first off im not sure if this is the right place to post this, if it isnt please mods move this thread to the appropriate section.
ok, so i was wondering does any one scale in a position? and how effective is this? see i trade using daily charts so the way i do it is i place an order with a stop loss of 100 pips, (i use 1% per trade) so my loss would be approximatley .3% but if the trade goes in my way i would open another position at exactly 100 pips away from my original position (again another 1% trade) with a stoploss at 100 pips, and i trail the stoploss of the initial position 100 pips (in this case to break even), i keep doing this (opening positions 100 pips away from the last position and trailing the stoploss of the previous positions) until they all get stopped out. The way i think of it is that i would only be 1% deep in a loosing position, while i have a heavier position when im winning. but i am only risking .3% of my positions at all times. Does this sound logical and profitable lol? give me your thoughts and input.
Thanks in Advance
G-dogg
ok, so i was wondering does any one scale in a position? and how effective is this? see i trade using daily charts so the way i do it is i place an order with a stop loss of 100 pips, (i use 1% per trade) so my loss would be approximatley .3% but if the trade goes in my way i would open another position at exactly 100 pips away from my original position (again another 1% trade) with a stoploss at 100 pips, and i trail the stoploss of the initial position 100 pips (in this case to break even), i keep doing this (opening positions 100 pips away from the last position and trailing the stoploss of the previous positions) until they all get stopped out. The way i think of it is that i would only be 1% deep in a loosing position, while i have a heavier position when im winning. but i am only risking .3% of my positions at all times. Does this sound logical and profitable lol? give me your thoughts and input.
Thanks in Advance
G-dogg
Egyptian and proud of it!