Originally Posted by VinceG
Does he even trade? I thought he said that he doesn't, that he just read some books about it or traded some in the past.
I don't trade. I know what the return that can be generated from (serious) trading really is. I don't have the capital to bother with it.
I'm curious about that myself. Common sense would dictate that if one was wrong about the trend, then one would let themselves get stopped out, or close their position manually, and then go with the trend after finding a good entry (however your system dictates), and then be on the right side of the trade instead of the losing side. There is absolutely no point in holding on to a loser when you could be in the money... All that does is tie up money and waste potentially massive amounts of time.
So you were wrong about the trend the first time and now you think you can reverse your losses by predicting the trend again? It's an interesting concept. Currency trading is a game of shuffling wealth from one currency to the other and back. It is not a game of predicting which currency is the best or what will be the price 10 minutes from now and then leveraging your guess like a cocaine addict.