. An hour later it was still going strong. No complaints, but had I stayed in I would have made 20%. A bird in the hand and all that, but any alternative views are welcome.

TIA

Post a chart of the price action.

Also, to keep it simple...your exit strategy should have many aspects of your entry strategy.

For example, if your using moving averages to get into a trade...

You should use moving averages to exit a trade.

However, if your goal in the trade was 10% and you accomplish your goal...

Don't worry about what you didn't get.

The above advice is only for those that have consistent problems with leaving money on the table prior to reaching their goals.

Simply, if your entry and exit strategy have nothing in common, while your a profitable trader that consistently reach your goals...

More power to you and keep doing it.

Mark