A Guide To Exiting Trades Successfully Learn To Trade

27.9.
2016
AGuideToExitingTradesSuccessfullyLearnToTrade
A Guide To Exiting Trades Successfully

By Nial Fuller in Forex Trading Articles | 41 Comments
How many times have you been in a trade that

goes in your favor a decent amount of pips
and then it starts moving against you and you
start to feel panicked? What about being in a
trade that is up a nice prot and you decide to
close it out only to see the market continue
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moving two or three times further in your

favor without you on board? Is this just part
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of trading or are there things you can do to

limit these types of frustrating trading
situations? Todays lesson is going to explain
how you can make exiting your trades as simple and unemotional as possible.
Exiting trades is hard for most traders, but it doesnt have to be. Like most other aspects of
trading, people tend to over-complicate their exits and make them a lot more difcult than they
need to be. It is the exiting of a trade that truly does separate the winners from the losers in the
trading world. There are some very talented market analysts out there who can pick the market
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direction with 80% accuracy but still cannot turn a consistent prot because they are terrible at
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exiting the market.
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Change the way you think about trade exits
Can You Really Beat The Market?
When you think about exiting a trade, the rst thing that comes to your mind is probably not a
stop loss getting a hit for a pre-calculated loss that you knew had about a 40 to 60% potential of
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You An Advantage
taking place. Instead, you probably think more about rewards and take prot levels when you
The Top 10 Ways To Quickly
think about exiting a trade, at least this is what most traders tend to think about it.
Improve Your Trading
Its pretty normal to think this way, because after all, most of us are initially drawn to trading
from the idea of fast money or quick prots and rewardsand so it takes more brain power
and forward-thinking to force yourself to think about losses and stop losses getting hit as an
What Is Technical Analysis And

How Do We Trade With It?
equally important part of exiting trades. So, dont think you are alone if you have a xation on
3 Fool Proof Tactics To
prots and rewardsjust know that you will need to shift your mentality on exiting trades if
Distinguish A Trending Market
you want to have a chance at making consistent money in the market.
From A Sideways Market
An important fact to understand about exits is that an exit includes prot targets AND STOP
The Great Paradox Of Trading
LOSSES, and an exit can also be a breakeven exit. Thus, its important to start thinking about
stop losses as a critical component to your overall trade exit strategy, because how you manage
losses and risk will decide whether or not you make consistent money in the market.
Accept that you simply arent going to win some trades

Im going to tell you something right now that
will have a profound effect on the rest of your
trading career IF you decide to believe it and
Break Through The Wall Of

Trading Mistakes Holding You
Back
12 Trading Mantras From Trading
Legend Mark Douglas
build it into your trading and money
How To Place Stop Losses Like A
management plan: YOU ARE GOING TO HAVE
Pro Trader
LOSING TRADES. Whether or not you want to

accept this fact is up to you. But, if I can
Why You Need To Learn To Lose
promise you one thing about trading, its that you WILL have losing trades. How you manage your
Properly To Win At Forex Trading
http://www.learntotradethemarket.com/forexarticles/guidetoexitingtradessuccessfully
1/10
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losing trades is a critically important factor in determining whether or not you make money in
How I Turned The Corner In My
the market.
Trading Career
If you feel like you have already mastered your trading strategy and you have patience to wait for
it to provide you with high-probability entry signals (you arent over-trading), the only other way
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you can consistently lose money in the market is by mismanaging your exits.
Introduction To Price Action

Trading
Heres the behind the scenes reason why so many traders nd exiting trades difcult or
otherwise mismanage their trade exits; they are risking too much money per trade.
What Crocodiles Can Teach You

