I want to point out here that it is important to take profits when they are available. I refuse to do top or bottom fishing when I am in a trade. As soon as I have my anticipated piece of the market, I am quick to get out. I am perfectly willing to let others have the rest of the market. Wisdom dictates that I get out too soon rather than too late, and keeping me from being greedy and losing what I already have. So what the price moved 50 ticks after my sell target, I got what I want.
true.. you can never lose money my taking profits. but the difference with good traders and great traders is that great traders know when to be patient(and let something ride) and how to minimize losses i tend to take profits when i see them but im trying to get to the point where i can let my winning trades gain more. This comes with experience that i dont have enough of yet. Currently im sitting at a 100%~ unrealized gain on a trade but im letting it ride another day or 2. Before i would have taken the 20% gain happily. all depends on the situation and price action. GL stock king