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I couldn't agree more. Over the past 2 days daytrading the S&Ps, I was up
$750 on one trade and wound up losing $250. This was after I had moved my
stops up one point. Another trade, I was up $1000 and had "locked" in $250
with a stop. The market moved quickly against me and I wound up locking in
only $75! Going forward, whenever I have more than 2 points profit in a
trade, I am taking it out. I figure that i will only let profits run if I
am trading multiple contracts, which is still some time away!
Gary
-----Original Message-----
From: Peter G <ktata@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, August 13, 1998 10:06 AM
Subject: GEN: Perfection and profit-taking
>RTs:
>
>This is just a quick note based on a trade that just happened, for the very
>new traders out there (not that I'm not one!)
>
>There is no perfect trade.
>
>You will ALWAYS leave profit on the table.
>
>If you are always shooting for that extra bit, I bet the odds are it
>actually reduces your average profit. I know they always say to "Let your
>profits run.." but that statement was somewhat dangerous for me when I was
>starting. I do much better taking smaller profits unless I have a strong
>conviction that something big is about to hit, then I take the windfall
>pretty fast if it happens.
>
>Good trading,
>
>PG
>
>
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