I am trying something new with my
Forex Strategy CAD1 manual system this week. As the trade goes deeper into profit, I will add more trades. This is called pyramiding.
I am trying three more trades in addition to the primary trade. The lot size of each will be the same as the lot size of the primary trade.
I will open the trades when the primary reaches 60, 70 and 80 pips in profit. The TP is the same for all trades and the SL for the pyramiding trades is the BE of the primary trade.
I am not entirely comfortable with this modified strategy because in the worst case, I stand to loose 90 + 60 + 70 + 80 pips which is 300 pips instead of the normal 90 pips. This worst case would happen when the price moves in my direction 80+ pips just near the TP and then moves against me to the primary trade SL. It is not likely that this will happen but it will happen some day.
Rick