Can someone please explain Hedging

Seems like a dead end road, but I hear more and more traders that are successful talk about hedging. I understand the buy/sell simultaneously, take profit, and wait for retracement. Basically I was wondering if yall use the hedge method and if so HOW?

GOOD OR BAD?

Thanks

I know 3 methods where hedging can be applied. In a fading situation when averaging down (fading ranges or if you're experienced strategical moves or points). Most traders won't agree with this cause they're looking for positive expectancy. The second method is: purchasing knock out options (barriers) when you expect a (massive) move. If it works the option gets knocked out but the spot position made a huge quick up-move with an excellent profit. Third method: exploiting restricted price gateways that are open for a period of time.I won't explain how it works but it's often extremely profitable.

lemme tell you of a strategy I am researching on...whether my assumption is right i dont know....take a basic trendfollowing strategy and look for price inflection point...take the opposite direction with similar postion size and a small tp an no sl...the idea is being trend following with a twist of countertrend if tp is not hit you make no loss but erase the gains of the longterm trendfollwing system..something like that...still in the laboratory.