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  • #70,981
  • Mar 4, 2009 2:09am Mar 4, 2009 2:09am
Price break away and break through the trendline and hit exactly its price target. How cool is that? But I can never have the stomach to wait that long.

Afterwhich a 123 bottom on the 1min chart.
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  • #70,982
  • Mar 4, 2009 2:10am Mar 4, 2009 2:10am
F.x. I used to trade the same way...no stop losses except mental ones. That works perfectly in ranging markets...chances are if you enter a trade at the midpoint of a range and pa goes against you for hundreds of pips...unless range gets broken pa will get you back to even. This is how I made 3000pips in november..just scalping the bejeezus out of that "triangle" which we were all aware of. Then December came...i had a short placed at the high of the range with no stop loss and once breakout occured..all my gains for november where lost in less then 2 weeks (750 pips to be exact as i had increased pip size) in december on an incredible bull run that never in my wildest dreams thought would happen. Now im not saying "no stop loss" wont work for you..if it does awesome...just be aware that there are 2 issues with this way of trading...one is the psychological aspect, the (i cant close a losing trade or as algirdas used to say "lose no one pip") and secondly...the drawdown your account faces once you are put in that situation. As for me..I have evolved from that way of trading...50pip stop loss on ALL trades...if i still feel strongly about direction once stopped out..i just simply reenter..i am wrong again..i take a break..as simple as that and protect my gains nicely in the mean time
Different opinions highly valued, ignorant to slander.
  • #70,983
  • Mar 4, 2009 2:12am Mar 4, 2009 2:12am
Quoting F.x.
Doesn't bother me a bit when those things happen and I have open trades. I just take a nice long coffee break until things come back online. I like breaks.

I can also track the moment I went from making consistent losses to making consistent profits and it matches up to the day with the moment I stopped setting SL's.

I have a theory that there is a direct corellation between the percentage of people that will tell you to always set a stop loss and the percentage of traders that fail.
I must agree with F.x.
It is possible to avoid S/L's if you can manage your entries according to S/R.
  • #70,984
  • Mar 4, 2009 2:15am Mar 4, 2009 2:15am
Yeah I agree with the "no stop loss and better win to loss ratio" theory. I've tried it and it helps if you don't do heavy trading(trading lots such that a move of 200 pips will not result in a margin call) you can call it "money management".
forex is heaven and hell rolled up in one
  • #70,985
  • Mar 4, 2009 2:20am Mar 4, 2009 2:20am
Quoting psiholog
F.x. I used to trade the same way...no stop losses except mental ones. That works perfectly in ranging markets...chances are if you enter a trade at the midpoint of a range and pa goes against you for hundreds of pips...unless range gets broken pa will get you back to even. This is how I made 3000pips in november..just scalping the bejeezus out of that "triangle" which we were all aware of. Then December came...i had a short placed at the high of the range with no stop loss and once breakout occured..all my gains for november where lost in less...

Your points are well taken.

When I say I don't set SL's, I mean I don't set a physical or a mental SL. Now, on rare occasion I will close a trade for a loss. But I base it on what's happening at the point of exit, rather than what happened when I entered the trade which is typically also when people set their physical (or mental) SL.
  • #70,986
  • Mar 4, 2009 2:21am Mar 4, 2009 2:21am
Quoting Legio_Ulpia
I must agree with F.x.
It is possible to avoid S/L's if you can manage your entries according to S/R.

As well as momentum and other factors.

