RE:Exit strategyHello Dan,
There is something I wish I knew when I started playing the game and that is there are two types of trading: trading for income and trading for wealth. The paradigm you choose will largely determine your exit strategy. Personally, I trade currencies for income and at every quarter I do a "sector rotation" and move capital from Forex to stocks. I see stocks as a vehicle for building generational wealth rather than earning a quick profit.
That out of the way, "buy and hold" is the worst possible trading strategy. What I would recommend you do is develop an objective, emotion-free system that works for your lifestyle (are you rolling in dough or debt for example). What I would recommend is that you grab a copy of "Moving Averages 101: Incredible Signals That Will Make You Money in the Stock Market" by Steve Burns and build a strategy revolving around the principles in the book. No two traders are the same so me telling you my strategy is completely pointless because I do not depend on stocks for income.
If you walk away from this post, I just want you, dear reader, to burn these two words in your mind: "risk management".
Hope this helps and GLTA!