Exits

[franky]

Hi Immy,

I have been watching various videos of live trades the last couple of days and the one thing that keeps recurring in my head is the
exits. In the ebook, we effectively have, wait for the dot or if we have a strong move, trail the candles (and there is the FE targets).

However, watching the videos, your exits seem to be more subjective, even in one, you exited because 1% was a good result.

I can see Grant's style uses several different areas, pivots, fibs, session openings etc, and other traders will use various technical analysis.

Question, what in your experience is the most effective exit strategy......my thoughts have always tended to keep it simple, 'que sara sara'....this would then mean using the same strategy....and not have multiple different exits.....as this will reduce the stress levels and avoid the 'coulda' 'woulda' 'shoulda' scenario. But then in the middle of a trade, there is a 'push' toward being right, avoiding giving back pips.

It is good seen how the human attributes come out even in your trading videos with your experience. So what is the best strategy for exits (sorry for the waffle).

Franky

[immy]

Hi Franky

Thats the reason for sharing the videos. its a constant struggle.

Techniques for Exiting:
Well originally we had 5 techniques.
The best one is the one that works! More recent videos are based on trading the Strict small base hits technique influenced by Grants method. My original method is let it run and add on. I don't really have a video of those but since I have started doing this we may catch one like that. if you stick to trading the dots only you should do as good or slightly better than setting and hitting targets or trailing quick or a combination. Exits is the one thing that defines a person. It really brings in the inner chaos into play. But even if you go with one approach in the long wrong the results will all average out.

Grant Method: 1% position sizes based on 13pips and targets are not set but target zones are established. so we say if you are above 1% and you exit anywhere there the exit cannot be considered as a premature exit. But exiting anything less than 1% without a valid exit signal is called a premature exit. Grant method or mine letting it run and adding one what I have now established is that our monthly average was nearly the same during this entire year.

So the question is which style to adopt let it run and add on with different lot sizes? or have the same lot size and follow strict money and trade management like Grant. Its upto individual trader. e.g. some people would simply not go for small targets. others argue that pip wise 13pip might sound like small target but its not small on M1 since you can hit 1%. This fact makes the 13pip as powerful as 400pips on the daily charts and 100 pips on the four hourly chart. So its not in the pips its in the MM. MM wise Grants technique gives you far less trades and much better account growth. My technique gives the opportunity of really enjoying the trades (I also enjoy the Grant ones too) but most beginners will fail where I laugh. I am ok with paying rents after rents since I know there is going to be one round the corner that will me that 5-10% a/c growth trade. So beginners must first try, i mean highly recommend, the Grants method. Grants method you stay in the market for less time that means exposing your capital to risk for shorter period of time.

The most effective strategy is a combination of a few things. Last year I used this: Use CLOSE on red line (not merely touch) as exit during the start of a wave, as it moves and becomes profitable may be near the peak of ao change SL to CLOSE on green lines. after divergence exit at will at best spot. The following year i'm more inclined to trade the Grant method particularly the MM and Trade management .I love my template, but I am falling in love with his trade management. Very goof for those Teenage Boys too (if you know what I mean - PE problems (rofl) )

No two traders can ever trade exactly the same. We are all fractals similar but unique!

[cali]

When calculating the possible length of wave 5 based upon a 61.8% to 100% extension of wave 3, does this amount get added to the end of wave 3 or the start of wave 5 to determine where wave 5 might likely end?

Cali

[TexasSandman]

When you get in a trade, if it goes against you, do you wait for your initial stop to hit, or take the exit called for by the trail (blue dot or red depending on direction --- cross of green ema on closing basis). One leads to stops a fraction of your initial risk, but sometimes the trades recover... My gestalt opinion based on my read is you let the initial stop stand until solidly in profit. The bit with the green ema / colored dot is for when you're in profit already. But I'm interested in opinions concerning what "works" best.

Sorry if I'm asking something already answered, but i'm new here!

[immy]

When you get in a trade, if it goes against you, do you wait for your initial stop to hit, or take the exit called for by the trail (blue dot or red depending on direction --- cross of green ema on closing basis). One leads to stops a fraction of your initial risk, but sometimes the trades recover... My gestalt opinion based on my read is you let the initial stop stand until solidly in profit. The bit with the green ema / colored dot is for when you're in profit already. But I'm interested in opinions concerning what "works" best.

Sorry if I'm asking something already answered, but i'm new here!

Hi Aaron

Welcome to AIMS Stress Free Community. Questions are important part of learning process. You're welcome to ask anytime.

Exits are very important. Even more important than entries. Exiting with Profit and Exiting with a loss are however 2 different thing. We use Green Line Stop (a moving average trailing stop loss) or trail behind AIMS boxes to lock in profit and exit. To exit with a loss we would use either red line stop or if the aims box is too tight and SL is small (relative to the time frame/pair) then we would stick to our initial stop loss based on the "other side of aims box/level).

Simples!