QUOTE(kueyteowlou @ Oct 17 2012, 09:56 PM)
perhaps u need a very strong trading plan..
whenever you enter a trade, you must rmb your Target Profit...
And also if your plan against you.. you must know HOW TO RUN a.k.a Cut Loss...
QUOTE(Boon3 @ Oct 17 2012, 10:14 PM)
I don't like to set TP for my stocks.
TP limits profits.
I like to let my profit run.
When the time is right, a stock can run for a long time, turning itself into a multi-bagger.
me, i diversify my capital into 2. one long term play, another medium or short (seldom).
long term, i set a target for at least 1 year. let the profit run like boon3 said. but i will monitor it too from time to time as i want my money to be efficient too. profiting the most in the shortest time. if the stocks doesnt run as smooth as expect i will find another one who i think can. with target cut loss too. i set 10% cut loss with min of 20% a year profit.
short to medium term usually i trade according to the counter i been monitoring closely all these while. e.g MBSB, CBIP, PADINI. up to now, only less than 20. very seldom i trade counter that i dont know or i dont monitor from a daily basis. i also look into the fundamental into this counter just to make sure they are financially healthy. and usually this, i dont have a fix TP too. totally by chart pattern. if i see that its peak according to technical chart, then i sell.
im not sure if you guys calculate profit/duration ratio, but i do. just to keep a record, so i always have an objective to break it. my fastest record was CBIP, if not mistaken 20% profit in slightly less than 2 months.
aside that, yes, sometimes emotions kick in, but thanks to my busy day job, this becomes lesser as i dont have time for emotions

p.s. this is solely my strategy of trading and might not suit you. please consult your agent for more info