Fully Automated - Best Exit Management Strategy
All TradeStation traders today have heard about the golden rule of trading, which is to cut your losses quickly and let your profits run. Even though we've all heard this sage wisdom, it's been proven that the normal human behavior is to do just the opposite. Most traders want to ring the cash register as soon as they start getting into profits and will jump out of a winning trade way too soon. On the other hand, most traders don't want to be wrong about the trades they picked, so they will hold on to losing trades hoping they will turn around and become winners. In essence, the typical human behavior in trading is to cut profits too short and let losses build up to be big ones. Obviously that's a disaster for a trading account, but that is why the fully automated exit strategy can be so useful to any TradeStation trader.
This fully automated exit management strategy addresses three main problems Traders face in manually exiting trades.
(1) Traders can only manually manage 1, or maybe 2 trades at any one time, which greatly limits their profit potential.
(2) Traders commonly exit prematurely because the natural human tendency is to grab profits too quickly.
(3) Traders commonly hold on to losing trades too long, because the natural human tendency is to keep hoping their losing trade will recover since they do not want to be wrong.
Many Traders have overcome these three problems by using this fully automated exit management strategy. Many traders have found it does a better job of exiting properly and making more money on their trades then they can do themselves. These Traders are free to find and enter more trades while the computer manages the whole exiting process for them. This allows them to make more trades and have less trading stress watching each price tick while they are in a trade and having their emotions result in making bad exit decisions.
This Exit Strategy works on any type of TradeStation chart and on any symbol.
Watch the webinar-video named "Fully Automated Triple Profit Target Exit Management Strategy" to see how automated exits can benefit your trading:
This link contains a zip file with 4 performance reports, 2 on AAPL & 2 on EURUSD each symbol has a report before the exit strategy and after applying the Fully Automated Exit Management Strategy. Simply mouse click on this link to download the zip file.
This Fully Automated Exit Management Strategy contains the following exits and each individual long or short exit can be turned on or off by a input switch:
(1) Three different profit target exits
(2) Dynamic trailing exit that starts as a stop loss and automatically moves up, continually locking in more profits along the way. It is very effective in the way it moves to lock in more profits.
(3) Per contract fixed amount stop loss exit
(4) Range based stop loss exit
(5) Range based breakeven exit
(6) Per contract profit exit
(7) Per contract breakeven exit
(8) Per contract stop loss exit
(9) 5 progressive step per contract percentage trailing amount exits
Of course you do not use every exit but you select the exits you wish to use. The good part is that all the above different exits are available when you need them.
BONUS: I include the CT_Equity_Sample Strategy used in the 2 sample workspaces AAPL & EURUSD with this Best Exit Strategy already configured so you see a sample of the proper input settings used.
This Best Exit Strategy can be configured via input controls for the needs of almost any type of trading strategy, it is a very versatile exit management strategy.
This is our best fully automated exit management strategy and I know it will enhance your trading profits. When I am selecting from my many automated exit strategies this one is the one I select about 80% of the time. Just add this TradeStation strategy to your shopping cart, by clicking "Add To Cart" below.