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When to take Profits
Many
people do not know when to take profits. First of all, it depends on
your trading style, but we do have some general tips. If you are asking
yourself if you should take take profits or not, then DO IT! No one
ever went broke taking profits. Depending on your position size, you
may want to start taking profits at 5%, 10%, 15% and so on. If your
position size is smaller you may want to go to 5% to 12% to 20%.
Never think like this: "Well, I lost 25% on my last trade, I'm up 17%
on this trade, I'm close to breaking even. I will just hold onto it for
now"
This will usually get you in trouble. Hold it until you see sell
signals on the chart, then get out and do NOT watch it after you get
out. It may drive you crazy if it goes back up, but if it heads down
6%, you just lost that profit.
If you need some advice on if you should take profits or not on a
specific stock, most likely we will say YES, but we can maybe give you
an idea of how much you should hold or when to sell the rest.
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