Every one is agrees on the need to put a stop order when opening a position. Very little is ever written or discussed on the need to close a position with profit rather than have a trailing stop. My own experience is that trailing stops are very costly and very often eat into the majority or all of an occurred profit on a position. To avoid this one can use a stop close to the market but then you have to deal with the problem of being stopped out of a potentially good position prematurely. For some time I have been working on the idea that one should have an overall profit target for the day or the week. Then run all position until this target is reached. Needless to say I think the target should not be over ambitious. For example one targets 30 pips per day in the British pounds market, then if you are on day one and you make your target the close the position. However if you are on day three and, say you have had loosing trades on day one and two you would be behind target. Then on day three run the positions until you reach a 90 pip profit for the week, unless you get stopped out. Would be very interested on ideas on exit strategy separate from getting stopped out.