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Trading with no stop loss

  • #121
  • Oct 26, 2020 5:47pm Oct 26, 2020 5:47pm
Quoting KeenPips
When a trader gets to a level where only 25% - 40% of his/her sl orders are invalidated by the market, professional traders will see that as success. That is what any serious trader should be aiming to attain. KP {quote}
I tried very hard to improve this for over two years. I had good runs and then weeks where I almost gave everything back to the market.

So,

I decided to try the approach of managing trades using other positions until the market continues in the intended direction.

This approach allowed me to see the consistency - 10 fold. Consistency I had not seen in over two years of learning the craft.

I applaud pro traders who can trade successfully with a stop loss, but it just has not worked for me.
Give the market little, Aim to take a lot!
  • #122
  • Oct 26, 2020 5:55pm Oct 26, 2020 5:55pm
Got your point mate. But it takes experience and patience. I learnt to trade using sl orders the hard way after bleeding my trading accounts on several occasions during my first year in the business. The improvement on how to place stop loss orders efficiently came a few years later with practice and a change of trading strategy.

Stay safe, trade safe.

KP

Quoting Calsimay
{quote} I tried very hard to improve this for over two years. I had good runs and then weeks where I almost gave everything back to the market. So, I decided to try the approach of managing trades using other positions until the market continues in the intended direction. This approach allowed me to see the consistency - 10 fold. Consistency I had not seen in over two years of learning the craft. I applaud pro traders who can trade successfully with a stop loss, but it just has not worked for me.
Do your homework, follow the footprints of smart money
  • #123
  • Oct 26, 2020 6:05pm Oct 26, 2020 6:05pm
with or without stops is indifferent, it all depends on the trader experience.
are two completely distinct forms of trading.

what a trader needs to know,
is how to trade each style in the correct way and that take years.

cheers
Uncertainty of the market must be embraced and accepted.
  • #124
  • Oct 26, 2020 6:09pm Oct 26, 2020 6:09pm
You may also want to factor in your trading style. If you are a scalper who has the time to glue your eyes on the charts at least throughout the time your trade is open, of course barring any sudden negative directional surge, you may feel okay with no sl order. But if you are a swing trader, in the sense of leaving your trade open for more than one day, you may find yourself stitched trading with no sl order.

KP

Quoting KeenPips
Got your point mate. But it takes experience and patience. I learnt to trade using sl orders the hard way after bleeding my trading accounts on several occasions during my first year in the business. The improvement on how to place stop loss orders efficiently came a few years later with practice and a change of trading strategy. Stay safe, trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #125
  • Oct 26, 2020 6:48pm Oct 26, 2020 6:48pm
Quoting KeenPips
You may also want to factor in your trading style. If you are a scalper who has the time to glue your eyes on the charts at least throughout the time your trade is open, of course barring any sudden negative directional surge, you may feel okay with no sl order. But if you are a swing trader, in the sense of leaving your trade open for more than one day, you may find yourself stitched trading with no sl order. KP {quote}
IMO, if a stop loss is not used, one should employ another way of managing your risk.

For instance, using other orders to lock loss temporarily during a retracement before price moves in the intended direction.

Or to transition into a complete market turn.

I hate steering at charts so initially, I used alerts to call me to the charts at set levels.

Now I employ an EA to assist in trade management.

However one chooses to trade, good risk management is a must!
Give the market little, Aim to take a lot!
  • #126
  • Oct 27, 2020 4:09am Oct 27, 2020 4:09am
Yesterday:
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End of day :
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Today:
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End of half day:
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Money moves the market, not an indicator.
  • #127
  • Oct 27, 2020 5:22am Oct 27, 2020 5:22am
Quoting andoseg2
Yesterday: {image}{image}{image}{image} End of day : {image} Today: {image}{image}{image}End of half day: {image}

this is all very good

what matters is not what we do when we are winning ... is how we react and how we trade when we are down .. that’s the true judge of a trader in my eyes
  • #128
  • Edited Oct 28, 2020 5:54am Oct 27, 2020 8:44am | Edited Oct 28, 2020 5:54am
Quoting allinazi
{quote} this is all very good what matters is not what we do when we are winning ... is how we react and how we trade when we are down .. that’s the true judge of a trader in my eyes
True.

Here's what's working for me.

A good offense is knowing when to attack and when to play defense.

So

I stay clear of ranging markets. I am a price action trader so I primarily observe price behavior in candles on higher time frames using the method in the following image.


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If I ever get stuck in a hedge. I stop trading.

When price starts to trend I take one of three approaches depending on the situation.


1. Add a new position in the direction that the market begins to trend and close all trades once they are in profit.

Or

2. Take a loss on the last losing position once the second position is hit and the trend is confirmed.

Or.

3. Leave a locked position and take profit on new positions until the price comes back to the level where positions were locked. If the price does not come back to the level, I take a loss by closing the locked positions.

These are techniques I learned right here on the forex forum from more experienced traders. And they work!

I've also created an EA using these exact techniques and the results are mind-blowing!
Give the market little, Aim to take a lot!
  • #129
  • Oct 28, 2020 5:20am Oct 28, 2020 5:20am
Quoting Calsimay
{quote} True. Here's what's working for me. A good offense is knowing when to attack and when to play defense. So I stay clear of ranging markets. I am a price action trader so I primarily observe price behavior in candles on higher time frames using the method in the following image. {image} If I ever get stuck in a hedge. I stop trading. When price starts to trend I take one of three approaches depending on the situation. 1. Ad a new position in the direction that the market begins to trend and close all trades once they are in profit. Or 2. Take...
Here is a good example of #1 in my first closed trades today on GJ.

