As long as you respect the money management rules you can enter the trade even based on which side the coin flips
I'd have to disagree. One of the most misinterpreted lingo in forex is 'Money management'. Many individual factors make up this lingo. Yet, in no way shape or form is ones 'entry' factored in. I've noticed that most traders, assume their entry is the perfect one. Which leads to trade bias once the position goes against us. Here is a prime example. Most of us trade eur/usd.... EUR/USD has a daily trading range of about 80 pips. Most of the people with 'GREAT MONEY MANAGEMENT' have a stop loss of around 200-300 points. Almost 3x eur/usd daily range. How could one manage money efficiently when it is a fact that the longer you HOLD position, the more likely you are to close it at a loss.
The word gamble isn't defined by the amount of money you wager, or the risk you take. It is merely defined as 'Taking a risk in something which we don't know for sure what the outcome would be' Many of us use high tf to enter a position. When we should use the lower tf to enter. Which is why 95% of us end up depositing before we ever withdraw.
To answer the thread starters question. I reverse trade. I believe once you enter a position. If that position goes against you 5 points, you should not allow that position to continue to run. Of course it depends on the system which you use to enter. If it may be pivot trading trading, MA high/low etc. I currently don't have an account right now big enough to test the method for public display. Yet, with the account which I've attached here. I focus solely on my entry. Where as a sl of 6 is more then enough. I for one believe if you reverse trade you will be come way more successful then you would if you trade with bias.