Disliked{quote} OK...... If I'm not mistaken you're one who trades for 9 or 10 pips (TP). In fact, I believe I read a post (yours) that said you adjusted your TP from 9 pips to 10 pips. Fine...... I respect that but at the same time find it laughable. I'm of the opinion that a 1 pip adjustment in TP is like a fart in the wind. It feels good for half a second but really means nothing. Regardless...... IF you do trade for 10 TP and you're here on this thread regarding no SL...... I'm curious as to how long (many pips) you would let a trade go against you...Ignored
Slim that is a good point worth considering and here is my current answer:
Just because I collect at ten points doesn't mean I have stopped trading the pair.. There are many split and staggered position schemes depending up the circumstances as I see them, and I pretty much have used them all.
As for the second point, Some trades I would not let ride for 500 pips.(or 50 even) Some trades may go for a thousand ( if I am convinced they will come back, and have room to make money on the pair going that way).
Yes I do have stops: I have them in mind when I enter a trade. They are not fixed, and are executed manually when my reasoned opinion finds them justified.
What I try not to do is tell my broker where they are (It is an automated desk, but what is it automated to do?).
There is a point at which the floating loss is no longer comfortable for me. (It seems to be at a lesser level than some others report)
Some day I might write an EA to handle this process for me, but I haven't gotten there yet.
I subscribe to this motto:
A margin call is a terrible thing.