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vid 40b slide 11, around 13:30, talks about how you can scale-in when disappointed and get out breakeven on the entire position, or if you are lucky, you could get out with breakeven on the 1st entry and a profit on the 2nd entry. The part I struggle with, is that when trading real-time, and setting limit entries to exit, you have to pick a price for your orders. The only way to exit at your first entry, is to NOT take the breakeven exit for your entire position as it first moves through that price. So that means you are sitting with a limit order at your first entry, and sometimes the price will go to your breakeven on entire position and then reverse, leaving you in the dust. So it would not be fair to use hindsight and say that you could have exited breakeven on the entire position, when real-time you are trying to get back to breakeven on the first entry (or vice versa).
Later on in the video Al does mention that you could have your order ready at the original entry price and if the market comes close to that price but then reverses, then you take the breakeven exit. So I think that case is reasonable, but sometimes this seems difficult trying to judge whether or not the market has completed its attempt down with all the back and forth wiggling the market tends to do and you might miss the breakeven exit completely, or take the breakeven exit when the market intended to come all the way to your first entry.
So, how do you all suggest managing the trade?
That makes sense, that you have to make a judgement call based on the situation as to what to target.
So let's talk about managing it once you decided on what to target. And I know again even after you set your exit orders, the management will still probably vary based on the scenario. Let's say you decided that looking for the breakeven on first entry was appropriate, and the market went a few ticks above the breakeven on entire position. At this point, is it reasonable to move your stop loss to breakeven on the 2nd entry? This way, if it does turn against you again before reaching your take profit orders, you don't risk too much?
