sds - I trade multiple contracts, but simply to get the returns that I am looking for. With that being said, I used to do something like Tin illustrated for us here, but after a real hard look at arbitrary fixed profit levels, I am focusing my efforts on exiting based on 'what the market is telling you' vs. holding and hoping... I started a thread here in case you did not see it -
http://www.traderslaboratory.com/for...dles-1480.html
I have found that having set profit levels out there is great when they are hit, but you really can 2nd guess yourself when they are almost hit. For example, I remember a trade that was last week or the week before on the YM. My profit target was at +20 based on the strategy being used at that time. It was a short and looked great! The move went exactly 19 points and not one more. My order was just sitting there - an MIT order actually. It just had to move one more point and I was out with a nice trade. Well, that one more point never happened... Talk about kicking yourself in the ass over that...