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    Thread: A good timing for closing a trade

    1. #1
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      Post A good timing for closing a trade

      Hi , all traders , hope you are doing well in trading . After a long time passing in forex trading , now i am trying to find out that which mistake is causing more loss in trading especially for newbies .

      The only most reason that also caused me a great amount profit and loss is that we don't know which is the right timing of closing a trade .

      I will give you a demonstration which occurs with me many time . Suppose i have opened a trade in bullish in EUR/USD pair and it was wrong decision . So market is going against me and i have nothing to do with that .

      Now What should i do in that time ? I think there are only 3 options for me . Such as
      1. close the trade
      2. Wait for turning the market
      3. Use stop loss

      Above these 3 options i have to choose one and what should i choose ?
      The most important part is that it really depends in which condition my trade is .

      Firstly if i have low capital and i have made a short term trade then i have to close when the market goes against me more than 100 pips .Because market seems taking a strong movement so it will be better to accept the loss if i want to survive my capital .

      Secondly If i have a large capital and made a long term trade then no matter how much strong the market movements , i have to cool down myself and be patience for a while . But i should remember not to open any new trade in same way because it may cost me more .

      Thirdly Using stop loss all the time following money management properly . It's the better way to control myself if i don't have the guts to control my emotion or accepting the loss . In this way It fells so comfortable and also less pressure to ensure my capital .

      at the end if market moves according to my trade then i shouldn't close the trade with small profit early because now the market has turned its trend and it will give me more profit more than i can imagine .

      Note for newbies : control your greedy mind ,accept the loss and be patience . Always try to learn from your mistakes.

    2. #2
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      Every trading positions should have a money management plan and we should decide earlier where to open the trades and where to close that trades. The best timing is to know the support and resistance levels and we should close it close the retracement levels. The stop loss and take profits can be used to close the trades automatically in our desired places.

    3. #3
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      Quote Originally Posted by Ms@IT View Post
      Hi , all traders , hope you are doing well in trading . After a long time passing in forex trading , now i am trying to find out that which mistake is causing more loss in trading especially for newbies .

      The only most reason that also caused me a great amount profit and loss is that we don't know which is the right timing of closing a trade .

      I will give you a demonstration which occurs with me many time . Suppose i have opened a trade in bullish in EUR/USD pair and it was wrong decision . So market is going against me and i have nothing to do with that .

      Now What should i do in that time ? I think there are only 3 options for me . Such as
      1. close the trade
      2. Wait for turning the market
      3. Use stop loss

      Above these 3 options i have to choose one and what should i choose ?
      The most important part is that it really depends in which condition my trade is .

      Firstly if i have low capital and i have made a short term trade then i have to close when the market goes against me more than 100 pips .Because market seems taking a strong movement so it will be better to accept the loss if i want to survive my capital .

      Secondly If i have a large capital and made a long term trade then no matter how much strong the market movements , i have to cool down myself and be patience for a while . But i should remember not to open any new trade in same way because it may cost me more .

      Thirdly Using stop loss all the time following money management properly . It's the better way to control myself if i don't have the guts to control my emotion or accepting the loss . In this way It fells so comfortable and also less pressure to ensure my capital .

      at the end if market moves according to my trade then i shouldn't close the trade with small profit early because now the market has turned its trend and it will give me more profit more than i can imagine .

      Note for newbies : control your greedy mind ,accept the loss and be patience . Always try to learn from your mistakes.
      Actually I do not open or close the order this way. I follow money management strictly. As I said I am scalper . So after having some profit I close the trade immediately . Sometimes depending on situation I hold my position. Because I want to gain big profit from trading either. Everything depends on market situation. Do not take any decisions without making analysis..

    4. #4
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      by the time you are entering a trade you should already know where you will be getting out but so many traders do not get concerned about that which to me is unprofessional , you should have your targets set and that is one of the things that make you to be a good trader ,

    5. #5
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      time in trading is very important only few traders take it in consideration, the market evolves with time and a trader need to enter and exit in specified time to not get surprise by inexpected move, time in trading is important as mush as your strategy.

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      In my case closing a trade is equally important as opening a trade. I just let my take profit hit or closed my trades manually if I feel they are no longer worth having. The difficult thing is we don't know exactly when the price will turn against our profitable trades, so much better to exit with profit intact so as not to regret not doing anything later.
      No Guts No Glory!


    7. #7
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      Of all the three options, I think the best of the options is to make use of stop loss. I am a swing trader and I trade for long period of time depending on the trend of the market.

      In all my trades, I so much believe in making use of stop loss in all my trades because this is the only way to protect my investment from being liquidated. I don't cut off my trades even if I am losing but I allow my stop loss to do its duty of protecting my investment capital.
      BE WEALTHY IF U WANNA BE !
      BE WRETCHED IF U CHOOSE TO BE !!

      THE CHOICE IS YOURS !!!

    8. #8
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      Support and resistance level is the best point for closing trade . Trader must know about these level , when price reaches at certain point , trader must close the trade . At this point , don't be greedy to make more profit even if profit is running . Market movement can be changed when they complete the movement for specific time frame . Support and resistance level may different for different time frame .

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      Quote Originally Posted by Ms@IT View Post
      Now What should i do in that time ? I think there are only 3 options for me . Such as
      1. close the trade
      2. Wait for turning the market
      3. Use stop loss

      Above these 3 options i have to choose one and what should i choose ?
      The most important part is that it really depends in which condition my trade is .
      If you doubt to close your floating minus order, just put stop loss on it. The stop loss is the limit and off course that will be stop your wrong decisions, it will prevent you from facing more losses. Keep in mind not to take revenge to recover your lose, just fix your analysis, the price will continue movements or will reverse direction.

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    12. #10
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      I have another point of view instead of thinking about your capital size you have to set your close points in case of lose or win before you even enter the trade, as when you enter you define your take profit and stop loss according to your strategy and you have to stick to this rules so it's not matter if I have a big capital I will always close the order on my stop loss.

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