Dislikedwell yes maybe a little common sense like don't trade non farm payroll or other bad news days of course
but
where would you be knocked out if your trying for 10 pips I don't think this is a right way to trade but look at my chart. (I was making a joke about why pick a direction) but all kidding aside if you did an OCO order (usa guys) or just opened at market new day buy and sell both would hit 10 pips profit everyday. Someday the draw down would suck yes but if you had balls of steel it would work. Look at your D1 charts show me a loser,...Ignored
I hate systems like this. I see people blow up all the time with systems like this.
You must ALWAYS have a stop, and a set amount you feel comfortable in losing when you enter the trade. It isn't about "balls of steel" as you put it.
The only way to be sure you'll be alive trading without a stop is using ultra low leverage, like 1:1 and no higher.
Seriously. Tell me, what would you have done if you bought EUR/USD last October for ~1.4200? leading into that price zone was a lot of bullish movement and upward momentum. Your talk about D1 charts would have had you long with greed since it was moving up strongly after being down so far in the past...
Please, don't make things worse by saying you'd just have doubled up or something.. :/
I'll give you a little hint: With a completely random entry and direction (that's right, darts at a board style,) you can be profitable over a long enough period by simply cutting losers short and riding winners while they run. Now, I'm not suggesting you go do this, having an edge of any kind over randomness is best, but the point is letting your losers run will only work till it blows your account out.
Even if you think you're smarter than the market and you'd never get into a trade that bad, things will happen that no one will expect, and the time you're proven wrong your account vanishes. Don't let the first time you're proven wrong do so much damage.
/rant
FXGears.com