If you do not have an exit strategy, then you are in danger of suffering huge losses. If you have a proper exit strategy, then you have a higher chance of securing your profits. Your exit strategy should help you identify the end of an existing trend or to be able to limit your losses.
You can make use of your existing tools available on your MetaTrader platform to find an exit strategy. Here are some of the tools.
Pivot points:
Pivot points help you identify support and resistance levels, which are used for entry and exit.
Volatility stop-loss :
Volatility stops help you to adapt to change in market conditions. You can use
Trailing stops:
Trailing stops help you to secure your profits when the market goes against you while your trading position is in a profit.
Scaling out strategy:
It involves closing some positions in profit and leaving other positions to move towards the