Real Fx traders do not use stoploss

okay, that sounds better to me. I thought averaging in no matter what was the mantra in there. But if you kill the trade once you see that your analysis is way off, then that sounds much better.

correct, i mean the market will finally be the one to tell you whether a rescue operation is allowed, if you are fighting against the trend averaging close to market on a correction can still bring you out.

but the dangers of a snowball bullet to the head is greatly increased, its all to the individual traders and individual market condition.
and that is the thing, every trade is different, the market is too complex to be predictable, so one needs to be flexible, and be like water carve our victories from the terrain in which we flow

how many times are you gonna average against the trend till you decide this is chopping your head off?

fti and everyone there always tell the newbies to READ the first 200 pages, it gives the M.O the MM. and a blue print of how proffesionals do it.
skiping in reading this can bring wrong assumptions.

as he put it, " a powerful tool in the wrong hands can chop your head off"

In my opinion stops are most of the time (when used as most people here do) good for only one thing: FOR YOUR BROKER'S ACCOUNT BALANCE.
Certainly not for YOUR ACCOUNT BALANCE.

Just use your brains, common sense and low leverage and you will never need 20 or 40 pip stops.
And averaging down a bad habit? Lol, more than half of my profit comes from averaging down. Nothing wrong with that as long as you keep an eye on your TOTAL LEVERAGE.
Emergency stops only, but then 500 pips away or so. For when you're in a big trade like I did recently, went out for 5 minutes to get cigarettes and landed in the hospital for 2 weeks after a car hit me.

Unless you are well captialized and can take a 200 - 300 pip spike, then trading without a hard stop is pure tomfoolery ...... case in point march 16 of this year ...a 232 pip spike (UJ) in less than a minute and a similar spike again on the 18th.....short of eyeballing the chart minute by minute you would have been in a world of hurt.

Now granted that events like major earthquakes / tsunami do not happen often, but for the yokels trading with a mental stop and improper risk management it only need to happen once, for some of them to start thinking about base jumping without the chute.

Most entry sizes are based on a percentage per capita ranging from 0.5% to 5%... this percentage is risk and is converted to pips which is the max you are willing to lose per trade. So the knowing all of this, why the f!@# not put a hardstop in? To not do so (hardstop) is to allow room for doubt, which leads to modification of the trading plan(sliding StopLoss) and that is suicide.

Hearing folks talk about flexibility, dynamic market yada yada yada is all well and good for determining an ENTRY, but should NEVER be entertained for stop losses...after all what could be the justification? Are you really sure the market has to reverse? heck if you had that type of certainty you would not be in a loosing situation.

Protect your money at all cost in the best way you can. Treat this as a business... you would give anyone a blank cheque?

Shit, my suicide takes damn long, I started trading in 2005.
I didn't realize that committing suicide could take more than 6 years, and I'm not even close.
Obviously I have to find another way to kill myself.

Six years trading, yet here you are on a posting on a forum on an inane thread that is 5 years old......lol.... no one ever said that suicide was quick....... or i guess yer such a raging sucess that you got a lotta free time huh?.....must be one of them there "Pro Traders"........NO STOP LOSS FER THE WIN!!!!

Following is the most valid reason for using a stoploss that you will find!

... and as someone else wrote, when the BoJ calls up Warren Buffet and asks him to sell a trillion Yen on their behalf - you really don't want to be long in Yen without a stop-loss.

Stoploss orders have other fringe benefits. For instance they prevent you from waiting 'just a little bit more' to see if the PA will come back in your favour. Don't ever move an SL which is protecting your account and pain threshold.

My own opinion, and it really is my own point of view, is that the use of SLs depends upon your broker. With some brokers it is impossible to set up a straddle (read Merlin) because the price noise that occurs when news is released strangely wipes out all such trades with protective SLs. Personally I have back-up internet connection, and use a lap-top - so that only leaves the crash of the broker's server; as happened with my second broker account a couple of years ago. Also I don't over-leverage my trades.

The second thing is that the market can see your SL order, and as PA drifts closer to your SL the more likely it is that your SL will trigger, especially if it is 2 pips below a recent low (or above a high) and a thousand other traders have the same thoughts as you.

Also read carefully what 'Humility' has written. Forget about the leverage your broker offers or imposes, your real leverage is your position size divided by the amount in your account. If I read Humility correctly he is recommending one micro-lot per $1000 of account value. That is 1:1 leverage and if you sit long enough you will never blow your account in that method, although being short in AudJpy may require some considerable funding for roll-over charges.

