Personally, when I open a trade, I do not place a stop loss immediately. Within the first 5–7 minutes after taking a position, it usually becomes clear whether the market is respecting our entry level and planning to reverse, or whether we have entered on a weak support.
If a reversal appears and the market changes direction and starts moving upward, then in that case you should move the stop loss to the entry level. Otherwise, wait. If the support seems to be breaking, then as soon as the price comes back near your entry level, close the position.
To avoid slippage and fees, if your entry is at 120 and the market is moving upward, shift the stop loss to 120.10. And if support appears to be breaking, even then try to manually exit around 120.10.
Now, if someone says that you entered at 120 and the market never came back to 120, then this is 100% confirmation that your entry was not at a bottom level. It was not a planned entry. You simply took a random shot in the air.
However, if an extremely unlucky situation occurs where your entry was correct in every way, yet a sudden crash happens that respects neither support nor resistance, then in such a case, press the flash close button and exit the trade by booking a small loss.#TradingCommunity #Write2Earn $BNB
