Hello Folks,
The dynamics of trading the market change after a specific period. My concern is the spike that usually occurs especially when you are in one direction and the market moves in the opposite direction. Have you experienced such before, what is the best approach a person can take to salvage the situation?
I have had a few suggestions like opt-out, some have said canter trade so you can recover. Do well also to share how one can avoid this possible scenario.
There is no way to salvage the situation, if you were going long and then the price goes down in a dramatic way and you did not had a stop loss ready then you will lose a lot of money, it is that simple, which is why you must use a stop loss at all times precisely to avoid this scenario.
However now that you are immersed on this scenario your only chance of success is for your strategy to be a good one and for it to allow you to eventually recover the money you have lost, an unlikely possibility as if your strategy was that good then you would not have lost so much money already in such a way.