💭 How do you smartly determine the right time to exit a trade? (The Art of Profit Protection)
📌A successful entry means nothing if you don't know when and where to exit smartly. The correct exit turns your potential gains into real profits.
1. Set a goal before entering:
Don't enter a trade without knowing in advance where you will take your profit and where you will stop your loss.
2. Use support and resistance levels:
If the price approaches strong resistance or important support, consider gradually taking profits.
3. Monitor momentum indicators:
A slowdown in momentum (such as a declining RSI or MACD reversal) can be a good signal to exit.
4. Adopt a partial exit strategy:
Take part of the trade off when achieving the first target, and let the rest run while raising the stop loss to protect profits.
5. Don't let greed control you:
Exiting when you reach your goal is better than waiting for a bigger move that may never come.
💡Remember: Professional exits distinguish the smart trader from the amateur.
Next lesson:
🎁How to smartly deal with losses and turn them into learning opportunities?
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