Excellent post. As a newbie, I really appreciate hearing how other people do things.
I really like the philosophy of "base hits." Take your profits, 5-10% return in a short time is good. I think many investors, myself included, are tempted by the "home runs," but when you swing for the fences, you are more likely to strike out.
Excellent stuff - thanks for sharing with the board!
Now I think this is the correct mindset to have imho - I feel having a sound risk management plan like the one you described is the only way in the long run to consistenly turn out solid numbers.
I feel the trap is to always want to hit home runs all the time. But doing this on a consistent basis imho can be challenging. I feel say take trading over a 25 year period. We are going to get some trends where we are RED HOT and we might be nailing the top each time and smacking home runs out of the park. However, when your not as HOT or the market is more unforgiving, its going to be difficult to trade perfect. But this is where having a solid risk management strategy comes in... and consistently locking down gains. you take those numbers and you put it on a longer term time frame and you will be in good shape!!
theres a natural tendacy imho to want to make money FAST and swinging full lines and being overly aggressive, but really like you said you dont need too!
this quote comes to mind!
"Most people overestimate what they can do in one year and underestimate what they can do in ten years.” -- Bill Gates
time and pressure!
And this helps me with my own trading as recently I have been riding winners all the way up and then back down again letting solid base hits turn into nothing... So I have to adjust and start looking to scale out of my positions :)
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