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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Nemer who wrote (1354)7/8/1998 11:36:00 AM
From: Patrick Slevin  Read Replies (1) of 44573
 
RE:
......1) potential loss was set according to support level forecast
......2) potential profit was let to run according to the movable #1
......3) short term positions could turn into long term positions only by usage of above 2 rules.

I concur with the concept of allowing profits to run. Too often on SI I see where people prefer to set a daily "winnings" target or a certain price level in the instrument where they take profits and quit.

I imagine it works for people depending on personality but for me I am more concerned with preservation of capital than limiting upside.

That is to say, if I have a thousand dollar profit I won't take it just because it's a magic number. I'd rather convince myself that a thousand is all I'm going to get out of the trade.

In some ways I have a target but don't restrict myself to the high end. For example, if my weekly target is 40 bucks and by Tuesday I made 50; but on Thursday I see a trade I like I will risk no more than 10 bucks on the trade. It would probably seem demoralizing to know I was ahead on Tuesday and now have to go into Friday short of my goal.

Anyway, the long and the short of it is Risk Management; not Upside Limitation.
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