I would suggest developing a trading pattern that works for you and you are comfortable with. Try paper trading penny’s a bit till you see that it works for you.
It sounds like your entry points are wrong and are charts is not correct for a entry.
Keep reading up on the T/A free schooling on stockcharts.com.
The biggest problem with most in the penny market is not having the patients need to wait for the right entry point. Not sure is you using a 1 day 5 min line chart or candle.
Example for an entry point is to look at previous day history to see what it may be dipping to for an entry. Most may be the ma-5 or 10. This is pending what moving average is first in line, May determine what it will dip to.
The best way to feel this out is to pick a number of stocks and pick the entry points and write them on paper till you develop a pattern.
Feel free to ask my opinion if I am available to help judge an entry.
Most of all patients pay’s off in penny land. If you can not develop patients needed here it will not get you no where but poor emotions and once this sets it takes a time to recover from a big loss once the emotion set in. So spend the time and be patient, read as much T/A info you can. Also try to trade stocks off bottom moving off a 52 week low. Being off bottom may prevent some of the losses that you are seeing with an entry point. Keep in mind the basic T/A still applies here also. Look for FAST and Full STO coming off bottom or is still on it. The RSI is on a rise, ACCU turning up, ADX, MACDs curving up and aroon in an upward trend or bouncing off bottom several times.
As for as selling for a lost, yes if you are sure the stock will not perform to recover, plus how long will it be before it dose so, can you wait it out are will a person needs the funds. If you not sure, once you have profits, you want to know where your exit is, and if it is a hold or not. These are all based of T/A and how much volume and emotion is driving the stock are not. Some time one can buy a few more shares on a drop and sell for a small gain to cut down on a lost or profit from one. Same rules apply is will it perform to do so. I hold only if I am sure of a speedy recovery, if not cut the loss and move on and re-invest in a move to recover the lost at a same price range or better. Some time it may atke several trades to recover one lost. But it is better than leaving the cash sit in a waiting period if you not sure what it will do next. Some times its best just to cut the lost even if it hurts. Follow the 20 golden rules it will help.
Also find them, trade them and do not hold on to them or marry them. Take the profits even if it goes up, just move on to the next one. There or a ton of fish in the sea to catch on to.
Hope this helps a bit,