There are occasions – – and I wish they happened more – – in which everything seems to be doing my way, profits are pouring in, and (God forgive me) trading seems easy. It is at these times I have learned to TAKE SOME PROFITS, which is what I did earlier today. I trimmed risk in one big account from 220% to about 105%, taking profits off my zaniest shorts. To be sure, I still have tons of short positions, but when I’m feeling giddy like this, I know it’s time to de-risk to some degree.
