The founding argument
Partial profit-taking is a tax on the outcomes that matter most.
Every partial is a decision to convert an uncertain large outcome into a certain small one. Applied to the median trade, that is sound risk management. Applied to the rare trade that was going to run 5R, it is expensive — and the problem is that the two are indistinguishable at 1R. Trend No-Partial's answer is to accept a worse median outcome in exchange for an intact right tail on a small, governed subset of trades. Not because the median doesn't matter, but because the other three branches are already optimizing it and something in the system has to be positioned to capture the trades that pay for the flat stretches.
