My entry is at the dotted line. The solid line above it is what I call my “effective entry,” which accounts for fees (correct name?).
I layered my orders but only one was hit. I’d typically start scaling out soon (I may do so still) but I keep seeing the recommendation to “add to winners.”
Depending on what BTC, this one has at least some chance to run much further.
And I’m only at 25% of my original max allocation for this trade.
So how would I go about adding to this winner?
(Just looking for the premise/concepts; I’m not asking you to trade for me.)
As ever, look to the TA for guidance. Adding to a winning trade is not justified solely because the trade is winning. Stand back and review the TA which you put faith in - if you were not already in this position would you consider entering here? Would you recommend your friends enter here?
One way is to close your trade with SL not with TP! it sounds stupid but is actually very good. use a trailing stop instead of a TP and if the price goes very high you can getmore profit, you can also move the SL manually and every resistance that the price breask, you move your SL just below that broken resistance until the price finally hits it. this way you will not get any losses and you have a very good chance to get more profit if the price flys
I did run scenarios with trailing stop vs set TP, stop to BE, ect… all trades have the same expected value. No advantage in using one or the other, just preference.
Same goes for adding to winners. The only advantage is using the current profit as margin to open another trade.
