Entry and Exit Confessions of a Champion Trader – 52 Ways A Professional Speculator Gets In And Out Of The Stock, Futures And Forex Markets : [PDF Download]

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“Most traders think a stop loss and profit target are two essential parts of any trading strategy. Well, they aren’t. There is no rule that says you have to have one or both of these in a strategy. Stop losses are just market orders, but they are not triggered until a specified price is hit.

Typically they can get you out of a catastrophic trade, but usually they hurt the overall performance of a strategy. Many people like them though for the peace of mind they deliver. Profit Targets are limit orders, where your price has to be exceeded (usually) for you to be filled.

They can be very useful at times, by possibly taking advantage of favorable price spikes. If you are a long term trend follower, profit targets will likely not help. You’ll likely be exiting a trend early.”

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