Multiple orders (hedging) on the same currency?

From personal experience I DONT RECCOMMEND it. It will rarely do little more than create something of a stalemate and serve only to prolong a loss. When I had only been trading for about 12 months I lost everything from hedging gone wrong. I thought hedging was similar to just giving yourself some thinking space at times the market switched suddenly and instead of closing on trades early I opened opposing ones to balance my losses with my profits. The problem was when my short trades were for example 100pips up it also meant that my long trades were at least 100 pips down. How could I close my positive trades without leaving myself 100+ pips down.

After trading on the see-saw for about a couple of months I decided I needed balance out again so when the pair was such that I believed it was going to bounce back from where it was, I closed my good trades leaving me with the hypothetical 100 pips (from trading long to balance my short trades) that i was expecting to reverse. Which it did momentarily and I relaxed and took my eye off the ball during which time the pair reversed again thanks to the European and Greek bailout crisis and before I knew it my broker had closed all my trades and when I went back to check on them I had lost close to $70,000. If you're lucky, rich or 100% vigilant and attentive 24/5 then hedging could MAYBE work. Otherwise it's nothing more than a false sense of security.

AS far as I know it's called position locking. Can you or can't depends on your margin sufficiency and broker, for example in my Hotforex platform your profits from one position can be used for second opposite trade as a margin requirement. Basically you just fix your losses same as just closing your position. But in some situations if you think its just temporary correction you can do that trick to make more profit but you're also increasing risk what's not good.

Hedging alone is not a profitable system... I tried for years systems without hedging and from what I came up with, the systems tended toward scalp or countertrend trading. If you want to trade with the trend I believe you need hedging as a part of it. To protect from the downside you need something better than a "stop that executes as market order". This may not be available at all brokers. (a stop that does not get triggered based on quote widening and also gets you a proper fill at the price you put in)

If you believe that the market is always a positive sum game, then that means that no one can have losing positions open. You left a winning position open - the dealer had the losing side. The dealer proceeded to close their loser, resulting in you losing your profits. To actually have unhedged gains you need trade/risk management - the hedging is about having a trend that enables the old positions to grow which gives the asymmetry that is not possible with scalping. (+ tax benefits).

Key point - whenever you change your position or place new orders you have to monitor the market closely during the next couple days and adjust things as need be. If you trade at same locations as the smart money then maybe they will have your back but otherwise you have to watch your own back while there is risk.

Sometimes I use hedging but not all the time it depends on the trade and the trend