About Trading
Think about it; if you have over-leveraged your account on a trade and it goes into prot for you,
youre going to have a very hard time taking that prot because relative to your account size you
Why Serious Traders Use 'New
have a large open prot and as you sit there looking at that large open prot all you can think
York Close' Charts
about is how much more you could make. You begin to justify reasons of why the market
might keep moving in your favor and start counting your chips at the table by calculating
Why Trading The Daily Charts
how much more prot you could make on the trade if it keeps moving in your favor.
Of courseyou are probably all too familiar with how the story endsyou dont take the open
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Results
prot for the reason I just described, and the trade starts moving against you and you are almost
The Minimalist Guide To Forex
paralyzed in disbelief at how fast all your prot is vanishing. Your thoughts then move to the
Trading & Life
idea that maybe the market will stop moving against you and turn back around in your favor.
You are now on the roller coaster of emotional trading that will eventually end in you losing a
3 Simple Price Action Strategies
large amount of moneyall because you risked too much on the trade.
Trade Forex Like A SniperNot A
Simple solution: ACCEPT that you arent going to win every trade and act accordingly.
Machine Gunner
Accordingly means that you never risk more than you are OK with losing on any one trade,
because, like it or not you COULD lose on any trade you take, not matter how sure you feel about
(Video) Live Trade Setup - Pin Bar
it.
Signal On GBPUSD
You need to be exible but not emotional with your exits
How To Trade Like The 'Market

Wizards'
As traders, we have to constantly ask ourselves

whether our next decision in the market is a
K.I.S.S. - Keep It Simple Stupid
purely emotional one or one supported by logic
Forex Trading Method'
and by what the price action is actually showing

us on the chart.
Prot targets
Perhaps one of the most common mistakes that
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Your Trading
Forex Trading Plan Why You
Need A Plan & How To Make One
traders make in exiting their trades is moving their initial target further away ONLY because
they think the trade will keep going in their favor. Most of the time, doing this leads to a smaller
prot than what you had originally planned, or no prot at all.
Note: Just to be clear, I am NOT saying that you should never move your target further out from
your entry or that you should never intervene and close your trades out manually, because if
theres a price action-based / objective reason to do so, then you should. The question you have
to answer about prot targets is are you moving your targets around or exiting manually based
on emotion (greed or fear), or is it based on what the actual price action is doing on the chart?
Remember, when you originally plan your exit for the trade, you place the prot target based on
your mindset and analysis of the market just before you entered. You were probably a lot more
objective and calm at that time because you werent in the market yet. Once your trade gets lled
you immediately become less objective and more emotional as the market ebbs and ows. The
best course of action in regards to prot targets, is often just to leave it where you initially
planned it. Moving it further out as price approaches it is typically an action born out of greed
not out of logic. How many times have you done this and then the market hits your initial
planned target or moves just a tiny bit past it and then rockets back against you, turning a solid
open prot into a much smaller one or even a loss?
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27.9.2016
Even if the market DOES keep going in your favor after you moved your target further out, its still
a bad habit to develop because it means you are reacting emotionally to what the market is
doing rather than preempting your actions in the market and acting objectively. You cannot rely
on luck in trading, eventually your luck will run out, probably when you need it the most. Thus,
essentially what Im saying here is that you need to stop moving your prot targets away only
because the market is getting close to hitting them. Let them get hit if theres no price action
based reason not to move them; let your pre-planned prot target play out, then patiently wait for
the next trade. This is part of developing discipline, patience and the correct trading habits.
Stop losses
You also need to be exible but not emotional with your stop losses. You can be a little bit more
rigid with stop losses than with prot targets. Meaning, with stop losses, it makes more sense to
let the market take you out by moving down or up into your stop loss, that way you give the trade
the maximum possible chance of moving in your favor.
The set and forget trade management concept that I teach is more important in regard to stop
losses than prot targets. We need to avoid exiting a trade just because its going against us; we
need to be much more disciplined with the set and forget concept by not exiting until our stop
loss is hit in most cases.
If you manually close a trade out for a loss before it hits your pre-determined 1R dollar loss, you
are also voluntarily eliminating any chance of the trade moving in your favor and this obviously
affects the potential long-term protability of your trading strategy. This is OK to do sometimes,
IF the markets price action calls for it, but a lot of times traders close out trades for small losses
ONLY because the market moves against them a little bit, then the market moves back in their
favor without them on board. As with prot targets, you really should only move a stop loss or
close a trade out manually for a loss if theres a valid price action based reason to do so.
Note: You should NEVER move your stop loss further away from your entry point, no matter
what. This is like the cardinal sin of trading and its a fast track to blowing out your account.
Stop losses should only ever be moved to reduce your risk on the trade, to breakeven or to lock in
prot by trailing the stop.
Sometimes, taking a smaller prot is OK

