So the trading plan continues to evolve with testing, paper trading and the endless reading... and the odd question keeps popping up. Just as I thought I was happy with sitting on an initial stop to pre-define any loss, I've recently noted in two different places (Nick Radge's "Adaptive Analysis" and Art Simpson's "Phantom of the Pits") comments about making the trade prove itself to you, rather than just waiting for the market to prove your position right or wrong. If it doesn't move the way you've positioned your trade to profit from (or doesn't move much at all), then cut it sooner rather than later - even if it hasn't hit your stop.
Do many people "pro-actively" manage their trades in this fashion - using the stop as a "last resort" but actually exiting a position if it fails to perform as anticipated? Are there any ins or outs that aren't obviously apparent to this?
Thanks as always,