Just realized I hadn't given you as full answer, Matt. So.....
When it comes to profits, I look at what appear to be "sizable" profits to me. This means I consider upcoming financial obligations where I've no choice but to identify which monies I'm ready to use to meet an obligation. And of course, I'm looking at handy solutions to meeting those obligations---as in stocks presenting opportunity to pay my way out of the moment of obligation.
An example would be NGL where I sold enough to buy an 8,000 unit position in ALDW with a cost basis of $9.96. And now I'm sitting on another sizable gain in NGL amounting to a bit over $56,000. But at this moment I have no debts to cover, no pressing obligations threatening my financial security.
So right now I'm in fine shape. However, should any clouds develop, you can rest assured I'll immediately begin a careful process of liquidating RISK and not units as most people tend to regard as their primary concern.
The stock market is all about managing risk, not making money---for most investors lose money and not the other way around.
I routinely take profits in highly profitable picks. NGL, at this moment, is riding a wave of positivity. I see no significant risks threatening my gains or seed capital. But HELX, another of my ongoing picks, did show some weakness earlier this year and I sold nearly all, repurchasing a bit later. And now there's a fat gain that I'm unwilling to cash in ---but I'd sell in a heartbeat given that it pays no dividends and is heavily dependent upon market gyrations. NGL, on the other hand, is secured by an all-important alliance struck this year that goes far in anchoring its financial viability.
Going back to CVRR for a moment, with Icahn stumping for relaxation in the RINs situation, CVRR may get a near term boost. But I'm holding out for $15 or better per unit. I realize this may not happen until deep in the first half of 2017 but my basis is barely above $7 so I'm ok with that. And, 2,000 units is a small position, so risk is not worrying me.
Hope this helps!
