What do you do if you lose a trade? - page 3
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I must confess that I have a little trick to recover my lose..and that is : + with - = 0 or +
good luck!
Hedging is cosmetics which costs two times the spread instead of one time, double concentration and double stress.
Hedging means also, that you are forced to enter a new (opposite) trade actually at a point where normally your SL is, and the SL should mark the point, where you know that you were wrong. And when I now where I am wrong, what sense does it make to open a position exactly at my very personal no-clue-point? If I planned it from the beginning before I opened the original trade, then ok, but not to recover losses.
Don´t get me wrong, I know hedging and practiced it in the past too, and that´s why I know what I am talking about. There is also a video on YouTube with a live trade that I made for my community where I practiced hedging with my own software. But honestly, I spent many hours just to rescue a position which was actually already a loser. In the end I came out with a profit of +5 Points, after I took a much to high risk (<> -100 points). And to be honest again, I just did it that way because I did not want to present a loser trade: Ego problem.
But in view of the profit of that day, this would have been much much larger if I had dropped the loser trade earlier and just entered those positions which I opened as hedge positions when I began to understand the market again. And on top, I were not that stressed that I was that day.
You got a trick? Yes, maybe, but on the day when you recognize that it´s not working in any situation, this "trick" will blow your entire account. Losses are part of every business, no matter if you are a dealer or a service provider.