And as others have included and I have said time and time again, proper MM is key. It's the absolute foundation of any successful trading method. The first thing and the most important thing.
  • #70,987
  • Mar 4, 2009 2:25am Mar 4, 2009 2:25am
Quoting F.x.
Proper MM is key. It's the absolute foundation of any successful trading method. The first thing and the most important thing.
having said this..let me ask you...your in a trade...it goes against you...when will you decide to get out...what % loss of your account or what other ways will you determine to close trade? I have heard some big names trading with no stop loss..the most obvious is warren buffet who can afford to have large drawdowns before pa moves in his direction but when do you determine to get out? From what I gather you either A)use really small positions relative to your account size (which will not amount in alot of profit in the long run unless your account is over 100k) or B)your a genius
Different opinions highly valued, ignorant to slander.
  • #70,988
  • Mar 4, 2009 2:27am Mar 4, 2009 2:27am
Shorted 2535....not looking for a long until I see 2390.
Going to make it big by age 21.
  • #70,989
  • Mar 4, 2009 2:33am Mar 4, 2009 2:33am
Quoting psiholog
From what I gather you either A)use really small positions relative to your account size (which will not amount in alot of profit in the long run unless your account is over 100k) or B)your a genius

I'm not going to argue with anyone that selects "B" as the correct answer, however...

I'm going to go with "A" and add a question and a comment.

1. What is your idea of a lot of profit?

2. If you're after a lot of profit or want to get rich quick, then you don't have the correct mentality for trading forex and will routinely blow your account.
  • #70,990
  • Mar 4, 2009 2:33am Mar 4, 2009 2:33am
... taking a short from 2525,

thinking the bounce is over and looks like a nice spot for the movers to prime their pump for a little shaking out using any news for the excuse.

we'll see.....

good pips to you guys'n'gals.

edit: heh...heh.. soon as i press the button it promptly moves 10 pips in the opposite direction, ah well... business as usual....
  • #70,991
  • Mar 4, 2009 2:35am Mar 4, 2009 2:35am
Quoting psiholog
F.x. I used to trade the same way...no stop losses except mental ones. That works perfectly in ranging markets...chances are if you enter a trade at the midpoint of a range and pa goes against you for hundreds of pips...unless range gets broken pa will get you back to even. This is how I made 3000pips in november..just scalping the bejeezus out of that "triangle" which we were all aware of. Then December came...i had a short placed at the high of the range with no stop loss and once breakout occured..all my gains for november where lost in less...
I'm doing like that, no SL bcs I don't have too much time during the day. MM must be verry stong. I'm placeing the ordes on different levels and when I feel it I TP ... and works fine for the moment. I stil have some friends left @29xx but they party in silance .... I do run after 20-50 pips but few times /week... here is all the fun!!!
  • #70,992
  • Mar 4, 2009 2:35am Mar 4, 2009 2:35am
Long for me 1.2750 TP
  • #70,993
  • Mar 4, 2009 2:41am Mar 4, 2009 2:41am
My short @ 1.2540 was triggered during frank open.. it was making 40+pips profit, but I forgot to place a TP and when I came back, its now just +2 pips...

damn..

i should place a price alarm...

oh well.. lesson learned..
  • #70,994
  • Edited 3:05am Mar 4, 2009 2:44am | Edited 3:05am
Quoting Pipster888
Long for me 1.2750 TP
It`s funny but i have the same T/P set on my longs :-) And i think we can hit that area this week.

Just to add my 2 cents to S/L discussion. Setting automated or just be ready to close non profitable trade is a must. I`m mostly setting automated S/L when i go to sleep and i can`t react on markets movement. Its sometimes better to take small loss then cry that we have -xxx pips floating and there is no view to get it in right way.
But in those days when we have crisis and recession normal S/L of 50 pips is pretty small and i`m usually taking 100 S/L or even moving it more when i`m sure its going to bounce back in direction i wish it to.

But it`s just better to try every option and strategy on your own. I think that if you lose some pips then you wont learn.


Edit: Just edited some mistakes in my english
  • #70,995
  • Mar 4, 2009 2:46am Mar 4, 2009 2:46am
Quoting F.x.
1. What is your idea of a lot of profit?

