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Most users of trading systems based on persistence of market direction use a stop-loss order to attempt to limit their losses as a specified part of their trading system. So the stop-loss forms a critical part of the expected profit and loss of the trading system. A trading system stop-loss orders can be actually placed in the market or can be in the mind of the trader.
When the trader has a profit, fear of losing some of that profit might make him/her take a profit before the trading system specified the profit should be taken.
What works over and over again is to:
• accept that you feel there is something missing from your trading system,
• add new or change entry/exit/stop criteria and test it out by following your new system.
Now you can see the syndrome - because the trader will not formalise their new ideas or concerns in the trading system, they are slowly undermining their confidence in their own trading system.
And since traders trade their confidence, this is a sad place to be.
Now imagine what you are going to do about it.
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