Hi guys,
I'm very new to this but I stumbled into a good trade, shorting NAS100 on OANDA. I added to my position as the index dropped and I've made a good profit.
I've never followed stocks, forex, indices, etc., before, and I've certainly never witnessed a correction candle by candle. I have no idea what the market might do next. Do corrections usually play out over only 2 days?? Is this a normal correction or something a bit more extreme?
I want to protect my winnings without giving up my position incase there's further falls to come. I was thinking I could open some SPX500 long positions on Monday and if the NAS100 retraced, I could keep adding SPX500 long positions to 'balance' the retracement. Seeing as the two indexes move pretty similarly. So overall I would maintain the balance of my account until I know for sure what the heck is going on?
Does that sound risky? Is there a better way to hedge/protect winnings without closing a position? Any ideas, input, about either this trade or how corrections usually play out, would be much appreciated!
Cheers, Luce
I'm very new to this but I stumbled into a good trade, shorting NAS100 on OANDA. I added to my position as the index dropped and I've made a good profit.
I've never followed stocks, forex, indices, etc., before, and I've certainly never witnessed a correction candle by candle. I have no idea what the market might do next. Do corrections usually play out over only 2 days?? Is this a normal correction or something a bit more extreme?
I want to protect my winnings without giving up my position incase there's further falls to come. I was thinking I could open some SPX500 long positions on Monday and if the NAS100 retraced, I could keep adding SPX500 long positions to 'balance' the retracement. Seeing as the two indexes move pretty similarly. So overall I would maintain the balance of my account until I know for sure what the heck is going on?
Does that sound risky? Is there a better way to hedge/protect winnings without closing a position? Any ideas, input, about either this trade or how corrections usually play out, would be much appreciated!
Cheers, Luce