Never trade emotionally! Never enter a trade without risk management! Stay disciplined and follow your trading plan! Before you implement something new in your trading, first always try it out on a demo account.
My reply was meant to OP specific question in regard to trading only.If you quit there is nothing do learn. Do you still ponder things like risk management?
idea behind cutting loss short: let's assume one has 100$ in his account. 1) scenario #1: if he lost $8 ~ -8% of his money, then he'd need to make ~8.7% in the next trade to break even. ..... n) scenario #n: if he lost 20$ ~ -20% of his money, then he'd need to make +25% in the next trade to break even. (because he had less money to trade with).
Well maybe not everything. But at the very least I feel pretty confident that I know more about trading then a few over 40's or 50's ET members here. Hehe