Simple advice but it can turn around your trading | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading is this Simple? Finally Explained simple and clearly! 46 replies

How did I turn my trading around from -38% to 500% this month? 28 replies

Putting a Gun to your Head - 1 Piece of Trading Advice 83 replies

What's your advice for Risk/Reward on this trading strategy? 4 replies

simple and clear advice for new traders, no cryptic teachings 36 replies

Attachments: Simple advice but it can turn around your trading
Exit Attachments

Simple advice but it can turn around your trading

  • #41
  • Jul 22, 2018 11:32am Jul 22, 2018 11:32am
Quoting btcFX
I can't believe trading with no SL can ever be a good idea.
Every trader should trade what he and she believes in. With stop loss (big or small) or no stop loss...

The point here is to be open to possibilities. Seek to understand the merits (and disadvantages) of not using stop loss, rather than condemning it because you can't accept new ideas that contradict your beliefs.

Humans will never progress as a race if humans chose to stick to the old and comfortable ways, and resist new ideas, change and improvement.

If you want to become a great trader, create your way of trading, without restricting your growth with popular trading beliefs, myths and dogmas.

Be open to possibilities.

Seek to understand first, before thy judge.
'For the market to work, it needs people who think that they can beat it.'
  • #42
  • Jul 22, 2018 1:03pm Jul 22, 2018 1:03pm
Trading without stops means you know what you are doing.
Help Others with GOD help
  • #43
  • Jul 22, 2018 1:06pm Jul 22, 2018 1:06pm
Good points

https://youtu.be/jH4t7cusNuw

If you have 10k account and you are trading 0.1 lot without stops.

What are the chances that you will lose your account?
Help Others with GOD help
  • #44
  • Jul 22, 2018 1:54pm Jul 22, 2018 1:54pm
What other trading methods/styles/beliefs do you adopt, besides not using stop loss?
'For the market to work, it needs people who think that they can beat it.'
  • #45
  • Jul 22, 2018 2:29pm Jul 22, 2018 2:29pm
The problem, and it is a big problem, with this thread and the advice which it contains, is that the only people to whom it concerns are those that are losing money in the markets - consistently profitable traders, whether they use a SL or not, are beyond this sort of advice. The implication therefore is that if you are a losing trader, then all you need to do is get rid of your stop loss, and you will be successful in no time, which could theoretically be true, but only theoretically, because the poster assumes that our psychology will be exactly the same entering a trade without a SL as it would with a managed SL which will take us safely out of the trade at a risk level we can easily afford.

Therefore, for me, the recommendation in this thread is absurd and nonsensical. Sure, it may well work for the odd person whose strategy is sound and built from many years interacting with and observing price action in the market/s of their choice. For the majority of losing traders out there however, not using a managed stop loss will be the fastest way they can possibly find to wiping out their account.
  • #46
  • Jul 22, 2018 2:32pm Jul 22, 2018 2:32pm
Quoting JmFinancials
Trading without stops means you know what you are doing.
But if you know what you are doing, you do not need this advice. Your thread is therefore aimed at losing traders who will undoubtedly become even bigger losers were they to follow your advice.
  • #47
  • Jul 22, 2018 2:59pm Jul 22, 2018 2:59pm
you must cut your loss
or market cuts you out!
  • #48
  • Jul 22, 2018 9:01pm Jul 22, 2018 9:01pm
Quoting AlastorFate
What other trading methods/styles/beliefs do you adopt, besides not using stop loss?
Every thing else comes with experience. Take good entries so that tp is hit asap.
Help Others with GOD help
  • #49
  • Jul 22, 2018 9:03pm Jul 22, 2018 9:03pm
Quoting cat
{quote} But if you know what you are doing, you do not need this advice. Your thread is therefore aimed at losing traders who will undoubtedly become even bigger losers were they to follow your advice.
Read whole thread then waste your breath to reply. And yes this thread is aimed to those who are still losing and want to turn their trading into profitability. Title says same thing.
Help Others with GOD help
  • #50
  • Edited 9:50pm Jul 22, 2018 9:15pm | Edited 9:50pm
Quoting cat
The implication therefore is that if you are a losing trader, then all you need to do is get rid of your stop loss, and you will be successful in no time, which could theoretically be true, but only theoretically, because the poster assumes that our psychology will be exactly the same entering a trade without a SL as it would with a managed SL which will take us safely out of the trade at a risk level we can easily afford.
The following are recommended trading habits, if a trader is using no stop loss, or using BIG stop loss.

1. Small position size. As small as need to be, to keep trading decisions as emotionless as possible.

2. Know when and where to get out if the market goes against the trader. And exit trade during live trading if it happens. This requires discipline.
If a trader does this right, he (sometimes) will take way smaller loss compared to using a predetermined static stop loss. -> Potential better R:R

3. Do not hold on to losing positions, like 'forever'.

If a trader can't do the above, better to trade micro account(and expect it to blow up), demo trade or don't trade.

Quoting cat
Sure, it may well work for the odd person whose strategy is sound and built from many years interacting with and observing price action in the market/s of their choice.
Your statement (underlined). This is a must for every potential successful trader.

For your info, I do use stop loss. Just not tight stop loss.

