Exits and Trend Endings
Why Turtle-style systems use predefined exits and accept giving back part of open profit.
Exits are where trend following becomes emotionally difficult. A strong trend may build a large open profit, then reverse before the exit rule triggers. This giveback is not always a mistake. It is part of waiting for evidence that the trend has weakened.
Exit logic
Common exit logic includes a shorter channel break, a trailing stop or another predefined condition. The important point is that the exit rule should be known before the trade is opened.
Why not exit at the top?
The top is only obvious afterward. If the system exits too early on every pullback, it may miss the rare trend that pays for many small losses. A trend-following exit tries to capture the middle of a large move, not the perfect high or low.
Review after exit
A good review asks whether the rule was followed, whether slippage was reasonable, whether the data was reliable and whether the trade belonged in the system. It does not simply ask whether more money could have been made with hindsight.