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FIXING A TRADE

 
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Rogerman

FIXING A TRADE

Mr. Lucas did a YOUTUBE video on the subject of fixing a bad trade.   I can say for sure it has helped me with my trading immensely.  I used his fixing and wobble techniques   to correct bad EURUSD trades I had made in a simulated account this morning.  I was down 28 pips and was able to correct with the techniques he explained and now for the day I am up .34%  or 98.7 pips.  

Good job Mr. Lucas, I recommend all the bees watch that YOUTUBE video.

  Roger Wilcox

Thu, 10/04/2018 - 2:01pm
 
risingphoenix

Thanks for calling attention to the video. Very helpful.

 
tpackard34

I watched it too. Won't; help enough on one trade but on the rare chances I get to scalp, I can see the benefit.

 
gabill007.oj

I'd rather close out early and wait for another opportunity.

 
Rookie

Bad Trade Recovery, https://www.youtube.com/watch?v=6ElU5vJhz9A&t=1806s
1. If the trade is closed, go on to the next trade.
2. If the trade is open you have three basic choices.
a) close the trade, self-explanatory
b) wobble, this presumes the trade is resting or consolidation.
c) hedge opposite loser/ risk.

(note traders rule is that you never, never add to losing position)

Obviously, the best tactic is not to get in a position that we need to fix a trade by not allowing our losers to run.

also in Shawns trading room this week maybe 3/4th the way in there was what Shawn called a blowout candle.
That is a candle that shoots straight up for no apparent reason, news or otherwise. It just blasts up, Shawn's advice was, do not trade it, just wait until its done and moved back as it will shortly.