Both work. What doesn't work is not having a clear method for when, how and why now vs when, how and why not now.
Look at it this way. Take 4K now guaranteed with no potential for any more profit or loss, or do what you are thinking and get 2K guaranteed with potential for profit between 2K and infinity.
This is generally a bad mindset. There is no "house money". You've increased the equity in your account by taking a hopefully predetermined risk. Unless you were planning on trailing your stop from the beginning, there's no reason to move your stop loss now. Without data to show otherwise, there's just as much as chance of the position moving back to your entry price before it continues moving forward - stopping you out before the trade continues on for the reason you took it without you being in. Unless your intention is to gamble, then by all means, do whatever you want but it is somewhat similar to playing craps and asking the other players at the table whether you should change to the don't pass line because the pass line just hit for you.
i personally would never add on to an already winning position, i want to add on when the market is against me if i have a positive expectation method. that said i do know of long term traders who do add on to a winning position and do well. also there are traders who could not trade themselves out of a paper bag.
%% Exactly; + ''luck'' is a gamblers term + no such thing as luck XOM + CVX are above 50dma; same way with a lot of related ETFs. TX Tea + related/ barchart.com has an 88% buy; XOM + CVX related ETFs have much less risk; above 50dma. Beverly Brillant Hillbillies song; one day shootin' @ some crude / up from the ground come a bubbling crude/ > 1,577,777 Video views LOL.In our favor not many believe in a climate change scam. Nothing like a good gun+ shooting @ some food
Now you do averaging up. Many years/decades later, you will be doing the reverse. And that's how we learn / improve.
%% GOOD; or sell[exit] some stuff \ + stay in in some[different] better trending stuff with more profit potential + dividends.............................. But like IBD founding father [ WO'N] noted ''NEVER buy for a dividend'' In this plan, you are doing somewhat of a scale out[100% exit] + let profits run elsewhere also. OIL + gas has gone negative before\ on a more positive note, the profit potential ETFs have never gone to zero.
I don't think CL will ever go negative again. That was a one-off that I think the CME was complicit in by helping to orchestrate. Something dastardly went on there.