So IMHO you should use a mental stop for your trade exit and the type of hard stop recommended by highlander2, and pick your SL level dependant upon your threshold of pain (a whole other subject).

Good trading !

I'm just bored waiting till my current trade in UC (without stop) matures, that's all, so yes, a bit of free time.

people like mr redlion are simply lost. they want to imagine themselves to be an elite bank trader kneading the market movements to their will. they are banking the losses into an imaginary loss fund which someday they will need to withdraw all of the losses in one go. goodbye account. goodbye faith in the no stoploss mantra. that, or you will lose your connection or find yourself in some emergency requiring all of your attention at precisely the worst trading moment and your account goes bye-bye while you deal with LIFE. for any reason given for not using stoplosses are 10 reasons that completely override these feeble reasons.

there's so much rubbish about stops being hit (oh, sorry, the technical term is "sitting ducks", natch). get on a simulator and watch your stops get hit in a virtual environment that is not being manipulated by anyone anywhere. if your stops are getting hit it is because that's how it played-out and the deserved outcome. learn to not place shitty trades. if you know so much about these stop sweeps etc then trade around this notion and use it to your advantage!!! if you can't then you are just playing games with your own head.

redlion, i truly feel sorry for you. you talk so much nonsense. phi to pi, skew, sitting ducks, all of your AOW worship.... all nonsense. all you are doing is what EVERY SINGLE NEWBIE in investing and trading has EVER DONE since the beginning of tradings existence. and they learned their lessons as you will. you want to think of yourself as the general of some imagined monetary army? are you really a general of an army, or a general of a few quarters and dimes? you need to open your eyes!

all of this snowball rubbish is NOTHING NEW to ANYONE except fools who don't know any better. averaging-in, dollar-cost averaging, pyramiding into winning trades... these are the things that any trader worth a damn knows about. THIS STUFF IS NOT NEW OR REVOLUTIONARY IN ANY WAY!

fact is if you want to call them all kinds of fanciful names and make it sound special and spectacular then good luck to you and your fantasy world General Redlion. You and your D&D buddies will learn your lessons or you will be raging successes, but i know which outcome i believe you will have. You might be taking losses, and averaging out of others for breakeven or small wins... but those trades you didn't simply cut as wrong and took the loss on are all going to roll on you in one go some day if you aren't lucky. Unless you are simply fortunate, or playing pennies on a million dollar account getting nowhere, then a bad day is coming. you will either nuke your account, or all of the trades you scratched a profit out of will be wiped away and you will be back at the beginning having wasted months of your time in a dream world.

you really are the thoughtless guy riding a Harley down the highway without any protective leather on or a helmet. oh, but you say you are always paying attention and can ride your way out of any situation if required and aren't taking big risks and are being responsible with your riding.... well tell that to the car crash in front of you that you can't avoid or the learner driver who just tried to kill you by merging into your lane without looking and not even knowing you exist. you thought you were so cool riding without any protective gear on flaunting common sense pointing out the foolishness of everyone else who is being sensible, but how cool are you going to look when you slide down the pavement with nothing but your own skin between the road and your bones?

if you want to keep believing then keep believing. maybe you have enough capitalization to make something out of the markets with this fairy tale. only you know if you do, or if you are simply being a fool. you will either be a success or you will eat very VERY humble pie, and you will hate every bite of it. but really, most on the forum have a pretty good grasp of which way the cards are going to fold for you and your buddies in that thread.

Dude UC net movement in the last hour is less that 15 pips...... who r u trying to convince? Waiting for it to mature? In this session as in the next 6 hours? LMFAO...That bit of stupidity is more retarded that no SL.

6 years experience and you are waiting for a non volatile to mature out of session....

I'm more thinking in terms like a few days to 2 weeks or longer, adding when necessary, but maybe that would take too much patience for you?
If I would take all the profits at once that I made with UC and UY alone in the last year, I could really buy a very nice (new) car. And I'm not talking the Honda Civic that I drive now.

i take it you didnt understand and tried an got screwed in the butt with no lubricant


its ok, its not for every one, just as the concept of putting a stop, get hit and lose on a trade that was sound. makes no sense to me.

i can try to help you if you want, no reason to be bitter.
if you dont like the style is good, im sure you have your methods, if they work then keep on doing what works.

so bitter

What the hell, (nothing on TV at the moment, is Idol on tonite?)....might as well continue this....


