Trading with outstop losses

Anyone trading with out stop losses?? I've been stopped out many times, to then see the trade profit after. I'm been trading GBP/JPY without stop losses & been quite sucessful.

Be careful because a sudden move will take all your profits back, unless you have a significant capital.

I dunno about other people, but I think trading without stop losses is a recipe for disaster. All you need is a few bad days where the trade goes against you and depending on the pair you can be down hundreds upon hundreds of pips. And you can wait for it to swing back the other way, but if you hit a trend your account can be blown out pretty quickly.

Trading without stop losses is like rope walking without a safety net. You might not fall right away, but once you do it'll hurt bad.

If you find that you're getting stopped out of many trades only to see them reverse, you either need to re-examine your entries or give your trades more breathing room by setting the stop loss further away (always according to your money management & risk rules).

In my opinion it's suicide. There's been lots of traders who lost the lot because something dramatic happened. Lost internet connection etc.

If your stop is getting taken out too often then evaluate your system. I expect if you are trading GBPJPY then your time frame is too small, this pair gets quite volatile.

I trade without one or at least the market makers know nothing don't get me wrong I always have a plan when I'm away a safty net . I of course have a mental stoploss but also if you do; make certain not to over leverage that will kill you in the end (margin call). If you put one on or just have an idea in your thoughts, which has worked very well for me where a stoploss did not ( not knocking what works for the individual ). It all boils down to the individual but if you decide not to have one and only a mental treat it as such when the price goes against you where ever your level is pull the trigger and end it (discipline ) but thats what works for me....

Hi stealthrx, I mainly trade the gbp/jpy also. If your going to trade this pair in my opinion have an account that can cover the drawdown (worse case scenerio) Personally I have a mental stop based on alot of factors. I personally don't like to put a stoploss in an order; I don't like for the market makers to know what I'm thinking but thats just my preference and it works great for me but there is alot of factors that involve this...So do what you feel comfortable with..what works for one don't work for the other....

I goofed last week. As a professional trader I should have known better. I trade the 4 hour chart and at one point I was up 5oo pips on one of my 12 pairs and walked away from my computer. I lost 200 pips immediately and still held on to my 300 pips. Those that know me here were shocked that I made that blunder especially since I trade huge lots.

Use stop loses at all times. (repeat this out loud three times)

Well make sure u are not just like this fella...i suggest u use the stop..u worried me u know? ..if the stop most of the time hit by the price than u need to evaluate your entry.have fun

always trade with stop losses. easiest way to blow up an account is trading with no stop losses. one trade without a stop loss can (and will) end your account. when you trade with a stop loss you can make many many mistakes and still recoup your losses, no stop loss is forex suicide.

I never trade with a stoploss. I backtesting my system over 4 years of data and several thousands of trades, with a range of stoploss values and discovered that profits increased as my stoploss tended to zero. As Tharp states in his MM books states, for stop and reverse systems there will never be any stoploss value that actually increases your profits. My empirical testing confirms this theory for my own stop and reverse system. Therefore my suggestion is that you should try modelling your system with a range of stoploss values and prove for yourself that stoplosses are costing you money not saving you money. Another interesting test is to plot a histogram of your losing trades. In my experience they will follow the left hand side of a normal like distribution. When trading your system you should know this distribution and live with it. When that large loss comes along, from your histogram you know that it is a rare event, it is expected - so just take the hit and move on. As long as your backtesting is over a significant number of trades (I feel that 2-3000 is enough) you will have seen the maximum loss you are likely to see, so you know what size to expect and trade accordingly by setting a gearing ratio such that your maximum loss is bearable.

I've only been trading for half a year and half of that with a demo account. Recently I swapped to a five minute chart and couldn't for the life of me work out why I was losing so much money. So I re read my strategy, lo and behold I'd been setting my stops way too short. I'd get stopped out by some noise and then the signal I'd entered on would turn out to be valid and by the time I woke up in the morning I'd made a loss instead of a healthy profit. So try increasing your stops by 50% (making sure your overall risk hasn't increased much) and see what happens.

Also, a saying I've heard a few times:
"There are old traders, bold traders but no old bold traders."

by using 1:1 leverage, you don't need stop loss..
if you loss 300 pips (approximately 3% of your capital), it shows that your system is not good enough..