Not using stop loss is fine,
using stop loss is also fine.
It's totally up to the trader himself, and how it works with his trading methodology.
'For the market to work, it needs people who think that they can beat it.'
  • #51
  • Jul 22, 2018 9:33pm Jul 22, 2018 9:33pm
Quoting JmFinancials
{quote} Can you trade futures from mt4? Which broker do you use? I have never traded futures before. Does it also have leverage like spot fx?
I don't believe you can trade futures with MT4. I use Tradestation. Unlike Forex, there is no spread. You have a commission. To get in and out of a postion costs like $6. That's it.

Now, the leverage is not as good. I trade Oil, Natural Gas, Gold (for one contract, $10 a tick) and Euro, Yen, and Pound ($6.25 a tick for one contract). You are trading on Margin so you need a certain amount in your account to trade. Currencies are pretty cheap, usually less than $1000 to trade 1 contact to day trade. You need $5000 to open an account with Tradestation.

Also, you can pretty much get into the market where you want with very little slippage. I usually get in at the price I want or 1 tick away.
  • #52
  • Jul 22, 2018 10:34pm Jul 22, 2018 10:34pm
Quoting Lunartrader9
{quote} I don't believe you can trade futures with MT4. I use Tradestation. Unlike Forex, there is no spread. You have a commission. To get in and out of a postion costs like $6. That's it. Now, the leverage is not as good. I trade Oil, Natural Gas, Gold (for one contract, $10 a tick) and Euro, Yen, and Pound ($6.25 a tick for one contract). You are trading on Margin so you need a certain amount in your account to trade. Currencies are pretty cheap, usually less than $1000 to trade 1 contact to day trade. You need $5000 to open an account with Tradestation....
Thank you for info
Help Others with GOD help
  • #53
  • Jul 23, 2018 4:06am Jul 23, 2018 4:06am
Quoting JmFinancials
If you have 10k account and you are trading 0.1 lot without stops. What are the chances that you will lose your account?
In the long run the chances to lose account not using SL's will be the same as using SL's. If you don't have an edge and you are using SL, then your AccEquity goes down. And if you are not using SL, then your AccEquity goes up till margin call. I am talking from my experience, I've done both.
The best results I had, when I didn't use SL, I've done 1000 to 4000 in 1.5 month. But it was very stressfull, because I knew my stats, and after that I told myself I'll never do that kind of trading again.
So, if you don't have an edge, I think it's a very good idea do not use SL, maybe you'll be lucky long enough. Or If you think you are not lucky, dont trade at all
  • #54
  • Jul 23, 2018 1:37pm Jul 23, 2018 1:37pm
Quoting JmFinancials
{quote} prove me wrong if you ever traded a live account, and yes in 10 years I have started many times and took millions of live trades so far.

10 yrs millions of trades
That's approx 100,000 trades a year
260 trading days or so a year.. that's almost 400 trades a day...for 1 million trades in 10 years.

Your a machine
Master your Mind,,,Master the Market
  • #55
  • Jul 23, 2018 3:49pm Jul 23, 2018 3:49pm
Quoting bluesteele
{quote} 10 yrs millions of trades That's approx 100,000 trades a year 260 trading days or so a year.. that's almost 400 trades a day...for 1 million trades in 10 years. Your a machine
Yeah thats correct smart pants. I DO TRADE WITH EAS
Help Others with GOD help
  • #56
  • Jul 23, 2018 5:22pm Jul 23, 2018 5:22pm
Those looking for free money must eventually pay for it. Trading is a painful job and if it isnt, there is something wrong.
When you see it, BET big.
  • #57
  • Jul 23, 2018 5:26pm Jul 23, 2018 5:26pm
Quoting JmFinancials
{quote} Yeah thats correct smart pants. I DO TRADE WITH EAS
Obviously that's worked well for you

Master your Mind,,,Master the Market
  • #58
  • Jul 23, 2018 9:06pm Jul 23, 2018 9:06pm
Quoting JmFinancials
this is my finding on manual trading after 10 years of being associated with markets. Manual trading with SL is almost impossible, you must be genius if you are using SL and yet you are profitable for long run. try and remove SL and you will be profitable in no time.
Honestly, although I'm not experienced as much as you are, but I'm gradually coming to the conclusion you mentioned. But, the problem is, I can't think of a clear strategy to exit my positions. Can you share with us, how/when you know you've been wrong and exit the trade? I don't ask about your entry strategies cause it's not related to this topic.
If you can't measure it, you can't improve it!
  • #59
  • Jul 23, 2018 10:03pm Jul 23, 2018 10:03pm
Exit out on next really strong s/r level if you are confirmed to be uncertain. Depending on your account size and lot you trading.
Help Others with GOD help
  • #60
  • Jul 23, 2018 10:48pm Jul 23, 2018 10:48pm
Quoting cat
The problem, and it is a big problem, with this thread and the advice which it contains, is that the only people to whom it concerns are those that are losing money in the markets - consistently profitable traders, whether they use a SL or not, are beyond this sort of advice. The implication therefore is that if you are a losing trader, then all you need to do is get rid of your stop loss, and you will be successful in no time, which could theoretically be true, but only theoretically, because the poster assumes that our psychology will be exactly...
Your point is valid but you will be surprise to know how many experienced traders are still losing. So in that scenario this advice can even help them. Some times small things brings lots of positive changes. Some times people do know how to enter but placing stops becomes a real headache.
Help Others with GOD help
0 traders viewing now