How long to hold on to a position

I had been demo trading for 6 mo's (almost every trade made a profit) Then I started a live mini account - 10 000 lots (lost my a**) So i went and bought the book "Disiplined trader" by Mark Douglas. I learnt alot and decided to hold my positions longer because I would always hit my stoploss, which was usually 20 pips away. How long do you guys usually hold your positions 1 day,1 week or longer. Then again I guess every situation is different. I don't know this is pretty complex sometimes, LOL. Thanks for any help.

It depends on the methodology you have.
Example: A trendfollower would give the trade much more room, a short term trader, who's normally out after 1/2/3 bars, realizes his loss sometimes after the first move against him (he thinks, either the currency moves into my direction, or iam out [he admits that he's wrong, which is something many won't learn]).
Personally i think that you shouldn't give trades too much room, because why should you give potential profits back to the market? Isn't the better strategy closing your positions when the market demands too much from you and reenter the market when it gives you the opportunity.
E.g. A trend follower could realize his profits on stronger pullbacks and reenter the market when the pullback/retracement seems to be over. You killed two birds with one stone -->
1. Possibility to compound, which is an important step to REAL profit
2. You don't give back you're hard earned money

Disadvantage is--> The trend could continue, but with a proper eye you'll reenter

Cool, isn't it
Greetings
-mike

I have run some analysis and found that a trailing stop of 60-80 pips was always more profitable than a trailing stop of 20, 30, 40 or even 50 pips.

My strategy now allows a drop of 80 pips, so I'm focusing on where the main trend goes and ignoring the short term noise.

On the subject of holding. It took me a long time to understand the lesson being taught in the following from Edwin Lefevre - ROASO:

"Well, Elmer made for the old man and, without a word of
apology to John Fanning, told Turkey, "Mr. Partridge, I have
just sold my Climax Motors. My people say the market is entitled
to a reaction and that I'll be able to buy it back cheaper. So
you'd better do likewise. That is, if you've still got yours."
Elmer looked suspiciously at the man to whom he had given the
original tip to buy. The amateur, or gratuitous, tipster always
thinks he owns the receiver of his tip body and soul, even
before he knows how the tip is going to turn out.
"Yes, Mr. Harwood, I still have it. Of course!" said Turkey
gratefully. It was nice of Elmer to think of the old chap.
"Well, now is the time to take your profit and get in again on
the next dip," said Elmer, as if he had just made out the
deposit slip for the old man. Failing to perceive enthusiastic
gratitude in the beneficiary's face Elmer went on: "I have just
sold every share I owned!"
From his voice and manner you would have conservatively
estimated it at ten thousand shares.
But Mr. Partridge shook his head regretfully and whined, "No!
No! I can't do that!"
:'What?" yelled Elmer.
"I simply can't!" said Mr. Partridge. He was in great
trouble.
"Didn't I give you the tip to buy it?"
"You did, Mr. Harwood, and I am very grateful to you.
Indeed, I am, sir. But --"
"Hold on! Let me talk! And didn't that stock go up seven
points in ten days? Didn't it?"
"It did, and I am much obliged to you, my dear boy. But I
couldn't think of selling that stock."
"You couldn't?" asked Elmer, beginning to look doubtful
himself. It is a habit with most tip givers to be tip takers.
"No, I couldn't."
"Why not?" And Elmer drew nearer.
"Why, this is a bull market!" The old fellow said it as
though he had given a long and detailed explanation.
"That's all right," said Elmer, looking angry because of
his disappointment. "I know this is a bull market as well as you
do. But you'd better slip them that stock of yours and buy it
back on the reaction. You might as well reduce the cost to
yourself."
"My dear boy," said old Partridge, in great distress "my
dear boy, if I sold that stock now I'd lose my position; and
then where would I be?"
Elmer Harwood threw up his hands, shook his head and walked
over to me to get sympathy: "Can you beat it?" he asked me in a
stage whisper. "I ask you!"
I didn't say anything. So he went on: "I give him a tip on
Climax Motors. He buys five hundred shares. He's got seven
points' profit and I advise him to get out and buy 'em back on
the reaction that's overdue even now. And what does he say when
I tell him? He says that if he sells he'll lose his job. What do
you know about that?"
"I beg your pardon, Mr. Harwood; I didn't say I'd lose my
job," cut in old Turkey. "I said I'd lose my position. And when
you are as old as I am and you've been through as many booms and
panics as I have, you'll know that to lose your position is
something nobody can afford; not even John D. Rockefeller. I
hope the stock reacts and that you will be able to repurchase
your line at a substantial concession, sir. But I myself can
only trade in accordance with the experience of many years. I
paid a high price for it and I don't feel like throwing away a
second tuition fee. But I am as much obliged to you as if I had
the money in the bank. It's a bull market, you know." And he
strutted away, leaving Elmer dazed.
What old Mr. Partridge said did not mean much to me until I
began to think about my own numerous failures to make as much
money as I ought to when I was so right on the general market.
The more I studied the more I realized how wise that old chap
was. He had evidently suffered from the same defect in his young
days and knew his own human weaknesses. He would not lay himself
open to a temptation that experience had taught him was hard to
resist and had always proved expensive to him, as it was to me.
I think it was a long step forward in my trading education
when I realized at last that when old Mr. Partridge kept on
telling the other customers, "Well, you know this is a bull
market!" he really meant to tell them that the big money was not
in the individual fluctuations but in the main movements that
is, not in reading the tape but in sizing up the entire market
and its trend"

MrGreen, please don't just post a quote..
There're dozens of books out there which have pseudo wisdoms inherent.
I don't want to offend you nor criticize the book, but a "wise" sentence is swiftly said, but grasping the truth is another thing.
If i think about the conversation, then i have to disagree. Although i agree with the statement of letting profits run, i can't understand that you should enter the market on a point where it takes a rest, or the overbought condition isn't that stark.
Let's assume, that you let you're trade retrace up to 60 percent, isn't that insane? I mean, i give up to 60 percent...
Indeed, if you're trading trends you're wrong at each end, but does this also mean to give up such enormous potential profits? I don't think so.
In my opinion it's much better to take profits (at least partial) when some irregularity occurs, when the trend is slowing down. I also think that there's no difference between loosing money or not realizing potential profits. It's just our psychology, which tells us: "Oh man, why don't you let the market retrace its part, it could continue the main trend afterwards", but does it also acknowledge "i'm wrong, you could have lost money by not realizing you're profits".
I'm sorry, this may sound very novice in the beginning, but if you make your own thoughts you'll understand, or at least accept this. Sure, there is ALWAYS more solutions to onw problem (especially in trading).
Greetings
-mike

BTW: if i remember right ROASO was about a trend follower, right? So, it's out of question why the character in you're conversation reacts like he above. But tell you're story a short term trader and the only response you'll get is a disapproval.

miketoll;
I think he's saying trust your experience, not your hopes. Know your own weknesses, which are an important part of trading. (though these apocryphal stories can be interpreted in many ways....)

Of course, he did. But his main statement was:
And that's simply wrong. Jesse Livermore was more a trend follower and just enlighted trading from this perspective. But there're many ways to wealth and just as an example a short term trader, would perish in trading with such a guideline.