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Can't do both Michel Pireu     | Business Day Tuesday, January 29, 2019
From Boris Schlossberg at BKforex.com:

In practice there is absolutely no way to let your profits run while cutting your losses short. You either cut your profits or cut your losses, but you can’t have it both ways. That’s because markets almost never move in just one direction.

Anyone who has ever been able to “let his profits run” is simply a lucky idiot who like a befuddled lottery winner guessing a random number, just happened to catch that one big breakout and then was stupid enough to believe that it would continue without retrace and then was lucky enough to have that once in decade occurrence actually happen and lastly - and this almost never happens - was smart enough to exit before the whole trade went right back to where it started from.

Now “professional gurus” would be horrified at my blasphemy. They would tell you that one of the worst things you can do as a trader is to cut your profits short. After all, how are you supposed to pay for all those stops?

The problem with professional gurus, however, is that they are great at trading the left side of the chart. They are awesome at picking prime examples of trends after they take place, but I have yet to see any of them succeed in my domain - at the right side of the chart where you cannot know in advance if the trade is a loss or a winner, where fear and uncertainty control every tick and you win or lose on your tactics rather than your theories.

In that world – when trading the markets - taking your wins too quickly is one of the most profitable things you can do. Why? Because successful trading is not about making money. It’s about not losing money.
 
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