This point goes along with what we just discussed about being exible in your trade exits. But, I
wanted to mention this more in-depth since I know there are some misconceptions out there
about taking less than a 1:2 risk reward and when / if thats OK.
Basically, you dont need to be totally rigid by always either taking a 1:2 or 1:3 risk reward (or
some other pre-set reward) or no reward at all. Sometimes, it does make sense to close a trade
out with a smaller prot if theres price action telling you to do soeven if you havent reached a
2R or more prot.
I get emails from traders saying things like,
Nial, my trade came 5 pips shy of a 1:2 prot
today but I didnt take it and it turned around
and now is at a lossthis is where you need to
monitor your trades and intervene if you have
to. If the market gets really close to your prot
target you should monitor the price action, if
you are at a 1:1.5 or 1:1.8 risk reward and the
market appears to be turning around (based on the price action)theres nothing wrong with
closing the trade out and taking the prot off the table. You dont need to let prots slip away just
because you are trying to get some exact prot target, thats also being greedysituations like
these is where the saying dont be a dick for a tick came from.
You want to keep an eye out for a price action signal that is opposing your initial trade or for
situations where the market spends a long time trying to touch a level but cant quite get the legs
3/10
27.9.2016
to hit it. If you notice either of these things happening it probably means you need to intervene
and possibly exit the trade early.
Set and Forget truly is powerful, use it with discretion though.

Many of you have probably already read my set and forget trading article that talks about a very
simple trade management technique which, as the name implies, involves setting and forgetting
your trades. In other words, after you enter your trades you dont meddle with them. However,
there are exceptions to this rule, because the markets are dynamic and constantly changingso
we cannot afford to be 100% rigid in our approach to trading.
It will help if you think of set and forget as more of a default trade management technique
not something you do all the time despite what the market is telling you. Set and forget basically
just means you dont do anything if theres nothing logical to do. It should be your baseline trade
management pointmeaning, after you enter a trade you dont move your stops or targets
around unless the price action that you see on the chart is implying that you should. You should
consider set and forget as a nice metaphor for managing your trades with logic and objectivity
instead of emotions like fear and greed.
Thus, the mental concept of set and forget is important, but the actual practical
implementation of it will still require some monitoring and intervention. You will need to
monitor your trades say once every 4 to 8 hours on average, and at the time you need to be as
objective as possible as you observe the market. If a trade is working as planned, then do
nothing. If the market has formed a huge pin bar reversal against your position but you are still
up about two times your riskthen it probably makes sense to close that trade out manually and
take the prot, because you have a valid price action-based reason to do so.
However, lets say you check in on your trade and its gone against you by 20 pips but theres no
obvious price action telling you to exit. You would not close the trade at that point, you would
instead leave it open and just let the market play out. Closing a trade only because it has gone
against you a little bit is not a good enough reason to close it outwe need to give our edge
(trading strategy) time to play out if theres no logic / price action-based reason to close it out.
What is a successful trade exit?

Finally, you can determine whether or not you exited a trade
successfully by answering the following questions:
1) Did I exit emotionally or logically? (Logically should be the
answer)
2) If I lost on the trade, did I lose my predetermined dollar risk
amount (1R) or less? (Yes should be the answer)
3) If I won on the trade, did I make 2R or more on the trade? If I
made less than 2R on the trade is there a logic and price actionbased reason that I exited before 2R was hit or did I just panic
because the trade was moving against me? (Yes you should have exited logically no matter the
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size of your prot)
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41 Comments
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Professional Trading Course ameer says:
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July 11, 2016 at 7:21 am
My inability to take prots based upon fear or greed will be well managed after applying the
techniques of this article.
God bless u sir
And keep posting
Reply
Res says:
January 10, 2016 at 3:41 am
Well explained Nial, Thanks.

