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Hello Traders,
For 2015 I would like to wish all of you discipline and patience in your trading!
Jim Wyckoff Discusses Entry & Exit Strategies
From our friend Jim Wyckoff
I have received several email messages from my readers asking about how to best determine entry and exit strategies when trading markets. Here are just a few of their quotes:
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“Though my success rate has been high, I am only breaking even financially, due to getting out too early in profit and letting my losses run too far.”
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“Many articles are written showing when and where to enter trades… but how many articles are written about “running” positions? Where to exit surely has to be the biggest key to trading success!”
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“I would appreciate some advice or tips on how to and when to enter a market and when to exit.”
Of course, if a trader knew exactly when to get into a market and when to get out, wouldn’t trading be easy! But even the most successful traders in the world can’t do that. The best they can strive for is to catch a bigger part of any move (trend) in the market, and then get out with a good profit before the market turns against them.
I’ve written past articles on trading with the trend and not against it, on the perils of trying to pick tops and bottoms, on support and resistance, and on letting profits run and cutting losses short, as well as trading the “breakouts.” I won’t repeat all those trading tenets here, but if you’ve missed some of my articles, drop me an email and I can attach some of them in an email to you.