2. If you're after a lot of profit or want to get rich quick, then you don't have the correct mentality for trading forex and will routinely blow your account.
1. To define this I have to explain my strategy a little bit. Now I'm a scalper/intraday trader..the longest I have held a trade was my massive loss in december which was just over a week. As to how much profit per trade...its all relative to account size...most say 1% drawdown per trade is good...I go up to 2-3% per trade as drawdown per trade (equaling 50pips). That implies that each of my trades should at least have 2-3% profit target but there are many occasions where i close trade before that level is reached or possibly hold trade for up to 5% profit. I will admit..my account is a small one..i am 22 after all and equity is not something inherited from my parents...it is something I have to build up. Eventually I will be using 1% risk reward ratio myself with upwards reward up to 2-3%

2)I gave up school/work..all to make forex my life long career sir..trust me..no get rich scheme here..just a "be my own boss and make my own schedule career" idea that I can practice for the rest of my life. Any other "ventures" in my future are to be seen. Do note that while I am quite young...and my forex experience is quite limited (1year and 3 months to be exact)....I know eur/usd like the back of my hand now and how pa behaves given certain hours, days, news announcements, gaps, economic blah blah. I attribute this "quality" to growing up in the gaming generation and my psychology background haha.


Thirdly....I respect your methods..I just wanted to understand your ways thats all...and now I do fully...please consider my questions as only relentless constructive criticism not as insults...as I will surely do with everyone else
Different opinions highly valued, ignorant to slander.
  • #70,996
  • Mar 4, 2009 2:47am Mar 4, 2009 2:47am
If we retest the low . i long again.
  • #70,997
  • Mar 4, 2009 2:48am Mar 4, 2009 2:48am
Quoting ragnakore
My short @ 1.2540 was triggered during frank open.. it was making 40+pips profit, but I forgot to place a TP and when I came back, its now just +2 pips...

damn..

i should place a price alarm...

oh well.. lesson learned..
patience partner
Going to make it big by age 21.
  • #70,998
  • Mar 4, 2009 2:49am Mar 4, 2009 2:49am
Quoting psiholog
having said this..let me ask you...your in a trade...it goes against you...when will you decide to get out...what % loss of your account or what other ways will you determine to close trade? I have heard some big names trading with no stop loss..the most obvious is warren buffet who can afford to have large drawdowns before pa moves in his direction but when do you determine to get out? From what I gather you either A)use really small positions relative to your account size (which will not amount in alot of profit in the long run unless your account...
I definitely do not fall in the genious category. I used to be a position trader and would never use SL. I would get a trade that was under water, find a suitable re-entry and get in again. I constantly made money - good money. Then I hit my wake up call. In one week all I did was lose. Since that time I set a SL and I found I lost by 1 - 3 pips on the turn around. One of those damned if you - damned if you don't things. So now, I set a SL at what I call "my squeal point" and have'nt lost but 1 time. I trade off tick charts only and watch price like a hawk.
  • #70,999
  • Mar 4, 2009 2:56am Mar 4, 2009 2:56am
Quoting psiholog
1. To define this I have to explain my strategy a little bit. Now I'm a scalper/intraday trader..the longest I have held a trade was my massive loss in december which was just over a week. As to how much profit per trade...its all relative to account size...most say 1% drawdown per trade is good...I go up to 2-3% per trade as drawdown per trade (equaling 50pips). That implies that each of my trades should at least have 2-3% profit target but there are many occasions where i close trade before that level is reached or possibly hold trade for up to...
You have a brave soul.
Forex Price Action Hacked - Price Action Rockstar
  • #71,000
  • Mar 4, 2009 2:58am Mar 4, 2009 2:58am
Quoting psiholog
I respect your methods..I just wanted to understand your ways thats all...and now I do fully...please consider my questions as only relentless constructive criticism not as insults...as I will surely do with everyone else
If you fully understand my trading method then you've definitely got one up on me lol.

I always enjoy and appreciate respectful discussion and constructive criticism.



I can't understand the logic of setting a SL based on numbers or calculations. There are too many factors involved, and those factors are always changing.

But then again, I just hate doing calculations and using my brain in general.
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