When do you use profit-targets versus trailing profit stops when taking profits?

[helpme_please]

There is no right or wrong in the choice. I would like to the views from elitetraders here concerning this issue -> When do you use profit-targets versus trailing profit stops when taking profits?

Do you use different methods in different asset class? Say, trailing stops in stock indices, profit targets in forex? How about in different market conditions (bull vs bear market)?

 

[Bad_Badness]

Some context is needed. This is like asking when do you eat chicken. The detail would make the discussion fruitful, maybe.

 

[helpme_please]

Some context is needed. This is like asking when do you eat chicken. The detail would make the discussion fruitful, maybe.

I edited the opening post. Added some context.

Do elite-traders use different methods in different asset class? Say, trailing stops in stock indices, profit targets in forex? How about in different market conditions (bull vs bear market)?

 

[Tradex]

There is no right or wrong in the choice. I would like to the views from elitetraders here concerning this issue -> When do you use profit-targets versus trailing profit stops when taking profits?

Do you use different methods in different asset class? Say, trailing stops in stock indices, profit targets in forex? How about in different market conditions (bull vs bear market)?

It depends on your system, but basically there are two ways to trade:

If you are trend-following then your target must be dynamic (trailing stop of some kind), as some trends can last a long, long time.

If you are trading the range then the target is clear, it is simply the other side of the range.

Most traders prefer to pocket their winnings quickly (for instant gratification), and let their losses run (to avoid pain), while they should be doing the exact opposite.

That's why trading is so hard, it goes against our human nature.

 

[oshjdf]

Only when specific condition appear. The base system has target profit. When the specific condition appear, I entry twice lot size. One for target profit and another one for trailing.

Both the target profit system and trailing system have their own statistics. The beauty is similar entry and original stop loss.

 

[murray t turtle]

There is no right or wrong in the choice. I would like to the views from elitetraders here concerning this issue -> When do you use profit-targets versus trailing profit stops when taking profits?

Do you use different methods in different asset class? Say, trailing stops in stock indices, profit targets How about in different market conditions (bull vs bear market)?

%%
YES; you have to.
Letting profits ride with sqqq like TQQQ would be wrong,wrong,not right. You could get by with not using stops withg tqqq/ but sqqq would kill you doing that.[Delayed edit/used some trailking stops on a leveraged techx3 etf early today= I dont like borrowing money all the time/thats what es/nq or leveraged ETFs are.……………………………………………………………………………………………………………………]

 

[They]

There is no right or wrong in the choice. I would like to the views from elitetraders here concerning this issue -> When do you use profit-targets versus trailing profit stops when taking profits?

Do you use different methods in different asset class? Say, trailing stops in stock indices, profit targets in forex? How about in different market conditions (bull vs bear market)?

Only Futures
Scalping = Targets
Intraday & Interday = when the trade signal/directional bias reverses
No Trailing Stops

 

[KCalhoun]

It depends on your system, but basically there are two ways to trade:

If you are trend-following then your target must be dynamic (trailing stop of some kind), as some trends can last a long, long time.

If you are trading the range then the target is clear, it is simply the other side of the range.

Most traders prefer to pocket their winnings quickly (for instant gratification), and let their losses run (to avoid pain), while they should be doing the exact opposite.

That's why trading is so hard, it goes against our human nature.

Outstanding points. Your best post ever imho, very smart.

Great point re using ranges as targets, that's how I trade, using 2day charts to see pd orb & atr

 

[murray t turtle]

It depends on your system, but basically there are two ways to trade:

If you are trend-following then your target must be dynamic (trailing stop of some kind), as some trends can last a long, long time.

If you are trading the range then the target is clear, it is simply the other side of the range.

Most traders prefer to pocket their winnings quickly (for instant gratification), and let their losses run (to avoid pain), while they should be doing the exact opposite.

That's why trading is so hard, it goes against our human nature.

%%
Good points;
actually any prefer to get paid sooner rather than later/that why most bills are discounted/or have late fee,but as your last word notes/implies/ profits ride.
Big problem can happen in SEPT/clears range+ then goes up again/trend$;
but tends to sell off late SEPT/spy/qqq.....................................................As far as selling sooner or later= I prefer both/but a cash market paying dividends can pay to be holding on

 

[Trader H.C.]

It really depends on your system:

If your system has an edge with a profit target, follow it.

If your system has an edge with trailing stops, follow it too.

What NOT to do:

If your system has an edge with a profit target, and you use a trailing stop.

If your system has an edge with trailing stops, and you use a profit target.