Hopefully some of the vets here can help me with a theoretical question. My question has to do with swing/position trading. I want to know if anyone here ever decides to liquidate all holdings at a weekly/monthly high water mark. The reason I ask is this. I have realized that a few big trades are often going to make your week/month/year. It has happened a few times in the past two months that I have seen a big jump in equity as a group of trades go in my direction simulataneously due to being on the right side of the overall market . Now, in studying trading, it has been drummed in to my head that I must 'cut my losers and let the winners run'. So when a trade goes my way, I put my stop in and move it up as the trade progresses, trying to let my winners run. However, in studying my returns and doing various extrapolations and 'what ifs', I have realized that had I liquidated everything at those high water marks, I would have been up quite a few points from my equity right now. The trades I would have liquidated? Well, a few of them would have gone further, but not enough to make up for the amount that I gave back as all of them fell back to the stops. Does this just mean I need tighter stops or is their some portfolio management protocol that dictates that it is sometimes all right to liquidate in order to make a number, and then start clean again? The larger question here is how to deal with winners, which I find to be the toughest, most gut wrenching part of trading. Taking losses is easy; you place you trade and put a stop in. However, I have had trouble knowing when to liquidate, especially in those first days when the trade goes up in your direction a bit then starts to retrace. Hope that question makes sense.