DislikedThat is ideal. I suppose my struggle is closing out the loss and having confidence to get back in. Self-inflicted mind games haha.Ignored
The key is to have confidence that it will go to a better price. It may or it may not, but if it starts going away from a better price and you jump back in at a worse price then you have defeated the whole purpose of getting out in the first place. On the other hand, if there is a sizable move and it looks like the top/bottom is finally in yet you haven't been able to get in, then wait for a pullback and define your risk again. Finally, if the market just reverses off your stop and never gives you another chance to really get in with an acceptable r/r, then take heart in that there are MANY other markets you can focus on and try your tactics again.
If your r/r is 1:15 (more preferrably 1:50 or something in between), then figure you've got several shots you can take and still make a highly profitable trade. If you get in at a better price and the target is still the same, then you'll make it all back later plus the difference. Throw in the fact that you can make significant additions to your position as the trade proves you right, and you can end up walking away with an extremely profitable trade relative to what you initially risked.
The main thing you don't want to do is go chasing the price out of fear you'll miss the move. Wait for a good r/r if you missed out on entering at the top/bottom of a move. Put stop behind where you think the top/bottom is. The worst case scenario is you get nailed 10-12 times (usually won't take this many times before you figure you were wrong all along!), and then the market leaves you and doesn't give you a good opportunity to get back in. It sucks, but you'll probably crush the next trade and all will be well again. Don't get over-leveraged and you'll do fine.