%% I noticed you like round numbers/me to, pineT b. [1aI would not want to get in the habit of giving $1,000 back unless that turned out to be super small %of profits; and even then i would aim @ not giving all that back. [2] Good thing for us there are more than 2 good choices in trading. [3 B] IF you are bound to those 2 choices+ really you can do better than 3 units long term[monthly charts] average/because the possibility of losing is possible. But not likely losing all your profit much. But losing all that % should be very hard to do. Unless the market turns trends[major] or you are trading to large. You are right/ in the sense if we were trading marsh mellows, easy to get 1,2/3/777. [7.77]Feel free to scalp on a 5 minute chart if you want to. But i have to pay my power bill this week, or next+ buy some gas this week or next month. So really , when i sell late\good points about it being to late to '' exit even ''.Don't know why Stock Traders Almanac divided it up in months; but that's life. Good idea of yours taking smaller profits occasionally.
i'll take the 1 marshmallow and bet 2 marshmallows on the next trade. Small profits compounded daily, that's how i roll
great to get diff inputs and perspectives on this so i guess we kinda got to reframe the question to a top-down decision from focusing on "what to do while profits roll in" at the single trade level --> to "what's the optimum mix of achievable win/loss ratio, risk/reward ratio, frequency # of available trades, which market to best capitalize on" at the strategy level as that would determine whether for us to (a) take profit and move onto the next opportunity, or (b) take the hardline approach, hold on a bit longer for potentially significantly larger profit, repeated lots of times
%% ROUND numbers got even more POPular in the past several years I have counted the pine timbers[ yellow pineT]n a log truck, may or may not be a round number............................................................................................., I dont think a pine load will bring $3k , but havent checked the price of pine lately??????
Not knowing what you are trading, or the time frame you are trading it in, my answer may be completely useless. Let's say you are short and the market is falling nicely. One way of getting out at a reasonable price is to switch your brain around for a second. Imagine that you are very bullish on this market and want to get long. So where are you going to do it? That point is your exit price. You may have to go out to a larger time frame to see those prices. It's a very effective way of getting out close to the bottom. Of course markets don't cooperate sometimes so you have to sit and watch it no matter how long it takes could be a few minutes could be a few hours and you have to monitor your position. The best way of doing that is to drop a time frame or two so you can see what's going on inside in your longer time frame bars. This Chart is a 5 second ESM. See how the move is losing momentum. It's saying Cover on the next low.