“It never was my thinking that made the big money for me. It always was my sitting.”

Jesse Livermore was one of the greatest traders of all time. 


One method that satisfies the desire for profit and subdues the fear of a losing trade is to take one half of your profit off at a predetermined level, put a stop at breakeven on the rest, and let it play out without micromanaging the position.

I personally like to practice a scaling out in one third positions. Once I lock in one third of the profits my stop moves to break-even and then let the trade run. It if turns and stops me out, I guarantee myself the trade cannot lose me any money at this point.