Interestingly I have done what you do, Raghu - a total blind (or nude xxx, XTrade put it) way to make money. I did made profit with that because I was doing it with gold and we all know it's forever bullish. It took me 4 weeks to do that.
My highest buy was at 1505 (oh it went down to 1470 I think) on beginning of May. My t/p was 1540...say I did averaging like u did (I didn't though, I just let it sit and played USDJPY LOL) - and I got $2400.
so it's 24% in a month profit . Not so bad. But instead of using my margin for averaging on gold, I actually made close to 100% profit on my USDJPY positions in that 4 weeks. It was a very good month for the pair for short term buys and sells, buys and sells.
I love my leverage too, so I minimise my risk with really, really tight technical analysis and I enter my upped leveraged position when there's no 'why' in it.
If there is a 'why' in my big trade, I'd rather hit the local casino and play what I do best - bridge and baccarat.
You get what beeb was trying to say?
Everyone's way is different...your way might work very well for you, though. Most especially if you keep averaging your buys when it goes up too. - again, I don't recommend this without proper analysis.
My highest buy was at 1505 (oh it went down to 1470 I think) on beginning of May. My t/p was 1540...say I did averaging like u did (I didn't though, I just let it sit and played USDJPY LOL) - and I got $2400.
so it's 24% in a month profit . Not so bad. But instead of using my margin for averaging on gold, I actually made close to 100% profit on my USDJPY positions in that 4 weeks. It was a very good month for the pair for short term buys and sells, buys and sells.
I love my leverage too, so I minimise my risk with really, really tight technical analysis and I enter my upped leveraged position when there's no 'why' in it.
If there is a 'why' in my big trade, I'd rather hit the local casino and play what I do best - bridge and baccarat.
You get what beeb was trying to say?
Everyone's way is different...your way might work very well for you, though. Most especially if you keep averaging your buys when it goes up too. - again, I don't recommend this without proper analysis.
Dislikedlet me explain the strategy again ...
gold never down more than $120
deposit $10000
average down is $40
1, buy 0.10 lot size when gold down $40 TP also $40
if again down -$40 open position will be -$400 then open second buy if it down again -$400 + -$400 + -$400 = -$1200
your last buy ( 3rd ) from here but market down again -$40 x 3 = $120 in onz
-400 -400 -400 -400 -400 -400 x 6 = -$2800 from $10k is good money management
check weekly and monthly chart gold will start up when down touch more than $100
3rd buy TP $120 x 10 = $1200...Ignored
trading is my zen