You just said "my current trade in UC (without stop) matures, that's all, so yes, a bit of free time".

You then came back and said "thinking in terms like a few days to 2 weeks or longer"

So i guess you are going to remain awake for the next couple of days watching your no SL trade?


PS

My wife is the quintessential nag and a lawyer to booth..... i learned to nitpick just to get a hot breakfast

by the way just averaged my way out a missed time position, otherwise it would have been a loss.

now with the book intact i can try to find a good entry in the right direction.


maybe i should have put a stop loss and take the loss.

You think that's the only thing I have to do? I'm just killing some time waiting for someone to show up. Can't include a pic because I only have pics that might offend some people.

you can try to be fti. all of your little icons like fti just shows how much you want to be him. you won't be. you can idolize him if you desire... a man who can't quit smoking and can't put the markets behind him even in his supposed dying hours, and didn't he admit he lost his wife and family and in fact didn't a son suicide? now sits around chatting to losing traders all day instead of enjoying life with all of the money he should have in his bank account from his previous job? seriously, you think this is someone to idolize? this is your role model?

i'm honest enough to admit that i'm not rolling in money... just look at the title i put under my username. you, on the other hand, sit in fti's thread saying how clueless you are but you come to other threads acting like you have it all figured-out?

lol. good luck mr general redlion. you are the one being laughed at. everyone can see what's what and what's not.

LOL!!! Made my day

ok nubcake, this is the last response, i am a novice strategist, look at my title. my style needs polishing, i need to learn more form the traders that know more than me. i find nothing wrong in that. i am humble and when im corrected i accept it and analyze it.

i havent lost a trade in a while, still experiementing with rescues and attack sequence. but i do try to help the newer ppl, because i was there once.

i find it pretty cool that 4 months, in just 4 months, and i have doubled my account, and i am really learning how to trade. some people try years, not seeing the light.

i have acutally helped traders that have been at it for 3 years, and the method works.

now i find it distasteful for you to be judging the person, you can judge the methods but not the person. i do look up to him. i find a lot of wisdom in his thread. i dont know what your PERSONAL problem is with him. like i said, if you want i can help you. i will share with you all i know, i have done it many times. just because you got burned doesnt mean you need to be bitter.

people say it takes year to stop blowing an account, it took me 4 months to start really learning how to trade.
i know GOD gave me a great brain, but i thank FTI for my CONSISTENT profitability

i invite you on a live session, ill guide you through it, if you like.

if you are not profitable, maybe something needs tweeking, keep at it. you will be there once.

try reading crusial points thread, it is pretty good as well, he is right there is a delay between one market condition to the next.

i made that observation after many hours of looking at price movement.

i am sharing all my notes too, in the discussion forum. good luck to you nubcake i hope you stop being so bitter

now i will stop cluttering this thread all wanted to say is been said.

this is the problem with your kind redlion... you believe you are seeing something, but you are perceiving nothing! fti's methods, and character, are garbage. i'm not even close to being the only person who thinks this... not even close. a part of you knows this to be true but you want to ignore that voice at the back of your head and you are hoping for the best. the entire thread is designed to enclose all of you into your own little world with your own alternate terminology and anyone who questions any of it is shunned. it's highly amusing. it is just like a cult, and i'm not the only one who has said this (and if you think it's just me with a bunch of different usernames then report me and see how you go). open your eyes!

you can see the truth, or you can shield your eyes from the real world. i'm not bitter. i'm realistic and don't suffer idiocy and false prophets and their sheeples.

why do you not understand that if you stop taking losses then OF COURSE you are going to STOP LOSING... for awhile at least! SEE HOW THAT WORKS? then you will take a few losses here and there and you will blame it on some mystical 'egor' instead of admitting that you traded recklessly. i've watched it over and over in the thread. the most obvious of lesson continues to go unlearned.

your time will come. if you don't understand what i've said then so be it. you will learn your lessons later. the market will permit your folly long enough and then spit you out. now please, continue with your petty attempts at insults and lack of basic understanding and common sense. my 'bitter' self sits here knowing your path with idle amusement. i mean it when i say i pity you. all of you. your holy thread is one massive troll-fest and the joke is on everyone like you who doesn't see it.

my eyes are open. when will yours be?