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What method do you use when determining when to exit a trade? I have no problem taking small losses. In fact, I welcome losses. It's like the salesman who welcomes rejection, because he knows - statistically speaking - he's that much closer to a sale. But often I find that I exit too SOON, leaving money on the table.
Can you help answer these questions from other members on NexusFi?
Wow, I haven't heard that sales analogy in a long time. Brings back memories from the 80's. Typically, I set my first target for a quick profit 0.06 to 0.10 ticks and the second target based on where I see the s/r levels to the left of my chart.
If you are looking for an indicator to tell you when to exit you might want to check out the thread by ESFXtrader where he talks about using the CCI indicator and the success he has experienced with the value of +/- 45
That sales line is just an excuse to keep on going, and it might work, since the sales guy didn't loose actually money by getting a rejection, only time.
If you use the same analogy in your trading, you are loosing money every time you are wrong. it's the sure way to loose all your money. You need to add the commission too, the broker is the only guy who welcomes your "small" loss. I would not welcome losses like a salesman does.
Even more, a beginners trader mistake is to add to your position after a few loosing trades, because you must be right soon hugh ? It can't really go that lower can it ? It must come up now ? (that must be one of the most heard lines before a margin call)
