Ive been in this trade since yesterday at 10am. Do I close the trade and reopen at a buy because its very low
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Hard to be specific without more data and I wouldn’t want to tell you how to run your trades anyway. But here’s what classic trading theory says -
If the unrealised loss is already a large percentage of your account, close the trade now.
If the unrealised loss is not too large as a percentage of your account, look at the reasons for buying when bought. These might be A, B, C etc… Are they are still good? If one or two have now disappeared, close half the position. Set a stop-loss to protect as much of your account from further more serious losses as possible.
If several or all of the reasons to buy have now disappeared, close the whole position now.
Wow your reply really helped me I’ve literally just started trading 4 days ago with 0 knowledge just following trends I think I should stop do my homework and then continue trading
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Its hard to predict with such a close cut of it.