Out of all the cute trading axioms I've heard, the most truthful is, "The trend is your friend" I don't quite agree, as many counter-trend strategies are the highest probability ones I have b/c everyone is "waiting" for the correction. Also, the beginning of a new trend is the hardest to identify but also often the easiest to trade due to the impulsive moves that initiates a trend. I prefer "The trend is your friend except at the ends." and the biggest lie is "Nobody ever went broke taking profits." I think this is relative to your risk. Many scalpers and very short-term traders at prop firms are making a nice living taking small profits.