i agree with all of this except for one point
No.. I Disagree
Even though i agree that a Move to Break Even is a very good thing and one should do it as quickly as possible.
if you have planned your risk correctly, it makes no difference if it hits your S/L or not because if you have done it correctly it means OVERALL you are profitable
meaning if you know that out of 10 trades, you lose 3 and you get stopped out. that should be a good thing because then you know that you can expect to get stopped out 2 more times and you'll win after that
a person should have the confidence to place a trade and walk away from it
i can't count how many times i've spoken to account managers at various brokers and they tell me "Martin, it's amazing, some of my customers tell me they are afraid to go to sleep out of fear of waking up with a blown account"
this is just nuts
i mean.. ok, i've been here and i did this thing for like 3 days, but then i saw it was stupid and crazy and i changed it.
if you get to a point where you can't walk away from a trade or can't sleep, you need to stop trading.
but yeah. Move to Break Even when you can
but don't make it a rule where you won't walk away from the chart if something is in negative
or if it's in positive but the stop loss is still at -50 pips let's say
you still have to live your life at the end of the day