Excerpt from: Forex Training
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| August 18, 2008 | | The importance of knowing when to exit your currency positions | One of the important things to learn when it comes to forex trading is exit strategy. Part of successful FX trading is knowing when to exit your currency positions.
Forex Strategy Secrets offers a brief overview of four different types of exit strategy you can use:
- Profit target: You exit when you have reached your desired profitability in currency positions.
- Trailing stop: You exit when the market begins to turn against you, but you still have a profit (even if it may not be your target).
- Stop loss: You have no gains, and you exit currency positions in order to limit the damage.
- Time-based stop: You set a specific time to exit currency positions. This can also include exiting at a certain level.
| Topic Tags: currency positions, exit currency positions, forex secrets, forex strategy, forex trading, forex trading exit strategy, FX trading, learn forex trading | |
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