I keep cutting my winners

[Frederick Foresight]

First rule: Ignore whoever tells to let your winners run.
Second rule: Take profits by setting up trailing stops. Never ever close a trade by yourself.

Third rule: Beware of those who claim there is only one way to do it.

 

[guest_trader_1]

Third rule: Beware of those who claim there is only one way to do it.

As always you are late and wrong to the party.

 

[Laissez Faire]

Trust me, it is still a danger, and I just recalled another problem that comes up after a few months of consistent wins. After steady gains I always change somehow and start getting reckless, taking tips, engaging in office talk, and completely lose my edge.

Happened with me this month.

Not taking tips or engaging in office talk, but getting sloppy, unfocused and greedy after a very good September. The result was a drawdown this month.

 

[Frederick Foresight]

As always you are late and wrong to the party.

Oh, so there is only one way to do it? That sounds vaguely religious. Be sure to tell your one true god that I said hello.

 

[guest_trader_1]

Oh, so there is only one way to do it? That sounds vaguely religious. Be sure to tell your one true god that I said hello.

You are wrong again, I am the opposite of a religious person. Keep barking

 

[Frederick Foresight]

You are wrong again, I am the opposite of a religious person. Keep barking

A vague and angry post. Are you sure you're getting enough roughage?

 

[Wide Tailz]

No, because "letting your winners run" is a vague sentence that does not set any specific value. Run for how long? A day? A week? A month?

But in order to set a trailing stop you must set a range, a very specific one that will be triggered once it is reached, and that will force you to have a plan.

The main problem that OP has is that there isn't a plan in place to take profits. A trailing stop will force one to appear.

This sums it up. Years ago I found that using a trailing stop the height of the first wave, since I'm trading a reversal price pattern based on the first flag, would have worked fine and made a lot more money than just getting out when I think I have "enough" profit.

Currently long UCO, will try it and report back. *edit- already bailed, sold for slight profit

And I just cut about five winners the past few days. Not easy buying them back at this point.