Mechanical trading systems exploit these for big profits. With markets globally in various stages of expansion and equilibrium, a trading strategy must adapt. Know every day what your portfolio is worth. Calculate what your risks are on any given day for all positions. Don't leave stop losses in the market.
Mental stops are key.
Controlling risk is not the same thing as avoiding risk. If managing risk is an integral part of your philosophy, when it changes up or down, you simply adjust. Position liquidations are triggered by significant adverse price action and never at pre-determined objectives. Concentrate on managing the risk. The returns will take care of themselves.