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All Majors Only- No stop group

  • #41
  • Jul 24, 2018 11:19pm Jul 24, 2018 11:19pm
Quoting KeenPips
More blown with no stop loss. Trade safe and prosper. KP
Losses are also taken with stop loss orders.
'Small losses' can add up to substantial amount as well, often enough to incur huge drawdown, and account destruction if it gets bad enough.

Of course, using really small position can reduce the impact of losses on an account, but the probability of getting net profit will be affected as well.

There is also the issue of 'stop loss hunting'

I advocate keeping loss small without compromising the potential of good/winning trades.
'For the market to work, it needs people who think that they can beat it.'
  • #42
  • Jul 24, 2018 11:21pm Jul 24, 2018 11:21pm
I dont blame stop loss hunting, it is simple that if tasty creame is being spread every day any market maker will try to lick it.

also it is normal for market to breath.
Help Others with GOD help
  • #43
  • Jul 25, 2018 12:37am Jul 25, 2018 12:37am
Quoting JmFinancials
AUD tanking again in Asian markets.
and a "all majors only-no stop trade"
(the Stop was 800pips away)
Attached Image (click to enlarge)
Click to Enlarge Name: AU.png Size: 77 KB
trading is like dancing, don't think and just listen to the music!
  • #44
  • Jul 25, 2018 12:39am Jul 25, 2018 12:39am
Personally, I like my stops tight..like my underwear...
Look Sharp/Trade Tight
  • #45
  • Jul 25, 2018 12:43am Jul 25, 2018 12:43am
You missed the point mate. Read the original post my reply was about and also the theme of this thread - 'trading without stop loss'. The point is: 'be wary of trading without a stop loss'.

Trade safe and prosper.

KP

Quoting AlastorFate
{quote} Losses are also taken with stop loss orders. 'Small losses' can add up to substantial amount as well, often enough to incur huge drawdown, and account destruction if it gets bad enough. Of course, using really small position can reduce the impact of losses on an account, but the probability of getting net profit will be affected as well. There is also the issue of 'stop loss hunting' I advocate keeping loss small without compromising the potential of good/winning trades.
Do your homework, follow the footprints of smart money
  • #46
  • Jul 25, 2018 12:46am Jul 25, 2018 12:46am
the discussion always comes down to:

  1. ""Study all the conventional wisdom, and then do NOT do that""

trading is like dancing, don't think and just listen to the music!
  • #47
  • Jul 25, 2018 12:58am Jul 25, 2018 12:58am
Quoting KeenPips
You missed the point mate. Read the original post my reply was about and also the theme of this thread - 'trading without stop loss'. The point is: 'be wary of trading without a stop loss'. Trade safe and prosper. KP {quote}
I think I kinda get what you are driving at.

Can you give an example to explain your reasoning?
'For the market to work, it needs people who think that they can beat it.'
  • #48
  • Jul 25, 2018 1:30am Jul 25, 2018 1:30am
Quoting PayTheLimit
Personally, I like my stops tight..like my underwear...
I dont wear underwears so I can remain always ready for fun.
Help Others with GOD help
  • #49
  • Jul 25, 2018 1:35am Jul 25, 2018 1:35am
Quoting JmFinancials
{quote} I dont wear underwears so I can remain always ready for fun.

lol, touche kid, touche….
Look Sharp/Trade Tight
  • #50
  • Jul 25, 2018 2:04am Jul 25, 2018 2:04am
Quoting PayTheLimit
{quote} lol, touche kid, touche….
Help Others with GOD help
  • #51
  • Jul 25, 2018 2:13am Jul 25, 2018 2:13am
There are times a trader may decide when to not use stop loss, e.g. if you have all the htfs synced in same trend and you are entering on an ltf, and there are no major fundamentals. You may take a small profit or as soon as you are in profit you set your sl and then move it to be.

Trade safe and prosper.

