Don't Change Trade Types - Are We Being Greedy?

 I was just thinking about this because of a meeting I was in once and a trade that I was going over and a trade that I was about to take today but opted out. Come to think of it, opting out of a trade is a powerful trait especially when it is not an A+ to B trade. Anyway I was thinking to myself. Scalp this and then if it goes try for something else, but that would be two different trades and they need to both have their own criteria like sizing and risk. I think part of choosing the proper trade type is understanding the trade setup - what's going on before you take the trade. An example of this was from the meeting I mentioned where the guy had a certain setup and took the trade according to that setup but then changed his idea of what kind of trade he was taking halfway through the trade even though the setup had not changed and the price action did not justify the new trade type. Tom Hougaard, in his book, "Best Loser Wins," (which I love) mentions many times that he doesn't have a price target or that he wants to see how much the stock will move in his direction because he has a distain for not capturing what the market will give him. This idea is great and I think many of us traders struggle with this (and well according to the book it is kind of what can make or break you - and many traders break). So while I agree that we should be holding on to our trades more we also need to be very conscious of what is going on with the stock we are trading. There are many times where letting it run is great, but having it come all the way back against you is not so great. Tom mentions how he's ok with this and I think it is a great mindset to have, but when you have a trade setup and an idea that you take and it works out, it is probably best to stick to the plan ATLEAST mostly because risk/reward is constantly changing and once  your trade has worked your reward may be becoming statistically worse which was the case for the trade from the meeting. There were signs that the trade his original trade had ended, but because of the shift in mindset (Without a shift in price action/setup) the stock moved back and stopped out a large portion of his trade (he might have even lost some). Are we being greedy when we want it to move more in our direction? Are we being blind to what is actually happening? It is interesting that we often cut winners short and let losers/and even those losers that turn into little weiners go against us toO long (where were those stops!?!). Our hope is misplaced! But how do we deal with the thin line between greed and hope when we have a winner? What I mean is Greed can be cut it short so I can Take take take OR greed can be I want more, it should keep going farther. Hope is in that I want it to farther category, but which one blinds us more? Hopeful neither or at least the goal is to have hope/greed with intention/confirmation of price action and volume. All of which should be IN THE MONEY - if you're losing on the trade, there shouldn't be greed or hope - you probably shouldn't be in the trade anymore. Alright, I'm done for the day. Have a great weekend - I have charts and tape to examine. Cheers!