Some trades we take are in wrong direction but because we want to be hopeful that it will come back to profit, we allow it and it close against us. If we keep doing this, it is the exact opposite attitude of someone that wants to keep their initial capital.
There are steps you can take to reduce the loss before you lose every thing or it get to your stop loss and such is
1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.
2. Use of stoploss all the time: This help your losses to be minimal.
3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.
1. At some point, you're saying this likely and maybe from experience or from a lesson from someone would say to stop the trade your right in a different way like when you play a game of gamble and win money people earn double from their bet that they should stop.
On the other hand, trading is different yes you gamble here you invest and you will gain good knowledge here that can make it triple possibly.
2 That is a suggestion for people who lose the investment or their money from trading and it's a common way for people who truly know what is going on. Which for me is good for newbies.
3. It is also a common thing to do if you are really the assurance type.
Still, in the end, everyone has their own way to make their money do triple and if they're smart they will know how to stop and set the limit.