It is good to have some targets set for each and every trade but sometimes needs to take an instant decision based on market condition or news comes out to reduce your losses. But if you bought good coins then no need to worry because you may still reach your preset target but it may take a long time so I prefer to go always with long instead of day trading.
It is quite hard to meet every time the preset target for trades so you either need to book profit or losses early based on market condition.
Off topic dude, if he is a trader then he takes his positions short term or middle term.
The biggest issue with risk/reward strategies is that they are too rigid. Sunk cost theory is so important in investing. Just because a coin has already increased x amount or fallen x amount this does not mean anything for the future, just because you already gained or lost x does not mean your decision should be any different. Let's take the following example.
You invest in BTC and it increases 2% which was your goal (great). Your strategy would now suggest selling your coin. However what if all your knowledge and the information you have at hand suggests bitcoin will increase again another 3%. Should you sell because you already reached your goal? No - you should not, it does not matter you already gained, you should stay invested if your expectation is for a further increase.
This situation occurs more so when things are going bad. Time and time again people say 'I think btc is going to 0 but there's no point selling now' - either they are lying or they are foolish, if that's really there expectation then of course they should sell. It does not matter they already lost 80%.
With all my respect, very bad advice. Do you ever trade?
If your strategy has proved to be profitable, then never ever deviate from your risk management rules. If you sold to get a profit of +2, and the coin still goes up, you should not feel bad about it, because next time the price will go down right after you sold, and this time you'll feel good about it.
Good traders don't really care of long term. How about people who bought Bitcoin at $18k last year? For sure they thought the coin would still rise, it did until $19k, then it collapsed, if they did not sell at $16k then it sucks very much for them right now. A good trader would have been able to see the bearish trend and sold immediately. That's what a stop loss is for. If you buy a coin, and pray that it will go up by 200% or 300% then it is gambling, not trading.