Personally, I don’t think it will help at all. It is just smudging the sharp-edged reality of taking risk. The decision to close the winning leg is exactly the same process as taking an open position in the first place. You are making a decision on the future price direction (reversal) and “inherit” an open position with all the same open risk as any other original position.
We need to remember that whatever instrument we trade, we are trading probability. Our aim is to judge which direction has the greatest probability at the time we take exposure. But probability means, by definition, that sometimes it is not going to work. So how far are you going to let the open losing trade go before cutting the additional losses?
This can be an even more difficult decision for this method because again, by definition, your open positions are going to be against the main direction. In other words, while the bulk of the market is trading the trend and entering on pullbacks, you are neutral during the trend and an open, contrarian risk trading the pullbacks…
Another major concern here is position size. In theory, your initial hedged position size can be very large because it is risk neutral and broker may even net out most of the margin requirement (this may vary). But as soon as you close your winning position, you have a totally open position with full margin requirement. This is no different in terms of risk exposure as having taken an open position in the first place. And it is easy to take too big a position - which leads to the next issue:
Actually, no, that is not it in a nutshell at all. Getting the direction right is not the only issue here. We need to understand probability here and accept that some trades will win and some will lose. You can get the direction right 80% of the time and still lose money. Yes, you need to evaluate the direction, but you also need to quantify how far price is likely to travel if you are right - and how far it has to go in the wrong direction before you decide you are wrong.
In other words, the same risk and money management parameters that go with any new position. You are looking for a reversal so how far do you think it will reverse in order to maximise your gains? And whenever it doesn’t reverse as anticipated, how far will you let it continue before cutting and minimising the growing loss?
These are critical issues that will make or break the method. Without these parameters you will inevitably drift into closing the losing leg prematurely every time it has a small gain in order to avoid the benefit disappearing - and whenever the reversal fails to occur and the losing leg starts to lose more you will be tempted to hang onto it longer in the hope that it will soon reverse. I am sure you can see the risks here!!
All these decisions concerning direction assessment, probability, risk size exposure, profit target, and loss size, are the same whether you are simply taking an open position or when you lift one leg from a hedge and leave the other leg open.
The main difference is that while others are trading the trend, you are trading the pullbacks within the trend. This may work well in a ranging market but can be difficult to accomplish in trends, and with limited gain potential. And there we have it - no method is universal and works in all market conditions at all times. So is it better to look for a method that gains directly from the longer moves or one that is limited to just pullbacks within those moves?
These are so many core issues associated with this, for example, picking what timeframe would offer best probabilities and greatest reward potential. But we are not here to write books…
Just some things to think about… 
