DislikedWhat is the advantage of not using a SL?
I do not get it. I am a newbie, and -so far- I do not see any plus not to use it.
Also I have noticed some previous posts express trading performance in terms of:
1) % of winning trades
2) number of pips.
Again, it may be only because I am a newbie, but -as far as I can understand- the goal is:
a) preserving your money
b) hopefully getting more money.
Problems I notice with performance measured as per 1): nothing is said about risk/reward ratio.
Despite the fact that I am a newbie,...Ignored
1. take a loss SL
2. How can I bring this trade back to a zero loss. Where do I reenter to zero out this trade?
I am saying this, there are other methods to trading than one position in and one position out. I think in a series of trades over a period of time. I once did a series of trades with the aud/jpy which consisted of about 15 trades over a 3 week period. The total outcome of those trades ended up in profit. If I had done them in the typical thinking of one trade in, one trade out it would have been a series of losses. Anyways, when you get tired of winning for a while, then losing it all back or losing and trying to get it back, there are alternatives. You can learn to countertrade a losing trade back to zero rather than taking a SL. It is a trading skill not recklessness but it does take a whole different thought process and approach to trading.