Some points on managing positions

Take into account market structure when managing trades. There's times when it pays to be aggressive with cutting profits and tightening stops, and times when you need to let something play out. Having an awareness of what the overall market is doing and what the environment is like can help you make small changes that help you protect capital. For example, if you taking breakout/momentum setups, you are expecting to see momentum pretty soon after you enter. If it's not working as expected, you should reduce your risk on the trade as it's then become much less likely to work out. Being stubborn and leaving trades that aren't doing what's expected run for larger than necessary losses will destroy your chances of consistent profitability.