No, I don't. I also don't put a massive stop on with a low contract size with the expectation that I can average down. If the trade isn't working I get out and look for the next one.
You are chasing the move when you average. How well does chasing the move work in the real world of trading ?
romik is correct. everyone has there methods to trade and one is not right and one is not wrong. everything comes back to one's comfort leverl. it's no different than the guy that buys 5k lots in stock than the one of buys 1k lots and averages in. I AGREE 100% AVERAGING DOWN FROM A POSITION OF DESPERATION JUST"TO GET OUT ALIVE" IS ALOSER. BUT USING SCALING PLAN WITH STOPS WORKS FOR MANY.
Like I said you cannot argue against mainstream ET wisdom. Having said that the majority would not be able to accurately judge a position that is going against them. I look for further supporting evidence at each point and need to keep a cool head. You wont here me say F**k or even know the position was not profitable straight away. Never average a losing position. You have to be able to judge the difference and there is an absolute hard stop. I say F**K when I dont enter when I have evidence of a move hoping for 1 tick price improvement only to watch it fly away. I dont like to chase, thats me. A H&S setup it is much easier to judge an absolute stop. I have many setups that aren't like this.
who's chasing the move? i'm averaging in to get a better price than the guy who buys 20 at one time. if i get 20 at 1331.25 vs your 1332 how am i worse off than you? my stop is lower and my chance at winning is greater. AS I SAID MANY OF US MERE MORTALS DON'T HAVE 80% ACCURACY TO NAIL THE EXACT HIGH AND LOW
joeyata 1 ......don't argue with these people.....pm me if u got my pm.......please .....it is about chat room porgie thanks
holding position. I am following B1S2's long grail on hourly in RSI, CCI confirms, at the bottom of bullish channel, at the top of bull flag, set to re-test 1336 area (perhaps after hours). I will not add any more contracts (scale in), PT - 1340 or there abouts.