Cable Update (GBPUSD)
it very dangerous to add to a losing position......it means yur willing it to move in the direction u want and not accepting what yur seeing in front of u..however u got out this time, but they likely will come a time where the market will move further and further way from what u think....and boom! ..account blow up!!!!!!
be carefull of this...
Wise words...
Wise words...
Its not dangerous Navin come on wake up sometime.
Shaking my head again. Thats why you scale in so you can add if you are down on your position. If im short im adding as it goes against me.
If you have 6 lots to spend on a trade put two on at first level. If it goes against you add 2 more 50-60 pips later.
Unbelievable
This is a very dangerous practice... use stop loss......if you are wrong accept it and move on.. you will last longer in this game...
You should never add to your position unless it was in your original plan when you entered the trade.. even so, don't overleverage when doing this..... it is the quickest way to blow your account...
however it was in my original plan to keep adding, i started with very small position. and i had my stop loss set at 1.3450 where i would have risked about 5-6% of my account.
i know i know
Not wise words in my opinion. Those words were flat out wrong
If you don't use proper money mangagement, you will lose all your money twice as fast...
Good job though...
.....i am analysing this now cuz the trades i missed due hitting my sl and then continue on my original side is far beyond my tp ....but hey, at the end i am profitting
and this is the most important . i use a script to place orders and always SL=15 ...and always move to BE whenever in profit 7 pips
i can assure u ...no book will ever tell u to add against a losing position..people to this to dig themselves out of holes, it can work once twice till u adopt this approach...then market will screw u...
only add to winning positions
another thing i dont understand why would u sell above the white line, surely if resistance is broken and price closes above it ..it should form support.i dont get this, can u explain this plz?
from the little i know you need to do the following:
1) get the right direction
2) use good money management
3) get good entry
buying on the dips for longs and selling on the rallies for short gets good entries; however, sometimes you are not perfect... by splitting up your available risk into three parts and trading each part at different times takes care of #2 and #3.... if you get #1 wrong... yes, you got to get out.... so dont let the trade go too far back... however, most of the time... you get #1 right, and can still lose if you dont get...
i know i know
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