You have an intraday gain of 8% on your book at 11:00 am. Rather than cash in, you suspect a bullish fever on the day, and decide to risk riding your profits higher. The market takes a sharp and nasty sudden reversal, of such a magnitude that it reverses your convictions. You close out all of your positions at 12:15 pm, rather than risk further market erosion, up 2.2%. After you close your positions, the market reverses yet again, and closes at a level that would have kept you up roughly 8% for the day had you stayed long. Have you: a) Booked a profit of 2.2%? or b) Lost 5.8%?