Its difficult to master and I use to feel like i need a tequila shot eveytime something runs away from me .. But you get use to it and then start to appreciate the wins and lifesavers when things go your way . I cant say I'm 100.00% consistent on the following personal rule either but I've trialled it and it works for me personally, so that's why I've stuck to it probably 99% of the time. Less effective in bull phases of the general market as the pumps are sometimes relentless.. But can't complaint as a dollar not made is not a dollar lost but rather a dollar more to trade!
Bid in queue would depend on the trading pattern of the stock. E.g if trading a breakout/continuation scenario and it's a strong trending follow through on volume.. I would bid on the new support on the backtest/pullback. (I try to never buy on the first wave of a breakout to avoid bulltraps, I.e the reaction, to analyse its strength and validity before committing to a bid). Depending on the trading strength, I may make an exception and bid a pip higher than the support but no more than that. I'd watch the action and if I don't like what I'm seeing (I.e supply) I'd pull out my order before I get my fill.
Exit (selling) requires a different approach imo and therefore needs to be fluid as a stock can turn any moment. Stops are handy, but when a stock is making its way up, wise to have a max target in mind and be ready to sell if supply enters before the target price.
.. But you get use to it and then start to appreciate the wins and lifesavers when things go your way