For me. If I can, at the end of the week for my weekly Trade analysis, Look back and say I
would have done the same, No Regrets!. That would be my winning trade, regardless as
Prot/Loss. But, I am not there ,Yet!
Reply
philips says:
June 25, 2015 at 3:21 pm
Everything that comes from you is good. Thanks.
Reply
Thabo Ntshisi says:

September 29, 2014 at 12:15 am
Good day Nial

Thank you for the best teaching about exit strategy, as long as we can teach ourselves on
daily basis that you do not to have loss more than 2R on any trading.
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Stephen says:
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August 29, 2014 at 2:29 am
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Its like you are actually talking to me. No, not like; You are talking to me!
Thank you and God bless you.
Alex says:
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May 27, 2014 at 4:23 am
Hello, Nial.
Great article Nial, Im really enjoying being part of this trading site.
5/10
27.9.2016
Thank you very much.
Reply
JAYARAM R says:
August 17, 2013 at 1:35 pm
good.really it works.
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Mariano Jc says:
July 6, 2013 at 6:53 pm
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Thank you for the point of view you offer, its very relevant.
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ugochukwu says:
June 16, 2013 at 7:26 am
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olga says:
June 15, 2013 at 3:44 am
thank you
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ada says:
June 10, 2013 at 7:59 pm
Awesome End Questions Nial. Have just cut n pasted them into my reective practice notes
that I write up after each trade. I keep a running diary and this will help me to tie up the end
of any trade I make.
Reply
bonginkosi says:
June 10, 2013 at 2:55 am
Hi Nial
thanks for the informative article
Reply
Lloyd M says:
June 9, 2013 at 11:24 pm
Thanks Nial for the article,and for your request,Vikas,Nial has already written article/s on
how to enter trades successfully.You can look for them on the previous articles
Reply
Boris G says:
June 9, 2013 at 4:50 pm
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Thats for me! I am struggling here and cant x my exits because of greed. Triyng with
trailing stops but not very successfull Thanks for your article! Will start using targets (TP)
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will see what the backtest will show me.
Amaefule Augustus says:
Reply
June 9, 2013 at 8:46 am
This is an article worth reading and putting into practice.
sajol ahmed says:
Reply
June 9, 2013 at 4:43 am
6/10
27.9.2016
Thanks again sir, for very helpful article.
Reply
Paul Gukiina says:

June 8, 2013 at 10:31 pm
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You touched on a very important area of my trading weakness. Thanx
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Kumar says:
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June 8, 2013 at 7:07 pm
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Hi Nial
What a great artical .Thanks again.
Reply
Venkat says:
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at 6:03 pm
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One more valuable article on how to exit trades

Thanks Nial
Reply
Magie says:
June 8, 2013 at 5:19 pm
Awesome article Nial I personally experienced everything you said but until now I couldnt
nd viable solution. Thanks Nial for time and effort you putting into these articles they are
priceless.
Reply
Qasim says:
June 8, 2013 at 4:42 pm
Great lesson, thanks Nailbut what I think is that teaching and reading and listning is one
thing but practicing is another thing.We acknoledge all these facts about Forex and we
know about our mistakes but in practice we commit the same mistakes again and again
until we are hurted deeply and then we become an experienced traders.however it can
play the role of a light in the darkness of the Forex way if we read it again and again
Regards
Reply
Siyabonga says:
June 8, 2013 at 3:15 pm
Thanks Prof.
daniele says:
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June 8, 2013 at 8:48 am
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Superlative article, one of the best.

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I love the picture with the exit door, it represents well what the exit should be: relaxing
peaceful and pleasant end of the trade..
lyte says:
Reply
June 8, 2013 at 8:16 am
Thanks Nial. For me set and forget is probably the hardest discipline to maintain. To accept
loss through logic over emotion.
7/10
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Igor says:
June 8, 2013 at 7:25 am
You are THE MAN :-D
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Luca says:
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June 8, 2013 at 2:21 am
Nial
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Luca says:
June 8, 2013 at 2:20 am
Thank you Neal
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June 8, 2013 at 2:04 am
Nial, you have read my mind! This article is denitely made especially for me! (as if :p)
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KRISTOFA OKENTA says:

