Scaling out of positions vs. holding full size
Hey everyone, still relatively new to managing positions through volatility. I've been experimenting with scaling out of portions of a trade as it hits initial profit targets, then letting a smaller piece run for more upside. My thinking is it locks in some gains and reduces the risk on the remainder. But then I see others just holding full size until their final target or stop is hit, arguing it maximizes winners. I'm wondering, for those of you trading stocks with decent liquidity, what's your general philosophy here? Do you typically scale out, or is it more common to ride the full position to your ultimate objective? Trying to figure out the pros and cons I might be missing.
I'm a big fan of scaling out, especially in volatile markets. It's tough to stick to a full position through big swings, and taking some profits off the table definitely helps with the psychology of holding the rest.