I would never trade a system that did not fail a backtest. The first thing I want to know is where and how and when and why does it fail. If you don't know that you are trading blind. The first one I would question is my backtester. I would want to know why he is not catching all the failures.
At what point do you start thinking to take some profit off the table? When your trade is no longer valid.
Wanted to point out that the "auoa" in this poster's moniker stands for "are you on about". Think about this when replying to said writer.
%% I see your point Java ; just make sure you dont do that with GM ,DAL, BSC,LEH they hit the dirt[goose egg[ Some came up from the dirt, DAL, GM. LOL The London whale made $400,000,00 in one trade,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.....
Once you see your 3% and its a distance away from ex-dividend date. Sell otm covered call, repeat until called away