June 7, 2013 at 11:05 pm
Dear Prof Nial, each of your lesson comes as if you are a mind reader. This is a proof that
you indeed a great professional trader. We owe a lot of thanks for pointing the light in every
trading corner of the Forex world.
You have made a mark in my heart and may you continue to witness success in your trades.
Reply
Henry says:
June 7, 2013 at 10:33 pm
Great article! Thanks Nial.
Reply
alex says:
June 7, 2013 at 10:24 pm
thanks again for tis article,remind me not only just enter ,and also let me know how to
exit.
Reply
alex says:
June 7, 2013 at 10:20 pm
thanks again for tis article,remind me not only just ,and also let me know how to
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June 7, 2013 at 9:52 pm
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Very useful! Thanks again for a wonderful article!
Andrej7 says:
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June 7, 2013 at 9:08 pm
Very nice and logical article. Its one of the rst things starting and even advanced traders
should read. Maybe you could consider writting an article discussing when to move stop to
break even. This is something Im sometimes struggling with. Good job, Nial !
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27.9.2016
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Oleg says:
June 7, 2013 at 8:42 pm
Thank you Nial!

You are a great psychologist! That was it!
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Vikas says:
June 7, 2013 at 8:33 pm
Thanks Nial for publishing the guide to exiting trades successfully. Truly enjoyed reading it
and picked up a couple of things to incorporate in my own trading.
Follow@nialfuller
18.3Kfollowers
I would like to make a little request too In future, it would help everyone if you could
publish a similar guide to entering trades successfully
Thanks again.
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Felix says:
June 7, 2013 at 8:16 pm
This article encourage me to plan my trades better, then no need to move the S/L or T/P.
Thank you for your help
Reply
Avinash says:
June 7, 2013 at 8:11 pm
You are Superb Nial. I read most of your articles & trading setups. I learned strategy of being
exible is most important for a successful trader.
Reply
Geetha says:
June 7, 2013 at 8:10 pm
Thanks for such a useful information about exits, sir.

I would really exercise it.
Reply
Cyrus says:
June 7, 2013 at 7:58 pm
After reading this, it was a lot like a Eureka moment for me

What a pleasure!!
Thanks
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Ramli ms says:
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June 7, 2013 at 6:59 pm
Thanks Nial.
Worthy article
Cheers
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27.9.

A Guide To Exiting Trades Successfully

How many times have you been in a trade that

moving two or three times further in your

Yes, Give Me FREE Access !

of trading or are there things you can do to

20 Eye-Opening Trading Quotes

exiting the market.

From Trading Legends

Change the way you think about trade exits

Can You Really Beat The Market?

Here Are 5 Tips That Will Give

The Top 10 Ways To Quickly

Improve Your Trading

What Is Technical Analysis And

3 Fool Proof Tactics To

Distinguish A Trending Market

you want to have a chance at making consistent money in the market.

From A Sideways Market

The Great Paradox Of Trading

Accept that you simply arent going to win some trades

Break Through The Wall Of

build it into your trading and money

How To Place Stop Losses Like A

management plan: YOU ARE GOING TO HAVE

LOSING TRADES. Whether or not you want to

Why You Need To Learn To Lose

Properly To Win At Forex Trading

How I Turned The Corner In My

Introduction To Price Action

What Crocodiles Can Teach You

Why Serious Traders Use 'New

York Close' Charts

Why Trading The Daily Charts

Will Improve Your Trading

The Minimalist Guide To Forex

Trading & Life

3 Simple Price Action Strategies

(Video) Live Trade Setup - Pin Bar

You need to be exible but not emotional with your exits

How To Trade Like The 'Market

As traders, we have to constantly ask ourselves

K.I.S.S. - Keep It Simple Stupid

purely emotional one or one supported by logic

Forex Trading Method'

and by what the price action is actually showing

Daily Afrmations Will Improve

Sometimes, taking a smaller prot is OK

Set and Forget truly is powerful, use it with discretion though.

What is a successful trade exit?

size of your prot)

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simply and successfully, checkout my trading course and members community.

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July 11, 2016 at 7:21 am

Well explained Nial, Thanks.

Everything that comes from you is good. Thanks.