I my thought risk management is the most important part of trading which you need to focus on to be a successful trader. Stop loss is the most common way of managing risk but I have also tried hedging strategy for risk management which is using an invert position when position going in beyond the risk. If any of you guys have also tried this please share your experience here.
Hedging strategy when properly utilize can be an effective way of downsizing risk weather in long position or going short thereby protecting your trade from further loss. But not all brokers allows it.
Doing that in the same market is just stupid and makes no difference. I have always traded manually, I’m not good at this, but every time I have a Buy trade above some Sell trade, for any reason, I only feel confused and I don’t know what to do next. So I simply freak out. I personally feel much better when I don’t have any trade in the list.
I will suggest to not use Buy to stop another Sell or Sell to stop Buy. Just close the trade and refresh your mind. Then, when you see another opportunity - create new trade.
Otherwise hedging in multiple different markets is what really hedging means. There is no reason to not do that and all broker allows it 
A losing entry point on a given pair is not a good marker for an entry point on a pair that moves inversely to the first for the simple fact that once the hedging trade is opened as the initial trade is losing the point at which one of the two will be closed out to allow the remaining open position to profit becomes nothing more than a flip of a coin and a prayer. After that there is the additional problem of the exit strategy on the final position.
Hedging is not for traders, it is for hedgers. If you do not incur forex risk through business operations unrelated to forex trading (such as booking open receivables on net terms in foreign currencies to conduct export sales) then you have no real way to benefit from hedging.
An arbitrager on acid would never hedge a forex trip.
If I prefer choose to cut and switch my position.
I have used STOP LOSS to maximise returns and keep trading alive. It has been very useful as a money management and a hedging strategy as well.
Hedging is also used to help ensure that investors can meet future repayment obligations. For example, if an investment is made with borrowed money, a hedge should be in place to make sure that the debt can be repaid. Or, if a pension fund has future liabilities, then it is only responsible for hedging the portfolio against catastrophic loss.
Hedge on Fridays,!!
I’m with abritageonacid. Hedging is for investors protecting their investment from currency devaluation. It plays no role in speculating. Risk is just the price we pay.
I think in trading, hedging does not particularly come into play, but there are ways that traders can reduce the risk of loss, including diversification (investing some money in other assets, e.g Real Estate) you can call it a fall back plan, and I believe every successful trader has one in mind.
I used to hedge in more than 1 step. For a short 50 k I used to have multiple 2k longs at 5 pips stacked until the short was fully hedged. Whenever I felt the market was going down again, I used to close 2 longs at a time at zero profit. Although I could close longs in positive, the intent was to protect the 50 k short. I wrote an algorithm and traded it automatically. I should mention it didn’t bring any profit in the end
Hedging is very risky specially for the newbies, and most of the trader do avoid hedging just because its very risky.
I have tried hedging with no much success. Also i have made use of the hedging strategy which is sure fire hedging strategy, this works only for people with very huge capital money, but why would with huge capital take so much of risk when achieving even few pips can be huge money for them.
If you have a medium-term Vanilla trade(FX), you could do a little hedging, here and there - using Binary Options of course.
But in reality; all requires an extra form of analysis/strategies, to triumph.
Yes, I have tried this strategy and I have earned a lot of money and at time lost too. So, right now I am not going with this theory. If you have ample of time to research and give your time, I would say to do it.
Been there done that.
It all sounds fine and dandy until you realize you’re paying twice the spread/commission for the same expectancy of the trades as if it was managed via stop loss. Unwinding the hedge can also get tricky and add to transaction costs.
The only benefit is locking in the margin required amount, however trading with that kind of risk will come back to haunt you sooner or later (unless you’re just that damn good).
Personally, I’d say leave hedging to the big guys who need to use it to manage liquidity risk.
I’ve an EA that adopting hedging,multiple, and scalping system. It has been working in 4 digit brokers such as liteforex, fbs , and robo forex. I like this system.
Its really nice to know that still there are EAs which do work, somehow i have a failed hand at the use of EAs and hence no hedging for me. 
couldn’t agree more
i was try with hedge. i has profit in the most of time. but my broker do not allow it. do you have any broker who allow hedging strategy and give us high forex bonus ?