Some traders where i trade enter v large tp and sl, ie x10 - so they don't lose, - if they were wrong, they keep that trade - for weeks or months until it goes to profit, - they may have 4 or 5 of these, - i see i guy - 6 months - not one loss -2 or 3 trades over 2 weeks old.
VB
Do many people trade this way?
quote=Kaloo5;5664835]Heard an interesting talk on the radio earlier about the JP Morgan losses and how an entire division will probably be shut down, all because some rogue trader kept adding to a losing position instead of cutting losses. Sure this may be an over-simplified view of a rather complex issue, but the principal remains the same :
A trade that has gone against you is the clearest indication that you made a wrong call on direction.
Exposing yourself even more is the clearest indication that your arrogance assumes itself to be greater than the market.
Trading these markets without Stop Losses is like opening the gates to a wild stallion and hoping it will return when you whistle.
[/quote]
VB
Do many people trade this way?
quote=Kaloo5;5664835]Heard an interesting talk on the radio earlier about the JP Morgan losses and how an entire division will probably be shut down, all because some rogue trader kept adding to a losing position instead of cutting losses. Sure this may be an over-simplified view of a rather complex issue, but the principal remains the same :
A trade that has gone against you is the clearest indication that you made a wrong call on direction.
Exposing yourself even more is the clearest indication that your arrogance assumes itself to be greater than the market.
Trading these markets without Stop Losses is like opening the gates to a wild stallion and hoping it will return when you whistle.
[/quote]
FUNNY
