Quote from: Bright_dhykseen on Today at 01:32:52 PM

Quote from: deisik on Today at 01:24:13 PM

Quote from: Bright_dhykseen on Today at 12:22:41 PM

Quote from: deisik on May 30, 2020, 09:55:58 PM

Not a very bright idea if you ask me. While it makes perfect sense in gambling (otherwise known as "roll and run"), with trading you are typically in for the long haul. It means reinvesting almost everything earned to unleash the full potential of compounding. Indeed, you may and in fact must switch between assets by selling overpriced and buying undervalued ones (known as "portfolio reshuffle"), but other than that, it is a never-ending game of making dough

And another key difference from gambling

Taking my profit without looking back helps me avoid FOMO

Taking your profit and running away is not what trading is typically about

As I had explained in the post you quoted, most people are engaged in trading for the sole purpose of making a living out of it, for the long haul, that is. In this manner, they are kinda stuck in the sell-buy routine (as in buy low, sell high), and that means going back and forth between fear and greed as prices go up and down. To sum up, it is far from "taking my profit and never looking back"

You don't get my point.
Once my trade hits my target, I take my profit and move on according to my trading plan

Then that has nothing to do with avoiding FOMO

FOMO relates to greed as it gets aroused when the prices start to rise and people are desperately trying to jump on the bandwagon when it is typically already too late (the opposite of jumping the ship when the prices plunge). So it is not about closing your position because it is more about opening one