1. Add a new position in the direction that the market begins to trend and close all trades once they are in profit.

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Give the market little, Aim to take a lot!
  • #130
  • Oct 28, 2020 6:50am Oct 28, 2020 6:50am
Quoting Calsimay
{quote} Here is a good example of #1 in my first closed trades today on GJ. 1. Add a new position in the direction that the market begins to trend and close all trades once they are in profit. {image} {image} {image}
interesting so there’s some hedging in there also
  • #131
  • Edited 7:22am Oct 28, 2020 6:55am | Edited 7:22am
Quoting Calsimay
{quote} IMO, if a stop loss is not used, one should employ another way of managing your risk.
risk on, risk off

given nov 3 im going to try close everything off this week and watch from the sidelines

new higher risk account isnt quite set how i was intending yet, but will work on it, will also try add the other account

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gl!
grist for the mill
  • #132
  • Oct 28, 2020 7:22am Oct 28, 2020 7:22am
Quoting JackJones
{quote} risk on, risk off given nov 3 im going to try close everything off this week and watch from the sidelines new higher risk account isnt quite set how i was intending yet, but will work on it, will also try add the other accounts {image} gl!

do you have a link to your fx blue?
  • #133
  • Edited 7:24pm Oct 28, 2020 8:22am | Edited 7:24pm
Quoting allinazi
{quote} do you have a link to your fx blue?
this account is high risk double in a month or two, so it's boom or bust as only $100 is on the line trading eurchf, i might post it if i get 50%? entertainment purposes only.

new low leverage regs hit here soon so it is a last hoorah until it is implemented

tbh it's just the first one i managed to get sync'd, i'll fix and add the medium and low risk accounts later as they will not be back in full action until after elections
grist for the mill
  • #134
  • Oct 28, 2020 8:50am Oct 28, 2020 8:50am
Quoting allinazi
{quote} interesting so there’s some hedging in there also
Yes,

Hedge loss, add position, close the basket of positions in profit.

Hedge loss, delete hedged position when price returns, and continues in the intended direction > take small profit or ride the trend.

Hedge loss, take profit on a new position, delete hedge when price returns to locked/hedged position, or close locked position for loss if the price does not return.

All positions are the same lot size.

I've found that this approach is more practical on higher time frames where there is less noise.
Give the market little, Aim to take a lot!
  • #135
  • Oct 29, 2020 9:25am Oct 29, 2020 9:25am
Quoting Calsimay
{quote} True. Here's what's working for me. A good offense is knowing when to attack and when to play defense. So I stay clear of ranging markets. I am a price action trader so I primarily observe price behavior in candles on higher time frames using the method in the following image. {image} If I ever get stuck in a hedge. I stop trading. When price starts to trend I take one of three approaches depending on the situation. 1. Add a new position in the direction that the market begins to trend and close all trades once they are in profit. Or 2....
Here's an example of #3 in Post #128 where I took profit on 2 trades and close 3 trades for break-even today on GJ.

3. Leave a locked position and take profit on new positions until the price comes back to the level where positions were locked.

Added buy and took profit at the next resistance level during the Asia session. Left previously locked trades open.

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Added a sell at the re-test of previous support.

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Closed sell at base of the range in case price continues to range. And added another sell at breakout of the range.

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Closed remaining trades for breakeven just above the resistance level and ahead of today's news.

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This was all done with proper risk management. No stop losses.
Give the market little, Aim to take a lot!
  • #136
  • Oct 29, 2020 9:54am Oct 29, 2020 9:54am
Quoting Calsimay
{quote} True. Here's what's working for me. A good offense is knowing when to attack and when to play defense. So I stay clear of ranging markets. I am a price action trader so I primarily observe price behavior in candles on higher time frames using the method in the following image. {image} If I ever get stuck in a hedge. I stop trading. When price starts to trend I take one of three approaches depending on the situation. 1. Add a new position in the direction that the market begins to trend and close all trades once they are in profit. Or 2....
Here are results from an EA I am developing using these same strategies.

It's still in its early stages but already looking promising. I am testing on the Demo account on Gold.

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Risk management -

No stop losses.

Lock losing trades at 2% close once in profit.

Close all trades at set max drawdown! had it at 5% raised to 10%

But am still refining this.
Give the market little, Aim to take a lot!
  • #137
  • Nov 2, 2020 3:22am Nov 2, 2020 3:22am
I never said i was the first person to invent the no stop loss trade, yet apparently i am - once you remove the warmth of the stop loss then you are open to the true forces of the market - the true trader will have to learn how to weather the storms, the up and downs, until they are finally at a point omegle guide
  • #138
  • Nov 4, 2020 12:05am Nov 4, 2020 12:05am
Quoting JackJones
I've invented a new system: it's called JJNSLS There is only one rule. You must trade WITHOUT a stop loss. The goal is to trade in or out of any position, so consider it a randomized trade. You must take one trade and manage without bias or technical witchcraft. If you only grow bananas then what can you do? You see? This is the art of the master trader. Good luck.
That’s a very informative and interesting article. Thanks for sharing us.
  • #139
  • Nov 4, 2020 2:26pm Nov 4, 2020 2:26pm
Just thought that using stop losses is like driving a car but only forward. Never using reverse gear. I'm using only algo trading and years of testing shows that there are no positive expectation if trade with stop losses. It is just impossible. So for me this is just another forex trading fairy tale & mantra: always use stop losses. Like trading is simple, trade manually on higher timeframes and so on.
Observer effect
  • #140
  • Nov 4, 2020 7:49pm Nov 4, 2020 7:49pm
reporting in

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grist for the mill
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