[ig1001]

Peteuk, before I started trading (4 months ago) I struggled with the same question -- I would exit a trade with 10 pips profit and watch the position become more valuable ... and I would kick myself.

So, for about 2 weeks I abandoned my day trading strategy and went for position trading (bigger profits). Well, my only reason for going for more pips was my greed. I was a good day trader but a horrible position (longer term) trader. 2 weeks into my experiment I went back to my strength -- in day trading -- and I've been happy ever since with 10 pips a day or so.

I think it's natural to want to get more out of each trade -- but my advice would be to put a lot of practice into the longer term trades if you want to go that direction. The downside on the longer term trades is that you have to read the longer term trend in the market, which I find much harder than reading the day's range. If you're consistently wrong on the longer term trend, you can lose a lot of money very fast -- because on the longer term trades you're probably going to set wider stops.

Also, if you want to make more money on day trading, why don't you practice with moving your stops and limits? If you make 10 pips, then set your stop so you can't make less than 5 pips, and reset your limit to try and make 15 or 20? And then move it from there. That requires a lot of babysitting of the trade, which I have no patience for -- but it would give you the opportunity to move with the market.

In short, I'm great at finding today's range and horrible at finding the weekly/monthly trend. So I stick to what works for me. I suggest you find what works for you and really become an expert at it -- and remember to be happy with the profits you're making. Don't let what you don't have spoil what you do have.