Generally, the harder it was mentally to stay in the trade, the longer I try to hold for further gains. If the move happens with little or no pullback, I'll usually lock in gains with a hard stop. This is for longer term trades as opposed to intraday, and I find what usually works for one time frame is the opposite of the other, so fwiw.
Well said Forrest A trading system is what every trader should have (either in his/her head or in code!). Because each trade result can be seen as a random event, you will trick yourself into thinking one way works over the other, when in reality something completely different should be used. You need to find what works, on average. Be a trader for the long run, not just this trade! Good luck.
======= Good points Aussie trader and 2 more. 3] Dont like profit targets much, especially cash markets in bull markets; but lower highs and lower lows have been a wise sell signal over time Targets may cut profits & cut drawdowns. 4]However when you have an exchange deadline,, like Slims 3rd friday on TOL; you are either going to be early or be late ,prefer just a tad early Riply. Closing Prices are trending UP on SPY,TOL; weaker on DIA, all 3 measured on 6, 12 month charts.