Stop loss for me is just a convenience.
I don’t think it is worth deliberately giving up this function...
I don’t think it is worth deliberately giving up this function...
1
- #245
- Edited 2:22am Apr 28, 2021 2:06am | Edited 2:22am
- Joined Jan 2015 | Status: Trader | 1,460 Posts
- #246
- Edited 3:07am Apr 28, 2021 2:56am | Edited 3:07am
- Joined Jan 2015 | Status: Trader | 1,460 Posts
- #247
- Apr 28, 2021 3:57am Apr 28, 2021 3:57am
- | Joined Apr 2017 | Status: 38737526 / 29052019 | 1,245 Posts
No system will work on all market conditions.
So, just like a proper business has insurance to manage risk, trading must employ stop-loss as insurance against big losses ...
So, just like a proper business has insurance to manage risk, trading must employ stop-loss as insurance against big losses ...
Market is not random but unpredictable
- #248
- Edited 7:12am Apr 28, 2021 6:36am | Edited 7:12am
- Joined Aug 2005 | Status: 888 | 1,053 Posts
At FF its seems to be the norm to trade without a SL, kinda curious if its also the norm for retail traders outside of FF to not use them. I personally don't understand not using a stop loss..
maybe if you have a clear exit plan that is based on PA telling you to exit rather than a price level?
who me? how can i know? if i knew i wouldn't need to act like an insurance company.. if i knew i would just do it an that's all.
On the first page OP talks about surviving multiple 500 pip draw dawns. This is the part I can't wrap my head around, 500 pip draw down would take probably months to recover not to mention the swap fees chipping away at your balance.
yes this part is true, please check out hibernation theory and grey-stops
{quote} Would you rather deal with a broken nose occasionally or risk losing your life/limb? Broken nose is temporary and fixable. Stop loss hunts happen occasionally, if hunts are happening constantly then the entry location, entry timing and stop loss placement need to be looked at. Maybe its just me, I've been trading for 7 years and I still make mistakes,
Besides 7 years, 10s of thousands of hours I'm not here to make coffee money so trading with no leverage isn't worth the time.
understand leverage first and how it works for you and not against you - even a penny a day will eventually compound, except if you want it all now, so what is your record?
try run on expectancy and not hope -- maybe i misled some on my 100% month return but i thought it was clear, that is not the norm , just a 30 day gamble. with real money dial it down and return 5%, no fun in it but trading isn't supposed to be like that, its somewhat of a myth so welcome to the stamp press i suppose
that said maybe i will try dial in another doubler
grist for the mill
- #251
- Apr 28, 2021 8:53am Apr 28, 2021 8:53am
- Joined Jan 2015 | Status: Trader | 1,460 Posts
{quote} who me? how can i know?
Well, I guess all I can say is that I sincerely hope for the best for you.
I traded without SL when I started, I made really good returns... until the market took it all back.
It's a very high win rate way of trading that makes you feel like you never lose but you will eventually.
I found it very stressful and in the long run it didn't pay off.
Better to have less wins and more peace of mind in my humble opinion.
It's a very high win rate way of trading that makes you feel like you never lose but you will eventually.
I found it very stressful and in the long run it didn't pay off.
Better to have less wins and more peace of mind in my humble opinion.
- #253
- Edited 11:58pm Apr 28, 2021 9:07pm | Edited 11:58pm
- Joined Aug 2005 | Status: 888 | 1,053 Posts
Better to have less wins and more peace of mind in my humble opinion.
thats why betting on things like the lotto is so addictive for most humans - the idea of a big payoff and many, mannyyyy MANY losses doesn't phase them as they generally have no idea - it's simply the hope of winning big while being stuck in a quagmire of loss and the struggle
whereas others see the reality of such nonsense as part of 'the catch'.. just another tax.. a manifestation of the saviour complex, the light , ONE TRUE HOPE, but alas
i would rather be the taxer or the insurer knowing full well there may one day soon be a big payout on my part, however the skill then comes in being able to manage that, or even predict that event, very few people can or are willing to it would seem - but this alone does not negate such a strategy, and because price does not jump or slip stops much? and if it black swans it no doubt will ;
so best of luck, and may your stop losses always get hit
grist for the mill
- #254
- Apr 28, 2021 11:01pm Apr 28, 2021 11:01pm
"you need to allow for a black swan. i've survived 500 pip swings against me twice this year only to end up in the money; mean reversion is your friend."
I am Scalper who has learned just take daily profits and walk away. Open two or three positions Market, no S/L .
Just trade close London opening NY. No more 15 to 30 min trading and I am done.
US30 Index is the only thing I trade.
Proof? Pictures can be gotten anywhere but seeing is believing. Look for the Engulfing Candle NY open US30 pair and just WATCH.
I compound Daily
tabiuslee
(scalper)
I am Scalper who has learned just take daily profits and walk away. Open two or three positions Market, no S/L .
Just trade close London opening NY. No more 15 to 30 min trading and I am done.
US30 Index is the only thing I trade.
Proof? Pictures can be gotten anywhere but seeing is believing. Look for the Engulfing Candle NY open US30 pair and just WATCH.
I compound Daily
tabiuslee
(scalper)
- #256
- Apr 29, 2021 10:36am Apr 29, 2021 10:36am
When I am asked for my advice by new traders I ask what kind of Forex trader are you? Have you done a Forex profile that's fits your trading style. AS a Scalper trading no S/L just works for who we are. Now a Swing trader or Trend trader trading the Daily/ Weekly Chart. I totally understand those trades can run for months. I have a few demo's going but that's not my Style.
Last week I had a trade go $100 drawdown then back up and Profit $110.00 today I should of went for a walk and just messed up but I am trading in the ZONE. I just trade 1 Pair.
tabiuslee
(scalper) 
Last week I had a trade go $100 drawdown then back up and Profit $110.00 today I should of went for a walk and just messed up but I am trading in the ZONE. I just trade 1 Pair.
tabiuslee
(scalper)