[Phil Mibbutz]

Originally Posted by wasp »

No, a profit isn't a failure but I see no reason not to try and max out every move.

As always, it depends on your style of trading, but in my case not trying to max out every move, a) reduces stress, and b) gives me more time to look for another trade that may have a better risk/reward factor, and/or do something else.

[wasp]

Originally Posted by Phil Mibbutz »

As always, it depends on your style of trading, but in my case not trying to max out every move, a) reduces stress, and b) gives me more time to look for another trade that may have a better risk/reward factor, and/or do something else.

I think that is the case of difference between a lot of traders and just why there is no perfect way. Our own desires, requirements, needs and personalities are personified into our trading and whereas I am only happy exiting if I think it justifies a reversal/entry, others are already out and up the pub.

Yet, the original query of Jason's was how to attain the best from any move with minimal risk yet maximum reward. In my view, the best way to not miss a thing, is to get the exits and entries to match like a non-bleached blonde!

[Phil Mibbutz]

Originally Posted by wasp »

get the exits and entries to match like a non-bleached blonde!

IS that Plato or Aristotle?

[firewalker]

Originally Posted by Phil Mibbutz »

As always, it depends on your style of trading, but in my case not trying to max out every move, a) reduces stress, and b) gives me more time to look for another trade that may have a better risk/reward factor, and/or do something else.

Guess it's all down the personalities! For me, trading less, and staying longer in a trade means (a) less tress and (b) more time to do other things

I know myself... by exiting for little profits, I'd be looking for another trade far too quickly, so it's also a protective measure. Especially after I scaled out and moved my stop to breakeven the 'trade management' is much more relaxing than the work to pinpoint the entry without getting stopped out.

[sdoma]

I think that you need a disciplined and proven exit methodology so you can assess a trade's risk/reward ratio before you take it. I base mine on the nearest attracting structural features. So, for example, if we've exited value and we're heading towards the high or low of the day and I'm in the market, I am looking to take off my trade at that point at the very least. This allows me to assess R/R and not get myself into what my risk manager calls 2 star trades.

[firewalker]

Originally Posted by sdoma »

I think that you need a disciplined and proven exit methodology so you can assess a trade's risk/reward ratio before you take it. I base mine on the nearest attracting structural features. So, for example, if we've exited value and we're heading towards the high or low of the day and I'm in the market, I am looking to take off my trade at that point at the very least. This allows me to assess R/R and not get myself into what my risk manager calls 2 star trades.

You've got yourself a risk manager?