Glad to hear that! 
The only part Iām having a little issue with is when you scale inā¦ So far its worked out for me each time, with a max of 3 scales-inās (2 add-ons).
Iāve been adding on by a factor of 2x the last position size. Itās a little unnerving as if it continues to go against me, it could turn into a HUGE loss. TBH, at the 2nd add-on, Iām already a little nervous hahaā¦
Thanks!
Yeah the averaging can get quite scary at times.
But only if youāre overleveraged for it.
If youve taken a larger position. Its better just to take a loss.
But if you already planned the trade to average in, it shouldnt be that bad, because your position should be adjusted so that each trade with 6-10 pips in between will only be a 1-2% of your account should you have to exit all the positions at -30pips.
What Im saying is that all three together at -30pips should only be about 1-2% of your account. (or whatever risk profile youve decided on)
SO that should you have to take the hit. It wont hurt that much.
But it also depends on the action and what you think its doing.
Sometimes if Ive taken a position, and then the price spikes, Iāll wait till the optimum time, and go maybe 3-4X my original position, to take advantage of the spike, so that when I make the quick 2-3 pips on that spike, I can clear out the other position as well.
The worst markets to average into are trickling ones. That are slowly just ticking in one direction. Cuz who knows when theyll stop.
But another tipā¦
Averaging works well for the earlier asian session, and sharp moves, but the closer you get to the London Open the safer it is to sometimes go WITH the breakouts for 4-5pips instead. Cuz theres usually volume behind them.
Though this is all dependent on price action as well.
Youāll get a hang of it.
All I know isā¦I used to average quite a bit, but not so much anymore, which gives me an indication that Ive improved my entries alot over these last 3 years.
Alsoā¦if I do find myself in a trade that needs to be averaged. I know Ive become more patient. Instead of getting in every 3-4 pips against me. Iāll wait until the next major level on the 5minute chart instead, to be safer.
Which sometimes could be 12-18pips away. So I give it plenty of room to breathe, and most likely I wont have to average it. It will return to my entry and Ill take 1-2 pips.
Its all very discretionary really.
BUT THE KEY ISā¦
Dont ever let a bad average wipe out your gains for the week.
And if you do. Stop trading for the week!! Clear your head.
Dont go back into the market with the hope of making it back quickly.
Slow and steady wins the race.
