Well then you've got work to do on plan and analysis. The alternative is to be stuck on the hamster wheel.
Getting back in at smaller size is an interesting suggestion too. I think you're right that it's ultimately gotta suit me. My discretionary exits generally suck which is why I systematized them, but I'm just tired of giving back so much in choppier markets I guess.
I’ve done it a few times and in every case it went the wrong way. I'm in one now where I mistook it for a 2nd run. Instead it tanked to a 52 week low. I’m still work in my way out of it. Rookie mistake is what I’m calling it. Won’t be doing that again…(at least try not to)
Well now I advocate “grab that money.” I can always re-enter. The market probes back and forth all session long. If bars are large enough I will enter and exit multiple times on 5 minute bar. I don’t trade like most people. I will also average down. To make matters worse LOL I will martingale in certain situations. What makes all this work is the continual probing of the market back and forth. The market moves to where more transactions will take place. But see I am a scalper of 1 to 8 points per trade in the ES. The day session offers many opportunities to do what I do. I go with the flow grabbing as things move.
Imo, a robust and steady trading plan is more important than some $$. Meaning, if after your exit, the chart fits your trading plan, then trade it anyway the regular way. But if after taking profit or breaking even, the chart continues climbing, but is not fitting your regular strategy for placing a regular trade, then for your long term money management sake -> Don't 'chase' $$ ! I don't believe chasing $$, even if successful, pays out long term. It slowly slowly changes your mindset from a disciplined trader, to a $ gambler.... Mindset is the most valuable asset of a trader !! (imao)
The answer to this question (and others) will be found through studies, testing and research of your chosen market, not random answers from random people online who may or may not have a clue about what they're talking about. If you're trading the larger swings of the day, you can choose to hold through retracements or you can choose to break the larger swings into smaller swings (trades) with exits and re-entries if you have a methodology which validly can recognize and exploit those micro moves.
All of this makes sense, thanks fellas! I guess I'm striving for something in-between all out scalping and daytrading. I average 3 trades per day where I hope to catch the longer all day moves and ride out the noise, but I gotta acknowledge my strengths and weaknesses: balls out scalping doesn't suit me, but neither does the fully patient riding out of every larger pullback. I really gotta master telling a PB from a reversal, but unless it happens at an area I've identified as key S/R I'm just guessing every time and usually wrong. Increasingly convinced it can't be done without the context of where it's happening.
I would not recommend to re-enter if you’re day trading and if you have a tendency to enter fairly late into moves. The reason is that because the later you enter, the closer you’ll be to the daily range which one always need to keep an eye on when intraday trading (unless you trade VLTF where the ATR is not a factor). Only you can answer that. Also, if there is no pattern (your edge) at that (re-entry) price level, then all you’d be doing is leaning on the edge that occurred X points before your re-entry level. It doesn’t sound like low-risk entry. How about just scaling out, and keeping on a runner? Or maybe consider a to re-enter with much smaller size ONLY if there is a tight consolidation after thrust (i.e.: a continuation pattern), and the market dynamics are strong, and there is still lots of room left in the daily range, etc, Otherwise there would no edge in it.
All depends on your qualifications as a daytrader. It can go from full disaster till skyrocketing profits. I do it almost every day. When I have time I will show with an excel some example later. Now trading , so no time now.