You should quit trading. Really. Averaging down in a sideways or bull market is kinda understandable. Averaging down now is pure stupidity. 1 day to wipe out a month's profit spells FAILURE for you. Seriously, quit while you have some equity left.
Thanks for your advice, what i understand by Context from you is the direction it is going right? Meaning go with the trend and not against it?
Maybe i too unwilling to take a small loss, and got into trouble by adding size, and going against the trend, thanks for all advices given
It's suicidal for scalpers as well. It's a really dump practice, that's why I use stops on ALL of my orders....
I think its just a simple case of understanding your system/method, if you have one. For me, I know that when I enter a trade it "should" go in a favorable direction almost immediately. Therefore my stops are really tight. If it doesn't, I know my analysis was wrong (which happens all the time), so I simply exit. I don't think you have a plan when you enter a trade. You probably are still in the "hope" phase. A bad plan is better than no plan at all, trust me.
I worked out a whole trading scheme once that was very martingalesque, it [in backtest] was very profitable but it was definitely going to blow out an account at some point. The reason I never took it live was that if it made a lot of money before blowing out, fine, fund it again and run it some more, but if it blew out right at the get-go I could not afford to fund the account again.....