Partial exits change the distribution of a strategy’s outcomes. They can reduce volatility, secure part of a gain or, in some cases, cut winners too early. The only way to know what happens in your own trading is to record them in enough detail.
What to record for every partial
- Percentage or quantity of the position closed.
- Price and time of each exit.
- R or profit realized on that portion.
- Reason: target, structure, volatility, time rule or discretionary decision.
- Stop and target for the remaining position after the partial.
Calculate the whole-trade result
Do not evaluate only the best partial. Combine all exits weighted by size to get an average exit price and total result. Include extra commissions when each execution creates additional cost.
What to compare
Separate trades with partial exits from single-exit trades and compare average R, expectancy, drawdown, win rate and winner size. Also check whether partials are applied consistently or mainly appear when you are afraid of giving back profit.
Separate rules from improvisation
A partial exit may be part of the system or a reaction in the moment. Tag whether the partial was planned before entry. That distinction is often more useful than looking only at final PnL.