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Trading with no stop loss

  • #101
  • Oct 15, 2020 5:09pm Oct 15, 2020 5:09pm
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i dont have SL but i have TP. So its not a joke. Its good system for me and not for everyone.
  • #102
  • Oct 16, 2020 12:17am Oct 16, 2020 12:17am
Many people think that trading randomly is just like tossing a coin where it will give 50% of winning chance as long as you maintain 1 to 1 risk to reward ratio. However all of them failed to realized that FX trading is not that straightforward, we have to factor in the cost of trading, such as overnight swap, gapping, spread, slippages, etc. I have written a script before to trade randomly using this 50% winning rate assumption, and at the end can't even to manage a break even, winning rate is at best at 48%.
  • #103
  • Oct 16, 2020 11:15pm Oct 16, 2020 11:15pm
99.9% of the time i don't use stops ... i use other ways to manage risk the 0.1% of the time when i use a stop is when i have a risk on position and holding it overnight
  • #104
  • Edited 5:21am Oct 23, 2020 4:22am | Edited 5:21am
New Game :

so i cut the old account off and split it into a new 'slower' account and a 'double-bager in a month'/new target pair, bet

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funny thing is that 100% loss did turn back in my favor with out much more dd, so i was early on the kill switch , note to self


wish me luck, will report back, sirs
grist for the mill
  • #105
  • Oct 24, 2020 10:44am Oct 24, 2020 10:44am
with an EDGE you win WITH or WITHOUT sl... newbies don't get it JJ.

I think no sl can be good as long as you split your investment and withdraw regularly.
  • #106
  • Oct 24, 2020 12:35pm Oct 24, 2020 12:35pm
so what are the pros of using no sl ?

obviously, you generate a lot of volume = good for volume rebates and if you get lucky... you will skyrocket your $50 account. luck exists ok.
  • #107
  • Oct 24, 2020 1:49pm Oct 24, 2020 1:49pm
Quoting HeyYou
so what are the pros of using no sl ? obviously, you generate a lot of volume = good for volume rebates and if you get lucky... you will skyrocket your $50 account. luck exists ok.

my strategy is built around not using stops

theres plenty of positives and negatives of both using and not using stops
  • #108
  • Oct 25, 2020 1:55am Oct 25, 2020 1:55am
Quoting allinazi
{quote} my strategy is built around not using stops theres plenty of positives and negatives of both using and not using stops
you have guts mate... $6k account and no sl. I would not do it with more than $200.


I also use no sl on a 20k euro account... but I trade only blue-chip stocks.
  • #109
  • Oct 25, 2020 2:14am Oct 25, 2020 2:14am
Quoting HeyYou
{quote} you have guts mate... $6k account and no sl. I would not do it with more than $200. I also use no sl on a 20k euro account... but I trade only blue-chip stocks.

ah interesting and how are you finding your results with the blue chip stocks?

yea the account is going well started with 5k and it’s up like 16-17% or so ... the thing is I trade very small and average in to trades (basically I do everything the books tell u not to ahhha) but it works for me ... I use positions to close other positions...

I generally base my trades of a fundamental view and build that positions... so i like to split my risk up rather than just put it on one trade

I don’t know if this makes any sense lol

the reason why I stopped using stops is because I use to hate getting stopped out it affected me too much mentally and then only to see the market go in the direction I thought ... so I worked and worked to find a way to not use a stop... the only time I would use a stop if I had risk ON positions overnight or over the weekend
  • #110
  • Edited 5:02pm Oct 25, 2020 4:22pm | Edited 5:02pm
Quoting allinazi
{quote} ah interesting and how are you finding your results with the blue chip stocks? yea the account is going well started with 5k and it’s up like 16-17% or so ... t
not using stops frees up the what-if of using stops because stops leave you second guessing , if you use 'hard stops' ie, your being, then you make the call then who else can you blame??

self analysis is eventually fundamental, best tool for trade analysis imo is myfxbook, i really recommend it as you can see what is working and what doesn't//

however if someone is using a stop and tp then i assume this is due to historical analysis with an expected outcome, ie, 70% loss but you are expecting a big win riding the dragon, personally i prefer high prob; cold and calculated and psychologically reassuring

more generally, sometimes I just have to leave pairs alone for six or twelve months, maybe no trades at all; don't 'fall in love' with a pair or cross or metal etc in the no SL game because it will be your undoing! not you of course, but others seem to only trade this or that as they are their favs (for whatever reason).. however the market is always shifting , people need to shift with it or you die, as your expectation / gut is possibly an edge, but it will end,

just thinking out loud, is there anything better than myfxbook these days, think i've been on there 6 plus years now.. considering its free its awesome but it could do with som extras, but just asking, might go for a look myself, hooroo
grist for the mill
  • #111
  • Oct 26, 2020 12:11am Oct 26, 2020 12:11am
Quoting JackJones
{quote} not using stops frees up the what-if of using stops because stops leave you second guessing , if you use 'hard stops' ie, your being, then you make the call then who else can you blame?? self analysis is eventually fundamental, best tool for trade analysis imo is myfxbook, i really recommend it as you can see what is working and what doesn't// however if someone is using a stop and tp then i assume this is due to historical analysis with an expected outcome, ie, 70% loss but you are expecting a big win riding the dragon, personally i prefer...

hey i use fxblue and i like forex factory to keep an eye on my track record

https://www.fxblue.com/users/am_trading thats the link to track record on fxblue to give you some idea
  • #112
  • Oct 26, 2020 1:05pm Oct 26, 2020 1:05pm
Be a risk manager above all.
Have fixed trade stops.
  • #113
  • Oct 26, 2020 3:04pm Oct 26, 2020 3:04pm
Thinking of it, the transition to not using a stop loss in my trading reminds me of the movie - the Metrix.

