I would like to ask, not which is the best exit strategy, knowing that it really depends on the individual trader at the end of the day. What I'd like to learn more about is that for each of you, what exit methodology works best for you and why you use it. Also, importantly, how you came about developing that exit method (ie. watching movements, plotting t&s, backtest, etc). Another thing, if it aint too much of a bother, is how you trained yourself to implement that strategy (knowing all to well, it is often hard to decide when to take profit and cut losses even when the system tells you to). Thanks for your inputs.
In my experience, one of the best exits is a good entry in the opposite direction of your trade. If you want to be more conservative, look for an early entry signal in the opposite direction. This should take care of both exiting for a profit or for a loss. I also use hard protective stops because the unforeseen happens.
Good example of a stop and a reverse strategy at work here: http://kreslik.com/forums/viewtopic.php?t=270