Trailing Stops Vs. Profit Objectives
Try to use trailing stops,
supplemented by developing market action, instead of objectives as a means of
getting out of profitable trades. Using objectives will often work against fully
realizing the potential of major trends. Remember, you need the occasional big
winners to offset losers.
—Jack
Schwager, from Schwager
on Futures: Technical Analysis (1996, John Wiley & Sons, New York)