Do you withdraw money whenever you have a profit?

Discussion in 'Trading' started by dumpandbasher, Aug 16, 2008.

  1. Seems like whenever I have a few good trades that gain 20-30%, I give it up pretty easily. It's like I think that my account has a 20-30% buffer that I can play with, and if I lose it, then I'm still not really losing money. Of course that causes me to be reckless and I lose the 20-30% gain (and even more) pretty quickly.

    I think I better start pulling my profits out of my brokerage whenever I have winning trades, and always keep the amount of cash at a certain level. That way I won't feel like I have a buffer to play with, and can always be cautious.
  2. Every month, I pay myself a set salary, and take some quarterly$$$ for taxes. It helps to be consistent. I even pay myself during drawdowns, as there will always be another opportunity to get it back.