Hello, few days back I was about to make a very similar comparision sharing what I have learned through backtesting. Why don't you start by stating the obvious and not so obvious things that you know-of, and then I will write about the things that I discovered.
the obvious: a fixed take profit point will not take advantage of the rare home runs at the tail end of the potential profit distribution. many strategies depend on those big wins to make up for the numerous small losses. however, in order for a trail to work, it needs to be wide enough (at least initially) so that it doesn't trigger too early and cut your profits short. the width of the trail must be tuned to the recent volatility so that it doesn't trigger off the minute-by-minute noise, while capturing the big intra-day runs and reversals. I suppose a fixed take profit point is workable if you have very low commission (think non-retail) and can afford to make a large number of trades in a day.
Do both, have one strategy running each. Its a very good question, i have looked at it , stats, testing, live action. Really depends in which market type your in. One way will kick ass, then the next quarter it perfoms average or less than average. All that being said, i do agree with what the other poster said, you need those outliers, those homerun. 1 or 2 will make your week. or if on 30-60min time frame, 2-3 can make your month. Do both, trail and hit targets EF