Regarding exit points, there are three key factors.
1: There must be a unified standard, whether it's a fixed take profit or a dynamic trend-following take profit. Only with a standard can execution be carried out effectively.
2: You need to have confidence in your own exit standards. For example, I have a fixed take profit of 3:1; once I reach that position, I close the trade. I have backtested this method, and it can absolutely make money. Orders either take profit or stop loss—there's no hesitation. With this confidence, it's possible to hold on.
3: Let go of obsessions. Any take profit method has its advantages and disadvantages. Fixed take profits may miss out on larger movements; trend-following take profits may see significant profit retracement, leading to small gains in volatile markets. Do not demand a perfect exit strategy; do not fantasize about selling at the best position every time. Perfectionism is not advisable.
I enjoy contracts, love studying the market, and researching techniques. Click on my avatar. With years of experience and skills in the crypto space, I share freely. I’m waiting for you in this circle, online anytime. Welcome to discuss and progress together.
