Trading without a stoploss

I will start posting my trades here in this thread. Although it might go against the conventional wisdom, i do not use any stoplosses as i do believe that this trading style saves me a lot of headaches. That does not mean that i don´ t get out of a trade when i feel that i boarded the wrong train but i dont want to get off the train just because someone else doesnt want to have me on board and throws a stink bomb next to my seat. Anyway, here is the first trade. Comments, questions and market discussions are very welcome.

I BOUGHT USD/JPY at 107.15 (5:53 am GMT)

P.S.
All trades will be posted immediately after i placed them
Targets for all trades will be determined as the trade progresses
Buy prices are ask prices, Sell prices are bid prices
Time is always GMT
Quotes are from Interbank FX

Will be watching this one closely...

It can work if you do have some sort of mental stop loss. I know one guy whose trading method involves just letting it run until it turns profit. The results are predictable.

Hello Shadowninja

Holding on until it finally turns is ok, if one knows that he is not fooling himself into believing that the market does what he thinks it should. It all should be in the context of the main trend and one has to be able to admit that he was wrong in case the trend turns.

Yes, which means you're relying on experience. The person in question is trying to grab 50-100 ticks with a 800 tick stoploss, though. A scalp that turns into an investment.

Well, he must be using the monthly chart to calculate his stoploss and the hourly chart to calculate his profit target...interesting strategy .

I agree with. Even though im new in the market i have never use stop loss in my trading and the result is awesome. but there are cases in which i just need to close the trade when i see the trend is not good enough. i dont just close the trade. i have to wait until the loss price drop to its minimum level.
With this method 78 trades i only have 10 losses.

I agree with u. Even though im new in the market i have never use stop loss in my trading and the result is awesome. but there are cases in which i just need to close the trade when i see the trend is not good enough. i dont just close the trade. i have to wait until the loss price drop to its minimum level.
With this method 78 trades i only have 10 losses.

Waleff,

Nice win-loss ratio..congrats!!

No stoploss should imply no leverage at all, that means 1lot every 100k in your account.
Otherwise, not even 95% hit rate would save your account in the long run if you don't have some sort of hedging. One bad trade can set-back months of profit.
You are now long u/j at 107, what about you did the same back in September 2007 and longed at 115? where would you have called it a loss?

Cesare,

I obviously agree that leverage should be used with within reason. Whether this is 1 lot for each 100k or more or even less should be decided be each trader as there are no general rules that apply to trading...the rules are unique for each trader.
The way i interpret stoplosses personally is that they are more an expression of a traders fear of loosing and consequently do more harm than good. But as i said this is just my opinion and if you prefer using stoplosses, there is nothing wrong with that.

I have not traded UJ in September 2007, so i dont think it would make sense to comment on any hypothetical scenarios.

Ref. #1

Sold USD/JPY at 107.40 ( 11:03 pm GMT). Profit +25 pips.

BOUGHT AUD/USD at 0.9520 (11:16 pm. GMT).

As far as it looks now, targeting at least 300 pips on that trade.

Dear friend
big target and i believe you are ready for a large swing

Hello Tetis

Thanks for your comment. I agree with your assessment of this pair. There is a slight chance for a little more correction but i am not worried about that as i do believe we are at a level where the risk is relatively small. At this point , AUD/USD has the clearest technical as well as fundamental picture.

ok I hope you find your 300 pips

ref. #13

Sold AUD/USD at 0.9600 (6:10 am GMT). Profit 80pips.

I exited my position here as we gapped up tonight and the probability is high that this gap will be filled. The gap is at 0.9553, so i will buy back later after it gets filled. And if i am wrong..well, there is always new opportunity, i guess.

Dear friend
I was waiting for your 300 pips

Hello Tetis

If we drop back down to 0.9550, it will be at least 350 pips .

i hope
but your exact system is TRADING WITHOUT STOPLOSS AND TAKEPROFIT