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I followed the procedure in the manual for balancing the telescope. After setting the polar axis to my latitude (37deg), setting the declination to 90 and rotating the scope until the counter weight rod was horizontal, the telescope was not balanced. The counter weight is at its lowest position and cannot add any more gravity to that side and moving it up the rod will make the situation worse.
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I have the same or a very similar scope that I purchased second hand. I had the same problem with mine so I'd suggest that it is probably a common issue with the Luminova telescope and I presume that the telescope is to large for the mount. But anyway I managed to solve my issue with some some chunky magnets that I had lying around (those old horse shoe kind which were pretty heavy). Obviously if you don't have enough magnets or something similar you'll have to add extra weight another way as julianh72 suggested.