KP

Quoting AlastorFate
{quote} I think I kinda get what you are driving at. Can you give an example to explain your reasoning?
Do your homework, follow the footprints of smart money
  • #52
  • Jul 25, 2018 3:48am Jul 25, 2018 3:48am
Quoting KeenPips
There are times a trader may decide when to not use stop loss, e.g. if you have all the htfs synced in same trend and you are entering on an ltf, and there are no major fundamentals. You may take a small profit or as soon as you are in profit you set your sl and then move it to be. Trade safe and prosper. KP {quote}
yes, so lets show here two strategies with 3 different timeframes, based on MAs:

https://forums.babypips.com/t/3-little-pigs-trading-system/54174
https://forums.babypips.com/t/the-3-ducks-trading-system/6430


easy to find the entries, especially for beginners.
trading is like dancing, don't think and just listen to the music!
  • #53
  • Jul 25, 2018 4:59am Jul 25, 2018 4:59am
Quoting KeenPips
There are times a trader may decide when to not use stop loss, e.g. if you have all the htfs synced in same trend and you are entering on an ltf, and there are no major fundamentals. You may take a small profit or as soon as you are in profit you set your sl and then move it to be. Trade safe and prosper. KP {quote}
You haven't quite explain 'be wary of trading without a stop loss'

I need to add in an important point. The ability to get the overall direction right is crucial i.e. predicting the overall direction of the market movement.

To sum up

Requisites for trading without stop loss or using BIG stop loss
1. Discipline to get out of losing trades at will, with manual exit, at 'good' price.
2. Ability to remain calm and make good decisions during live trading.
3. Small position size
4. Ability to predict the overall direction of the upcoming market movement.

It is 'dangerous' to trade without stop loss if you don't follow those points.

I guess this is a good thread to start (or any of JMFinancials' other threads) for those who have concerns about trading without stop loss.
'For the market to work, it needs people who think that they can beat it.'
  • #54
  • Jul 25, 2018 6:55am Jul 25, 2018 6:55am
Just a point for the no stop loss part: this is from the NYSE and "Equity Markets In Action" book, but still applies to FX:

notice how Stoploss is listed as conditional? Here is a summary of what that means:

Quote
Therefore, the central limit order books of the European stock exchanges all accept only limit and market orders. Other orders (the conditional orders) must be handled outside of the matching model, typically in the front ends of members.15 To be entered into the matching procedure of an electronic order book, all conditional orders must be converted into either market or limit orders. However, specialists on a trading floor offer a special service to deal with conditional orders by taking them on their own books....

IE the actual market only takes Market and Limit orders as anonymous, NOT stops...! And this is similar for FX if not worse because it is a decentralized marketplace and if you are not careful with your broker's setup, the broker controls the entire book.

This all means that most brokers can see on their book where all the stops are. And we know in the past, people have traded FX information. So even if they do not care about retailers, you better hope those "big fish" clients are not setting stops at same levels you are.

because take you wanting to be LONG trend biased. What does your stop have you do? It sells. And the person it sells to buys. So when you see stops run, someone is getting a good price to go in the original direction you wanted... you are selling low at the worst possible time... yeah.
Attached Image
  • #55
  • Jul 25, 2018 2:11pm Jul 25, 2018 2:11pm
Idea for UC..
Quick targets in place fi this one
Attached Image (click to enlarge)
Click to Enlarge Name: PT.png Size: 56 KB
  • #56
  • Jul 25, 2018 4:08pm Jul 25, 2018 4:08pm
Idea for AU..
Attached Image (click to enlarge)
Click to Enlarge Name: PT.png Size: 56 KB
  • #57
  • Jul 26, 2018 1:20am Jul 26, 2018 1:20am
Quoting JayBag
Idea for AU.. {image}
confirming, i have the same pairs running...
trading is like dancing, don't think and just listen to the music!
  • #58
  • Jul 26, 2018 1:33am Jul 26, 2018 1:33am
Quoting birdland
{quote} confirming, i have the same pairs running...
Awesome BL.. From entries, I want 100 pips on each and likely to hit by the end of the day...

Similar targets?
  • #59
  • Jul 26, 2018 3:44am Jul 26, 2018 3:44am
Quoting JayBag
{quote} Awesome BL.. From entries, I want 100 pips on each and likely to hit by the end of the day... Similar targets?
on AU i have 40 target and UC because high volatility 60 pips

the last trade was EJ (+25 and +55). not a major, but Yen was confirming
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 98 KB
trading is like dancing, don't think and just listen to the music!
  • #60
  • Jul 26, 2018 4:14am Jul 26, 2018 4:14am
Quoting birdland
{quote} on AU i have 40 target and UC because high volatility 60 pips the last trade was EJ (+25 and +55). not a major, but Yen was confirming {image}
easy targets you have too..
good target assessments based on VOLA.. (it only shows how experienced you are)

Let's see what the end of the day brings
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