A scalp is a trade. A hold is a thesis. When a quick scalp quietly turns into a long-term hold, that’s rarely conviction, it’s indecision mixed with hope. Before you enter, be clear: - Is this a scalp or a hold? - How early am I, actually? - Who is the marginal buyer from here? - If this stalls, who becomes the marginal seller? Late news in a weak market rarely creates new buyers. It mainly provides liquidity for people already in. If something was meant to be a scalp and price doesn’t behave, you cut it. Averaging down at that point isn’t managing risk, it’s avoiding a decision. The skill is recognising when the idea is invalid and exiting early before a trade turns into a "hope" position.