I put aside say 1 or 2 hours to scalp without a stop loss on a 3 minute TF. But I am watching say a max of 3 trades and will pull out if things look bad.
I used to trade with a 1,2,3 method. If it looks likely to go my way then at a predetermined loss I am in again for the same amount. In the unlikely event it gets to a new lower level then I must make the judgement of going in for a 3rd time PLUS a reasonable stop loss. It is a sort of averaging down but one MUST be very firm not to go in a fourth time.
If I have to go out I definately put in a stop or overnight.
I used to trade with a 1,2,3 method. If it looks likely to go my way then at a predetermined loss I am in again for the same amount. In the unlikely event it gets to a new lower level then I must make the judgement of going in for a 3rd time PLUS a reasonable stop loss. It is a sort of averaging down but one MUST be very firm not to go in a fourth time.
If I have to go out I definately put in a stop or overnight.