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Trading without a stoploss

  • #21
  • Jul 10, 2008 1:43am Jul 10, 2008 1:43am
No, this is just how you interpret it . I dont use a stoploss but you gotta keep your eyes open while trading .
  • #22
  • Jul 10, 2008 1:49am Jul 10, 2008 1:49am
I mean that when you told us that you are going for 300 pips
you calculated it before ! so why in the middle of trade you close it ? if you believe it , was not better you use hedging on top and take profit from 2 side of trading ?
BTW i hope your trade will be successful
  • #23
  • Jul 10, 2008 2:00am Jul 10, 2008 2:00am
I dont use hedging since i dont know what this is supposed to be good for.

When i entered the trade, i entered it for the opportunity that i saw and nothing has changed. I just believe that now is the time to stand aside and take profits ...whatīs wrong with that??? Trading without a stoploss does not mean to just enter a trade and then waiting for it to hit the target. , thatīs a secret.
  • #24
  • Jul 10, 2008 2:12am Jul 10, 2008 2:12am
Quoting onlinefx
, thatīs a secret.
  • #25
  • Jul 10, 2008 3:59am Jul 10, 2008 3:59am
The Aussie chart should have enough steam for a run to parity.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 20 KB
  • #26
  • Jul 10, 2008 10:46pm Jul 10, 2008 10:46pm
BOUGHT EUR/CAD at 1,5950 (03:46 GMT)
  • #27
  • Jul 11, 2008 2:37am Jul 11, 2008 2:37am
Ref. # 26

Sold EUR/CAD at 1,5950 (07:37 am GMT). Profit: 0 pips.
  • #28
  • Jul 11, 2008 2:51am Jul 11, 2008 2:51am
Quoting onlinefx
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 donī 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

Onlinefx:

I am new to forex (about 15 months). I never use stop
losses. I chose instead to minimize loss by using low/small
leverage; and it does work well if one has developed his/her
own trading system and sticks to it consistently.

I shall be reading your thread.

..
  • #29
  • Jul 11, 2008 3:05am Jul 11, 2008 3:05am
Quoting winterwhite
Onlinefx:

I am new to forex (about 15 months). I never use stop
losses. I chose instead to minimize loss by using low/small
leverage; and it does work well if one has developed his/her
own trading system and sticks to it consistently.

I shall be reading your thread.

..
I know that it goes against the so called forex wisdom to trade the way we trade but as i said before, those stoplosses are the reason for unnecessary losses and are used mostly for fear of loosing. And you nailed it to the point, leverage is key and, of course, trading in the direction of the main trend. Good to hear you are doing well!
  • #30
  • Jul 14, 2008 6:56am Jul 14, 2008 6:56am
BOUGHT EUR/USD at 1.5860 (11:56 am GMT)

Will add at 1,5760 if we get there
  • #31
  • Jul 14, 2008 2:23pm Jul 14, 2008 2:23pm
Ref. #30

Sold EUR/USD at 1.5920 (7:23 pm GMT). Profit: +60pips
  • #32
  • Jul 15, 2008 2:18am Jul 15, 2008 2:18am
BOUGHT USD/JPY at 105.60 (7:17 am GMT)
  • #33
  • Jul 17, 2008 11:37am Jul 17, 2008 11:37am
Ref. #32

Sold USD/JPY at 105.75 (4:36 pm GMT). Profit: +15 pips
  • #34
  • Jul 18, 2008 12:50am Jul 18, 2008 12:50am
BOUGHT AUD/USD at 0.9730 (5:50 am GMT)

Will add 1 lot at 0.9630 and 1 at 0.9530 if we get there. Target on all positions is 1.00.
  • #35
  • Jul 23, 2008 5:11am Jul 23, 2008 5:11am
Ref # 34

1 lot added at 0.9630 at 09:55 am GMT
  • #36
  • Jul 23, 2008 5:55am Jul 23, 2008 5:55am
This is a funny thread.. Some people never learn the rules of Forex. No stop means no chance in this market. Do you think you were the first to ever try this strategy? I know hundreds of traders and many of them have tried this. In the end the result is always the same. The account is blown out after months or even years of trading without stops. Normally a streak of about 8 bad trades at 300 pips stop losses is enough to do it. Some had 1,000 pip stop losses and eventually blew out on one trade. Lastly one guy was long at GBP/JPY (with your trend) at 250 and held it for a 5,000 pips loss. He had 130 wins and 15 losses.. and blew the account.

Mental stops are one thing.. Not using a stop loss or putting one 300 + pips out is newbie mistake. I hope you heed my advice before its too late.
  • #37
  • Jul 23, 2008 7:26am Jul 23, 2008 7:26am
First my friend , i dont need any advice but thanks anyway. Second, thatīs just me trading, i just post my trades here and nothing else, noone needs to trade that way. And third, i have been warned for many years by so called experts and guess what.. i am still here . When i have evidence that the trend changes you can count on it that iīll be out. And if you can read a chart you know what the picture in AUDUSD is . Cheers.
  • #38
  • Jul 23, 2008 10:56am Jul 23, 2008 10:56am
Quoting onlinefx
First my friend , i dont need any advice but thanks anyway. Second, thatīs just me trading, i just post my trades here and nothing else, noone needs to trade that way. And third, i have been warned for many years by so called experts and guess what.. i am still here . When i have evidence that the trend changes you can count on it that iīll be out. And if you can read a chart you know what the picture in AUDUSD is . Cheers.
Listen buddy. You asked for comments and i gave you mine, from a professional traders standpoint. Go into any FX firm and tell them you trade without stops. You will be laughed out of the office. I see you don't listen, therefore you will be just another stat, that i guarantee.
  • #39
  • Jul 23, 2008 11:33am Jul 23, 2008 11:33am
Quoting Rolandlc33
Listen buddy. You asked for comments and i gave you mine, from a professional traders standpoint. Go into any FX firm and tell them you trade without stops. You will be laughed out of the office. I see you don't listen, therefore you will be just another stat, that i guarantee.
Yo buddy, you listen , too. You are right that i asked for comments and i appreciate them and if you have read the other comments from other traders maybe you can see the difference between theirs and yours. I looked at your website and i can see what kinda mental setting you got. But just like what Kathy and Boris are doing, this is not trading but forex showbusiness. I encountered lots of those experts during my 10 years of trading (yes, this newbie has been around that long) so this smoke and mirror show is nothing new to me. So no, i dont listen to you because i dont need to be taught by a forex showmaster. And please, if you think you need to teach me, dont clog this thread with this rectal lasagne. If you want to discuss, thatīs a different story.
  • #40
  • Jul 23, 2008 12:42pm Jul 23, 2008 12:42pm
Wow man he was trying to help you and you bash him for it. If you post a thread asking for comments and a well established trader looks at your thread and posts some advice about hwo to stay in the game, why would you be a jerk to him? The forum is setup and helps a ton of new traders and if you trade that way its fine, but I think in the end your going to get othe rnew traders to think they can too and blow accounts up and lose their trading capital. I find it odd you say you just trade with the trend, yet your doing the opposite when you trade without a stopless cause every longterm full tiem trader sys first rule especially for a new trader is to have your SL set, either mechanically or mentally ready to get out. Its more about perserving your capital not trying to take every risk to grow it. Hopefully the new guys will take someone like Roland's advice and protect what you have, and trade with a SL.
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