I think you all know the saying that you should 'let your profits run' ..

Now my question for this trade is, how do you set your profit target?

Do you use a 'take profit' stop? Or do you just leave the market when you see a signal against you? Or do you use trailing stops without any profit targets to be stopped out when the market has turned against you?

I, for myself, am currently working with the third option.
The upside to this is that if you catch a strong trend, your profit will be VERY large. You might very well end up with a 1:10 RR ratio.
The downsides are, you risk that the trade is moving into your direction and then reversing to hit your stop loss, although you were initally in profit. This can be psychologically challenging. Furthermore, I will never be able to catch the 'bottom' or 'high' of the trend. In a bear trend, I will always get stopped out a fair chunk above the prior down, which means I'm 'losing out' on profit.

As you can see from my portfolio, I'm currently employing this strategy and I am losing more trades than I win, because I don't set profit targets and only move my trailing stop after certain conditions are met. This means, even if a trade moves into 'my direction' at first, it will sometimes reverse and hit my SL.
On the other hand, I make considerably more pips from winning trades than from losing ones, leading me to an overall profit for the month.

What are your opinions on this topic?