You might consider that what you're doing is the exact opposite of what you should be doing, if you're consistently losing money. Find out why that's happening. There's often a logic to the flaw, thus fixable depending on you alone. A totally broken trade plan is unfixable though, you need to build from scratch on something that should work, and then backtest wether it actually has worked and why not. Chances are there are lots of flaws in it or it is untradable due to practical considerations. A tip on opening your mind: Try flipping the chart upside-down. Would you short it, why - why not?
You must systematize the level at which you take a profit - or accept a loss - and have the confidence to let the trade run to those levels. You will simply never survive as a trader by taking small profits based on your subjective judgement of the moment, because you won't overcome the losing trades that are always part of the game.
I suppose what you are really asking is how do i deal with my FOMO (fear of missing out). The most practical way to do this with your existing strategy is to put on two 'units' everytime for one position. so if you want to buy a stock, are willing to spend $5k then one solution to satisfying your fear of a winner turning into a loser and simultaneously missing out on the BIG WINNER is to buy two units of 2.5k each, sell one of the 2.5k units upon reacihng your short term goal and then sit on the other one and see where the market goes. If the price action is not good in the first few days after taking profit then consider exiting the second position. if the price action suggests consolidation or continues higher, then just sit on it. depending how divisible the units are and how much capital you have, you can then sell another half of your position as the market moves higher. Obviously this can be more capital intensive if the minimum units/margin requirements are quite large, means you have less diversification and will miss out on other opportunities, however it also means you will be more focused, have to think about which opportunities are the absolute 'best' ones (in your opinion). alternatively as the people above mention: plan, test
Ask yourself this question: Do you get out of your small winners because you are actively watching the price action during the day? And secondly are you getting out too soon because you are reacting to something you are seeing on a smaller time frame that is causing you to act emotionally rather than strategically? Try doing what you are doing but without watching the stock in question (after you get filled on the entry). Walk away, set the stop loss and profit target parameters immediately (or automate that part of it). Odds are that if what you are doing is working it will likely run in your favor and you won't have to sit thru the ordeal of watching the price action psyche you out of your position.
So many times it's the mixing of two strategies with half-hearted commitment that spells doom. For instance, someone who wants to buy stocks making 52 week lows has to have a high pain tolerance and presumably some fundamental reason for doing so. Many times these people add to these positions that are going against them and have longer holding periods (probably plenty of good examples of this back in 2002-03 and again in 2009-10). But the absolutely WORST thing you can do is mix this type of strategy with the conventional wisdom of setting hard stop losses and averaging down into the abyss. The people who are successful doing this sort of thing probably have some type of info combined with patience and deep pockets. I think that most ordinary traders really just want shorter holding periods and immediate resolution in the markets. The danger, as always, is getting stuck in trades and then trying to "trade oneself" out of them and/or lacking the experience, discipline and emotional ability to do so.
It's very simple. You're afraid of a small profit getting away from you. Been there, done that. I think it's the biggest killer of traders who have put in the studying and time and finally know what they are doing. Get used to letting small profits go away, and set up profit targets to sell a portion of your position and let the rest run. For example, don't get out of 1/2 until you are up 4R, That way you are locking in 2R in profits, and you can set your stop at break even. (this is just one example.) Subjectively, without predetermined rules, determining where to take profits is very difficult to do in the heat of the moment when you are in a bigger position than you are used to (IE when you are VERY confident the trade will work out). You'll take half off just to lock in a profit so you can feel comfortable. You're not use to this much green on your screen, so you want to lock it in. This moment is what matters most in trading, and it happens in a few seconds in day trading, and if you're swing trading, it can make you lose sleep while wondering what to do. You need to fight this urge and stick to your rules. But first you need to come up with rules, be it profit targets based on S/R, or multiples of risk. And don't fall into the trap of believing you have some kind of psychological hangup. It's human nature to take profits when they are there. Hope this helps. JNB
tip? ignore what happens after you sell! Set a profit goal or max loss and stick to it. I trade my PnL, which seems to piss people off but when i get what i came for, then I quit. You've got to have a finish line. Keep in mind this applies to trading. In my long term account I let it ride