I don’t trade Nadex. I trade futures I am currently only trading CL and NQ. I usually take a quick profit. I"ll go for 3 pts on the NQ and 12 to 15 cents on CL. I am trying to learn how to take bigger profits; in demo of course. I was long one contract of CL. The market shot up 14cents($140) very quickly. I didn’t have an advance order to take profits because I was trying to squeeze as much out of the trade as I could take. It started to reverse I could’ve take 10 to 12 cents but I waited hoping that it would make a rebound. I ended up getting out with a 1 cent($10) loss. No real damage done but very frustrating. Is there a way to know the ideal place to get out.I can trade profitably by taking small profits of $60 per ct on the NQ and $120 on CL but many times the mkts. will continue moving with my potential profits. How do you know the best time to take profits? Sometimes the markets can turn in the other direction very quickly.
How do you know when to take profits when day trading futures?
Couple ideas.
You could set your take profit at something like 80 ticks and then just use a trailing stop.
Try basing your exits on the updated VAD indicator
Trail based on the MVP triangles.
skeltonmark
#3
Also be on the look out for strong levels. if you are buying and you are only 12-15 ticks away from a deviation or Ice level for example, you can expect possible, chop, reversal, and may want to tighten your stops at these levels. If it keeps going then great, but we do usually expect some hesitation if not a reversal at strong levels.