Well, even if you are long term you have to be flexible enough to realize something is not working. For example, lets say you are working on the weekly euro, you enter at .1600 short, thinking that the trend is down, and drawing a trend line from the down bar top, in the double top formation, to the top of the next leg down, 1600 seems like a reasonable position, and a hold through 100 pip stop, to ride the break below 1600 seems worth it. So since it did not work out at what point do you capitulate and close the loss, then reverse, seeing as the trend line was broken. It is all the same, just a different fractal.
I have observed that _bob has hit a market that suits his current style/system, but that may not last forever. The challenge in the future will be to recognize when the market has shifted, and either stay out, or use another tool to match the market.
Right now range trading using momentum works very well, but will it work next week, who knows. You have to take some losses to find out, even in long term range trading, your last trade of the range will be a loss, either you will be short and it will break up, or you will be long and it will breakdown.
The "daily review" would be about right for a longer term trader, weekly/daily, it is my observation that it seems like this translates to what _bob and I do every day, within minutes or even seconds. It is also my observation that longer term traders hesitate to flip, or "break even" because of the thinking it will always come back. Well maybe if you wait 20 years, but unless you are an "Investor" and not trader, 20 yrs is a bit long.
The Ever Fractal VIPER