Fixed profit target or trailing stop: how do you exit winners?

Entries get most of the attention, but exits decide how much a winning trade is worth. Some traders take profit at a fixed multiple of their risk. Others trail a stop and let the market decide. Plenty do both: close half at a target and trail the rest.

Tell us how you exit and what it does to your numbers:

• your exit rule, in enough detail that someone else could follow it
• how it affects your average win compared with your average loss
• whether you've compared two exit rules on the same entries

If you've never tested this, it's one of the most useful questions a trading journal can answer: take your last 50 trades and work out what a different exit would have produced.