Traders, always use stops and don't risk it all on one trade, you don't want to end up like this unfortunate (and very angry) trader http://www.youtube.com/watch?v=vIMwMsY0ndo
I actually know this guy. He held on to the position and took it back for an 8 figure pay day the other way. He averaged down the whole time. He had 40k in his account at the time. It was all the money he owned and he was very close to a margin call.
So let me get this straight. This trader lost 30 grand (his life savings according to him) but somehow he was not only able to recover that money but he was also able to (miraculously) earn an 8 figure profit on that trade, on top of that ?!?! Sorry but I find it extremely hard to believe, to say the least.
What's really funny is that the guy in the video was teaching trading, some kind of a blogging guru, no? I heard that... It has been posted many times before and viewed by thousands if not tens or hundreds thereof... [and I love watching it every time because I have a perverse sense of humor] and it will still happen to somebody else at some point... maybe many, many times.