Market Entry and Exit0

Market Entry and Exit
The methods for market entry are numerous. Some traders use charts to enter
and exit a trade, some traders use ad hoc rule sets, and others use indicators.

Entry and exit off a chart is the most transparent; you don’t have to translate
the meaning of one tool to another to make a decision. It is also faster, and the
markets move so quickly that whoever hesitates is indeed lost.
Exit is a little different from entry. You make an independent decision to
enter a market. Exit decisions may be due to your profit target being attained
and/or the market hitting your stop-loss. Those new to FOREX should set a
stop-loss order for their fixed loss amount as soon as they have confirmation of
a market entry. See Figure 7.1.
My FxCodex approach uses the entry and exit techniques inherent in
Getting Started in Currency Trading, namely GSCS. I show you more of these in
Part Three. In Chapter 8, I discuss using GSCS to both enter and exit the market.
For now, use it only to enter, and add the exit techniques later, after you
have had a few months’ experience trading.
I believe any codex approach should use the chart entry and exit method,
if not with GSCS, then with some other internalized technique, even if it is a
fixed price method.