Hi 582 / CW,
Yes, you certainly can't hold onto an opinion of trend direction.
I am hedging my entries at my system generated Stop Levels.
Only once the trade gets going do I cancel the hedge,
and place Stop [break even to begin with] and Limit orders on the trade.
That way if the trade reverses I have a relatively small UN-BOOKED LOSS.
If the Hedge is triggered I am Long and Short at the same time ,
on almost no margin.
I then scalp back the deficit to Zero Loss,
and then close out the Long and Short positions.
If I am absolutely certain of the trend direction,
I may just close out either the Long or Short position.
The relatively small [UNBOOKED LOSS] is very soon recovered.
I am 100% against Stop Loss Orders,
unless they are at my entry level or in profit.
Otherwise they are a BOOKED LOSS ORDER.
Booked Losses destroy capital [in my experience].
I would be very interested to know how others place their orders,
and deal with these situations.
Cheers,
U2
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