Cut your losses and let your winners run.
There is a well known price action day trader that I have learnt much from.
He echoes others’ opinions on trade management, recommending cutting losers early and letting winners ride.
One thing I struggle with is the concept of adding to winners. Obviously the philosophy being once your setup proves profitable, make all you can from it.
All to often, but certainly not always, I have added to a position that is still a valid setup, only to see it turn and swallow my profits.
What are your thoughts on adding to positions, do you set different criteria to allow you to add?
Cheers
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I used to have a problem with adding to my winners, but have been convinced by the number of times I’ve seen good momentum continuing on and on. I now see it as a no-brainer unless the price is approaching a major reversal point. Curting losers I have more problems with seeing as the price will usually reverse shortly after I’ve made the decision to close a trade at a loss.
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I’ve had some great successes adding to winners but to do so I had to ignore my usual percentage risk per position and add extra positions at prices which were not specifically identified by TA - so I just kept adding every 18 hours or every 100 pips or whatever.
I think adding to winners is what separates the successful hobbyist from the real earner - it was the key to the scale of the Turtles’ success - but you have to disregard what you thought was prudent yesterday.
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Adding to your position does take patience, and is very effective in a trend. You need to be wiling to hold onto to your first position while entering additional positions, preferably at a dip in price. But adding positions in a ranging market will usually end in disappointment.
Speaking as a day trader - Imagine that you have just come to the table and you see a valid entry point, then take the trade which adds to your position. As @Blue2 says ‘It’s a no brainer if the momentum is there’. Like betting with the bookmaker’s money. Look upon it as if the bookmaker gave you a free bet and if it loses you haven’t lost anything, a winner to nothing!
When you say ‘All too often, but certainly not always, I have added to a position that is a valid set, only to see it turn and swallow up my profit’. Of course this can happen but as you say ‘certainly not always’
Is that well known day trader Tom Hougaard, by any chance? 
Among various types of trading, some are hedging, long-term trading, , and scalping, which I prefer the most. A reliable scalping-friendly broker helps traders in deriving quick profit from the market. Scalping is the mostly favored trading type.
‘The psychology of adding to winning trades’ - Trader Tom - YouTube 