Exiting a trade is as important as entering it

BeginnerJoe

Senior member
3,329 350
if you can exit smartly then you can cut back on your losses.

Perhaps if you spend more time on making good entries, you won't need to spend so much time in cutting back losses. If you want the psychology aspect, my approach is better by far.

If most of the good work is done at the beginning, you can spend the rest of your time sitting back and collecting money. This is how you get rich beyond your dreams.
 
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barjon

Legendary member
10,705 1,809
................... What is your definition high probability entry ?.................

I haven't really got one - that's really the point I was making because it means all things to all men. The one below, if it appears, is enough for me to go double position so I 'spose I must think of it as high probability.

The only thing I can control is my exit and it's those exits that move the account. Get 'em right and I keep ticking along on the right side.
 

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BeginnerJoe

Senior member
3,329 350
The only thing I can control is my exit

Things under control can't kill you. Those that are not, will. Hence the relative importance of entry is greater than exit. If the entry is taken care of, exit is just a matter of collecting money.

Thanks for your entry method. I presume it's Elliott wave thingy. Does it work and at what percentage win rate ? I don't reckon it would be greater than 50% if you need to place high importance on exit.
 

the hare

Senior member
2,949 1,283
Jesus Christ on a crystal meth binge how can a forum sink to such lows so quickly

This isn't even lulz !
 

barjon

Legendary member
10,705 1,809
................. If the entry is taken care of, exit is just a matter of collecting money...............

Yes, but how much and when :LOL: I don't disagree that an elegant entry is nice to have since it sets you off on the right track, but it doesn't move your account one jot. It's your exits that do that and they are the crucial determinant in how your account progresses.

Just my potential trend continuation after retracement thing that I've never varied from since I began thirty odd years ago.
 
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BeginnerJoe

Senior member
3,329 350
Jesus Christ on a crystal meth binge how can a forum sink to such lows so quickly

This isn't even lulz !

As usual, you make a point of not contributing but take an interest in the running of the forum instead. You should get into that kind of business. I can tell you will be good in it, and it will save you from tossing coins while finding the result is always strangely less than 50%, doesn't matter which way you bet.
 
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BeginnerJoe

Senior member
3,329 350
Yes, but how much and when :LOL: I don't disagree that an elegant entry is nice to have since it sets you off on the right track, but it doesn't move your account one jot. It's your exits that do that and they are the crucial determinant in how your account progresses.

Just my potential trend continuation after retracement thing that I've never varied from since I began thirty odd years ago.

Actually, the entry determines how much your account moves in the negative direction. I hope you are not one of those who believes that since you haven't yet exited, therefore your account hasn't moved.

My belief is that by getting the entry right, it wouldn't matter how you exit - you could even do a morris dance while exiting. Like so:


Just because you have used it for 30 years doesn't mean the method is good. But my guess is that it worked less than 50% of the time. This is just natural. The market loves the predictability of self fulfilling prophecies and defeat them when the profit is good.
 
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the hare

Senior member
2,949 1,283
My belief is that by getting the entry right, it wouldn't matter how you exit.

Beliefs are good, and I believe even necessary, but you have to TEST them.

Even the zoo has entries totally covered, ever wonder why no one discusses exits :LOL:
 

BeginnerJoe

Senior member
3,329 350
but you have to TEST them.

You have tossed so many coins that they have blinded you, or at least you must be blurry-eyed.

What made you think I haven't tested them. Why else would I be here offering to make people untold riches for free ? Barjon can confirm I am not some kind of a secret vendor.
 

SlowlyButSurely

Well-known member
324 38
Entries are important but so too are exits unless you are scalping and have a small defined range of profit/loss targets.

To be truly profitable you need to master both and when the markets behave irrationally you will need to be able to manage your trades extremely well to come out ahead.
 

barjon

Legendary member
10,705 1,809
Actually, the entry determines how much your account moves in the negative direction. I hope you are not one of those who believes that since you haven't yet exited, therefore your account hasn't moved.

My belief is that by getting the entry right, it wouldn't matter how you exit - you could even do a morris dance while exiting.

Just because you have used it for 30 years doesn't mean the method is good. But my guess is that it worked less than 50% of the time. This is just natural. The market loves the predictability of self fulfilling prophecies and defeat them when the profit is good.

Well it does finalise the risk you are prepared to run with and the lower the risk you can manage the better, if that's what you meant. Nonetheless a good trader will manage things much better than a poor one from then on and that's got nothing whatsoever to do with the entry, but everything to do with the exit.

You're right about 30 years - but it does give me a pretty full cupboard of "probability" stats to work with and your guess is pretty way out.

Lastly, the market doesn't love anything but, even if it did, it would take scant notice of the sort of money I throw at it :)
 

BeginnerJoe

Senior member
3,329 350
Well it does finalise the risk you are prepared to run with and the lower the risk you can manage the better, if that's what you meant. Nonetheless a good trader will manage things much better than a poor one from then on and that's got nothing whatsoever to do with the entry, but everything to do with the exit.

If you spend too much time on managing, your entry is probably wrong. I found my best trades came to me while I slept and unable to do any managing. This is what good entry can do for you, you wake up and the pips are waiting for you. If you so choose, you could then do a morris dance exit strat or any other strat you fancy. It's not critical.


You're right about 30 years - but it does give me a pretty full cupboard of "probability" stats to work with and your guess is pretty way out.

Can you tell us, or is it a secret ?


Lastly, the market doesn't love anything but, even if it did, it would take scant notice of the sort of money I throw at it :)

Well the thing with self fulfilling prophecies is that it takes a crowd to work. Even though your money is small, the aggregate sum of your fellow prophecees would be substantial and worth a bite for someone or someone-s big enough.

If your technique is so good, why not increase bet size ? 30 years of compounding could easily afford you that.
 
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15 min tlb

Senior member
2,057 98
Exiting is completely unimportant relative to the importance of entry. I can prove it by making anyone rich beyond their wildest dreams if they give me a high probability entry method. I will need nothing else from them and they can keep the secrets of the rest of their technique. So, you have nothing to lose to take on my offer.

If somebody gave you a high probability method , would you know it is high probability ? There are a few high probability methods for free on this forum.
 
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