One more thought: The main idea is to run the numbers, figure out if what you are doing has a positive expectancy, and then experiment by looking back at your past trades. See what would have happened if you switched your approach to use a trailing stop of 10 cents after a 10 cent profit is reached. There are other variations. The object is to let the winning positions have a chance to run and to minimize the losing positions, including giving back profits (which is the same thing as a loss). Set up as many situations where your open trade has a chance to at least break even, or possibly even has a chance to turn into a very large profit. The targets should be based on how far the market typically moves (not based on how much you want to make from the position). There is a point at which it doesn't pay to let a winning position turn into a loss - is it after a 15 cent profit or maybe an 8 cent profit? There is also a time when it is wise not to let the profit run any more because 9 times out of 10 it doesn't keep going, and by not taking the profit at its extreme you risk losing your profit. Only your research can tell you the answers.