is averaging down a good strategy ??

I have been seeing posters on HC averaging down their stock..Some even averaging down to the point where they had decided to give it up and end up with holding another dog stock, few were lucky and the stock did turn around. Personally, I don't believe in averaging down as there must be something wrong with the stock to make it sinks. Averaging down means increasing your risk, not difference from keep putting more money at Casino when you are losing..

I would normally sell my holding and wait to enter at lower level with less cash and more shares..80% of the time I have been lucky..

What is your experience ?