Hello trades.
I want to share some ideas which have been discussed for years in FOREX FACTORY, but in vain.
I have been trading with a stop loss for almost 4 years and lost money.
Two weeks ago i decided to forget about using a stop loss and the result was as attached. I traded only micro lots only for testing. The problem is that three trades went in a loss for 100, 200 and 300 pips. They were EURJPY,EURUSD and USDCHF. i dangerously waited for the price to come back again and it did.
I know i was lucky this time, but think about that...You always close the trade with a profit, and most of the trades would be closed in a loss if i had used a stop loss.
My dilemma is what would i do if the price did not decide to return. Who would agree for buy every 200 pips , for example in a losing long trade, till the aggregate trades is at break even? Who would approve for leaving the trade swimming till the price come back again to the entry point? And who would agree for using a wide stop loss, let's says "500 pips" for example? I have been thinking all day long about the three solutions, but all of them is dangerous.
I did not talk about my entry setup and exit rules when i am in a profit because that is not my problem..
Waiting for your appreciated reply.
Thanks
I want to share some ideas which have been discussed for years in FOREX FACTORY, but in vain.
I have been trading with a stop loss for almost 4 years and lost money.
Two weeks ago i decided to forget about using a stop loss and the result was as attached. I traded only micro lots only for testing. The problem is that three trades went in a loss for 100, 200 and 300 pips. They were EURJPY,EURUSD and USDCHF. i dangerously waited for the price to come back again and it did.
I know i was lucky this time, but think about that...You always close the trade with a profit, and most of the trades would be closed in a loss if i had used a stop loss.
My dilemma is what would i do if the price did not decide to return. Who would agree for buy every 200 pips , for example in a losing long trade, till the aggregate trades is at break even? Who would approve for leaving the trade swimming till the price come back again to the entry point? And who would agree for using a wide stop loss, let's says "500 pips" for example? I have been thinking all day long about the three solutions, but all of them is dangerous.
I did not talk about my entry setup and exit rules when i am in a profit because that is not my problem..
Waiting for your appreciated reply.
Thanks