EXIT Management

For traders using multiple contracts, they can start say by 3 contracts and take profits at different points as follows:Exit 1 contract at Entry Price + X tics equavalent to risk tics.Exit 1 contract at Entry Price + 2 * Risk ticsExit last contract at market on close for very good trending days.The above can be done by any good Front Entry Platform connected to your broker.The above is only a suggestion and serves to trade 3 systems in one strategy and it should help in smoothing the equity curve.

#487
if price goes sideways for to long I will exit with what everI

Thats why I use 10 min parabolic sar - it gets me out if it just sits there for too long.

#625c

what i am saying is take 30on first contract,thence movestop on second contract to B/E, thence use a 3 day trailing pivotrange.

#655c

I have attached a chart on which I have explained what sort of a stop I would use in two different circumstances,it is a Daily chart,and from this you can see when the market is trending=I would like to try for a bit longer term trade,hence a 3 day roll pivot range.when the market is confused I use a Method that I callthe AT Method.The AT Method is simply this2 contract'sThe first contract is exited at or about 30pips.I say this as for instance if I had 28pips and was approchingsome type of rist ,such as R1, R2,R3 ,pivot range or whateverI am not going to say it has to get to 30pips before I canpull it off, I am happy to get a bit and not risk a retraceat the rist point.I have found if the price starts stalling approaching rist ,it can retrace very quickly ,and all of a sudden your 28pipsis now 15 or 16 ,and then you wait a bit more and then,it is down to 10 then 9 then 8 ,and then you start lookingfor a cat, it happens all the time.The beauty of two or even more contract's is you can pull that bit of profit ,and move your stop on the secondcontract to break even,and then trail on 5min chartfollowing just below the peaks and trough's.Many Traders will tell you it is wrong,and may even prove it beyond doubt that pulling a profit while the trade is stilltrending is wrong .It may be wrong in theory ,theory is one thing ,learning to manage a trade is quite another.Another good thing about the AT Method is ,it will give you a better strike rate,and a better strike rate means the true odds come true alot faster,and the faster they come true for the novice trader the better chance he hasof lasting long enough to learn to trade without stress.To explain a bit better , if you had only one contracton ,when you were up 25 to 28 pips ,there is a good chancethat when that fast retrace comes and catches you off guard,then you only have 15 to 16 pips profit ,you will tend to hang onto the trade,and next thing you know it is in the red.by now your pissed off,so what do you do ? I don'thave to ask as I have been there more times thanI like to think about,you hold on hoping for the trade to turn in your favour,well wait untill you meet Sante Clause. so what is the end result? a losing trade,where as with two contract's you have that choice,even ifthe trade catches you off guard and your down to 16 pips,you can still pull a profit and have a winning trade.you can if you like pull both contract's at 16pips,at least you have a few choices,with one contract, you got nothing.

#1249

As far as exit's go Mark says a 3day piv is ok ,or Momentum (page 244 ,137,138)

I am looking at a 10min chart as exit via Momentum,and also entry's.