Im sure this has been covered numerous times in different ways. But im just wonderng if there is one method of taking profits, mathematically or in terms of odds, which increases or gives the best outcome in the long run. For example i was looking at a stock and it hit the first significant point of resistance. It dropped all the way back down to its support level, went abit below then rebounded. I dont want to give all the profits back by not moving up the stop loss and worse yet maybe even going below my entry price. However you dont want to miss an explosive upmove aswell.
I guess it all depends on your trading strategy and size. For me trading capital would be small and probably in the overseas market increasing brokerage fees. Hence the dilemma of constantly hitting stop losses would be bad.
My question is, is there some type of mathematically proven method which increases your odds of success in the long run when it comes to taking profits for a trading strategy aimed for holding positions for days to weeks to even possibly months.
Or is it more of a every situation is different and thats when experience comes into play?