I do not use stop loss. since I just take 10% of my account into a position. that means my stop loss is very wide. if I found I was in a wrong boat, I choose to wait. for ES, in the big drop to 1481, I bought Es at 1513, that is 32points dawdown. hold to 1545. bought Es at 1539 June, still hold, stop at 1525. for CL, currently I rarely trade it. it is a very technical market. my stop loss is 2points. what I found is frequently in and frequently out is too risky. after i get out, it may continue shoot or drop, the trend continues. I often miss chunk of move in the trend. so I choose to stay there. but sometime I overstay, I already see the reversal (intra-day) pattern, I may continue to hold. recently I start to trade Crude again, found it drop to some buying level. I have the habit to hold, so when crude in the morning, drop to former support, I feel I overstay my position, then I try to get out at pre-market high, wait and wait, almost the whole trading session, at the closing I get out, but it shoots more. kind of feel I did wrong thing, get out too early. today I get out at 92, late bought back again at 91.8 (limit order, get filled AH), my stop loss is at 90.8. want to ride it overnight. plan toward expiration
I use statistics to tell me when to exit. Makes it objective and not subjective process. Consequently no such problem.