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Hi, I have a question.
Ive noticed that when you enter a trade and place a stop loss ('SL') (given you have the appropriate SL in place), if you just let the trade play out, sometimes it will get very close to the SL but then turn around and go your way to become a great profitable trade.
But Al Brooks suggests that if the trade goes against you, "dont wait for it to hit your SL, just exit the trade". But if you exit the trade only for it to turn back into profit for you shortly afterwards, then whats the point of having the original SL in place anyway?
My point is, if you have the SL in place, why not just let the trade play out in the hopes of it turning back around into profit? Or is there a balance between this approach and what Al Brooks says regarding handling a losing trade?
Some further explanation from someone would be great.
Thanks
Nafis