I did not realize the truth until I took the blue pill i.e. leaving out those stops and started managing risk using alternative methods like using other positions.

Smart money is annihilating retail traders by taking out their stops.

In forex, price always targets liquidity zones. If you're not experienced enough to time the market right and you use stops around these zones, you will lose your money. If you place a temporary hedge and close it when the trend continues, you make money.
Give the market little, Aim to take a lot!
  • #114
  • Oct 26, 2020 3:09pm Oct 26, 2020 3:09pm
Quoting Calsimay
Thinking of it, the transition to not using a stop loss in my trading reminds me of the movie - the Metrix. I did not realize the truth until I took the blue pill i.e. leaving out those stops and started managing risk using alternative methods like using other positions. Smart money is annihilating retail traders by taking out their stops. In forex, price always targets liquidity zones. If you're not experienced enough to time the market right and you use stops around these zones, you will lose your money. If you place a temporary hedge and close...

i like the matrix reference ... What you say is 100%
you can use other positions to manage risk .. you can trade small ... you can average in YES YOU CAN AVERAGE ... all the BS that books tell u not to do ... u can do ... ever wonder how everyone knows what the book says and still 85+% fail,,, people should open their minds and little and think a little out of the box and I think it will help them a lot
  • #115
  • Oct 26, 2020 3:17pm Oct 26, 2020 3:17pm
Quoting allinazi
{quote} i like the matrix reference ... What you say is 100% you can use other positions to manage risk .. you can trade small ... you can average in YES YOU CAN AVERAGE ... all the BS that books tell u not to do ... u can do ... ever wonder how everyone knows what the book says and still 85+% fail,,, people should open their minds and little and think a little out of the box and I think it will help them a lot
It's crazy. I've done 3 forex courses in the nearly three years I've been trading. None of them teach this. They all tout the use of a stop loss.

In one of my courses, my instructor said, don't join forums that will teach you bad habits like trading without a stop-loss.

The funny thing is my trading did not go anywhere until I stopped using a stop loss. I would say it has been the biggest ah-ha moment in my trading. And I found it right here on the forex factory after joining earlier this year.
Give the market little, Aim to take a lot!
  • #116
  • Oct 26, 2020 3:18pm Oct 26, 2020 3:18pm
Imo, long-term success in Forex trading will be to learn how to efficiently use stop loss orders, not trading without a stop loss order. You may have temporary, short-term thrills not using stop loss orders but see what happens to your trades over the next 12 months.

KP
Do your homework, follow the footprints of smart money
  • #117
  • Oct 26, 2020 3:20pm Oct 26, 2020 3:20pm
Quoting Calsimay
{quote} It's crazy. I've done 3 forex courses in the nearly three years I've been trading. None of them teach this. They all tout the use of a stop loss. In one of my courses, my instructor said, don't join forums that will teach you bad habits like trading without a stop-loss. The funny thing is my trading did not go anywhere until I stopped using a stop loss. I would say it has been the biggest ah-ha moment in my trading. And I found it right here on the forex factory after joining earlier this year.

I didn’t start becoming profitable until I stopped using stop losses now there will be some certain times I would use one but maybe 1-2% of the time ...
  • #118
  • Oct 26, 2020 3:28pm Oct 26, 2020 3:28pm
Quoting KeenPips
Imo, long-term success in Forex trading will be to learn how to efficiently use stop loss orders, not trading without a stop loss order. You may have temporary, short-term thrills not using stop loss orders but see what happens to your trades over the next 12 months. KP
I suck at market timing and thus I suck at using stops.

What has worked for me is this.

-Using other orders to manage risk and manage trades into profit as a first layer.

-Shutting things down at set max drawdown as a second layer. (When that happens, I've made enough profit to cover the loss ++)
Give the market little, Aim to take a lot!
  • #119
  • Oct 26, 2020 3:30pm Oct 26, 2020 3:30pm
Quoting allinazi
{quote} I didn’t start becoming profitable until I stopped using stop losses now there will be some certain times I would use one but maybe 1-2% of the time ...
I use a stop... a trailing stop to ride a good trend when I find one.
Give the market little, Aim to take a lot!
  • #120
  • Oct 26, 2020 3:35pm Oct 26, 2020 3:35pm
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

Quoting Calsimay
{quote} I suck at market timing and thus I suck at using stops. What has worked for me is this. -Using other orders to manage risk and manage trades into profit as a first layer. -Shutting things down at set max drawdown as a second layer. (When that happens, I've made enough profit to cover the loss ++)
Do your homework, follow the footprints of smart money
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