DislikedGuys let's see how it works out. I'm definitely not married to my trades, I just have some longer term positions too. Also, I traded long side of the market so even if I close those positions that i have on 1.4380, 1.4450 and 1.4550 - I would be in nice profit.
All I'm saying that I'm still confident about retrace to 1.40 - 1.41 area and eur/usd is topped. 600 pips can be easily reached within day or two....Ignored
If you are good at picking directions, you don't need to hedge.
If you somehow do end up hedging, you are only giving yourself a 2nd chance. And if someone is bad at picking directions, that hedge won't do any good.
There was one a whole thread started by some of the most respected 10v traders and participated non other by a multitude of respectable 10v traders about hedging. The conclusion is there is no benefit of hedging.
The right way to do it is still to set a stop loss at a point where you think you are wrong. You gotta learn to accept the risk wholeheartedly.