Quoting LouDisliked"Let your profits run and cut your losses short."
Hmm... I only started making money when I did the opposite of this maxim.
When I encountered losses I let them run back into profits. Can be an even more positive experience in a carry trade.
When I cut my profits I kept them from turning around to be losses, by taking a certain profit % of my account off the table. Or set limits at determined resistance points.
Prior to this my account was slowly bleeding to death by constantly getting stopped out.
LouIgnored
But bewarned, this is only if you're analysis is right. If your loss makes you think you're wrong, then get out.
Sorry for the lines from Reminiscences of a Stock Operator and Pit Bull, I just re-read them. Heh