Lets say you trade the ES and have a 5 point trail stop and a 5 point profit target - those are your goals for each day. Pros: - Prevents you from overtrading once goal is met. - Frees up time to do other things. - Keeps you focused on what you need to do. - Limits losses and protects gains (because by continuing on you can always loss more or give back profits). Cons: - Focus can sometimes turn more on money rather than market action. - If you continue to trade you can always recover losses or add to gains. - You can overtrade. Just trade, trade, trade - opening bell to closing bell.