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Trading Without a StopLoss

  • #141
  • Apr 24, 2013 5:59am Apr 24, 2013 5:59am
Quoting Eur Usd
{quote} 7 yrs experience is a joke in this case as you still trade demo and you trade without s/l. sorry but this way you will loose sooner or later and the more you loose the more disapointed you;ll be
the truth hurts
  • #142
  • Apr 24, 2013 6:45am Apr 24, 2013 6:45am
I like the idea of trading without stops. How many times we get out for a single pip,.. the position of the stop looks like never is on the right place.
Can you put few examples, even that is on demo it will be more illustrative to see a chart or an specific entries and exit trades.

thanks
  • #143
  • Apr 24, 2013 7:03am Apr 24, 2013 7:03am
Quoting relaxtrading
I like the idea of trading without stops. How many times we get out for a single pip,.. the position of the stop looks like never is on the right place. Can you put few examples, even that is on demo it will be more illustrative to see a chart or an specific entries and exit trades. thanks
that means your entry is wrong, or your stop loss is wrong. does not mean you should just put your whole account up for grabs.
  • #144
  • Apr 24, 2013 7:32am Apr 24, 2013 7:32am
Quoting Eur Usd
{quote} 7 yrs experience is a joke in this case as you still trade demo and you trade without s/l. sorry but this way you will loose sooner or later and the more you loose the more disapointed you;ll be
Ohhhhhhhhhhhhh, you expect me to show you my live account. You must be Joking. The demo is an appetizer for you!
  • #145
  • Apr 24, 2013 7:39am Apr 24, 2013 7:39am
Quoting dare123
{quote} Ohhhhhhhhhhhhh, you expect me to show you my live account. You must be Joking. The demo is an appetizer for you!
it doesn't have to be account with amounts, can be just chart - but honestly I doubt in your long time profits, so you won't show it. I am off from this topic. I don't care if you're telling the truth or not, and you don't need to prove me anything. I am just afraid some newbies will believe you and fail.
don't bother to write back, I won't answer
On my way to financial independence - if others can do it - I can do it
  • #146
  • Apr 24, 2013 7:41am Apr 24, 2013 7:41am
Quoting Eur Usd
{quote} it doesn't have to be account with amounts, can be just chart - but honestly I doubt in your long time profits, so you won't show it. I am off from this topic. I don't care if you're telling the truth or not, and you don't need to prove me anything. I am just afraid some newbies will believe you and fail. don't bother to write back, I won't answer
Stay here and watch. And make sure you don't comment.
  • #147
  • May 4, 2013 6:33am May 4, 2013 6:33am
Interesting. Personally I don't use SL now but use Alerts as my phone is on me at all times. I wouldn't want a SL kicking in without being able to think and assess at that moment in time. I may change my mind in the future who knows but it works for me right now.
  • #148
  • May 26, 2013 7:05am May 26, 2013 7:05am
Many traders fail because they don't use SL , and many traders fail because they do use a SL . A SL is to limit your loss per one single trade but it will not necessarily protect your whole account on the long run . So there is no right answer here , trading is a battle either you win or lose just be prepared with your tools ....
  • #149
  • May 26, 2013 8:21pm May 26, 2013 8:21pm
My own feeling is that if you must use fixed stop losses to trade comfortably your lot size is too big. Either that or you should stick a little longer with practice accounts until you acquire some kind of feel for how the market moves (and when). High stress levels and rational trading guesses do not mix well. Maybe you are different.
  • #150
  • May 26, 2013 9:19pm May 26, 2013 9:19pm
I believe SL is the important indicator which helps you to be successful in long term. Of course, everybody has their own strategy.
  • #151
  • May 26, 2013 10:21pm May 26, 2013 10:21pm
Not putting a stop loss is a sign of ego.. thinking and overconfident that you will succeed no matter what,while you forget that anything can happen in Forex.. even using the greatest Forex strategy can crumble your account if you don't use stop loss.

So it is vital to put stop loss..at least at 50% of your account... although stop loss point is according to your own trading style.
  • #152
  • May 27, 2013 4:42am May 27, 2013 4:42am
Quoting minx
Not putting a stop loss is a sign of ego.. thinking and overconfident that you will succeed no matter what,while you forget that anything can happen in Forex.. even using the greatest Forex strategy can crumble your account if you don't use stop loss. So it is vital to put stop loss..at least at 50% of your account... although stop loss point is according to your own trading style.
Putting stop loss is like a insurance.
  • #153
  • May 28, 2013 2:07am May 28, 2013 2:07am
Quoting Eur Usd
{quote} it doesn't have to be account with amounts, can be just chart - but honestly I doubt in your long time profits, so you won't show it. I am off from this topic. I don't care if you're telling the truth or not, and you don't need to prove me anything. I am just afraid some newbies will believe you and fail. don't bother to write back, I won't answer
Totally agree, so much people so enthusiastic about what they think is THE way to go, but nothing but smoke to prove it.
Simplicity is the Ultimate Sophistication.
  • #154
  • May 28, 2013 2:47am May 28, 2013 2:47am
hey guys who trade without a stoploss, I called it an anti-trading behavior... how is it so far?
  • #155
  • Aug 23, 2013 9:54am Aug 23, 2013 9:54am
Have to be quick as am leaving office soon. Have been actively trading without a stop loss for a few months. Most successful I've ever been.
Ask yourself these questions:
1) When support becomes resistance, and resistance becomes support-why is that? What is happening in the context of orders being opened/closed-the mechanics of supply and demand? Who is buying/selling at these points? Are they buying to open a position or close a position?
2) Do any of you use moving averages? If you do use them, then why are you trading with a stop loss? What do I mean by this?

Sorry to be cryptic but is easier to ask the question than explain it (hopefully will do that later).
  • #156
  • Aug 23, 2013 10:21am Aug 23, 2013 10:21am
Quoting bootsyjam
Have to be quick as am leaving office soon. Have been actively trading without a stop loss for a few months. Most successful I've ever been. Ask yourself these questions: 1) When support becomes resistance, and resistance becomes support-why is that? What is happening in the context of orders being opened/closed-the mechanics of supply and demand? Who is buying/selling at these points? Are they buying to open a position or close a position? 2) Do any of you use moving averages? If you do use them, then why are you trading with a stop loss? What...
As today, i open my first trade without stop loss, and this one is the first to gain. Have been trade for 8 months and all got hit at the SL.. I just relate my experience, i agree it was stupid, but seems i always put wrong SL level. About your questions, they are very interesting. I go the whole weekend to think about them. Thanks.
Don't blame the tools. Blame the carpenter.
  • #157
  • Aug 23, 2013 10:49am Aug 23, 2013 10:49am
I was short GBPAUD yesterday around 10pm at 1.724. GBP kept on rising afterwards especially before the UK economy report came out. It rose up to 1.736 i think or maybe higher so i was more than 100 pips in the negative. If i had a SL i would have lost quite a large sum of money and a significant of profit that i made over past trades. I chose to hang unto the trade without cutting loss even when price dropped from 1.738 to 1.728. I kept on holding and sure enough price finally reaches my entry pt and goes pass it and hits my Tp around 15 pips away from my entry and gbpaud has one of the largest spreads of 6 pips vs around 2 for eurusd. In theory it sounds silly going into the red for more than 100 pips but only making 15 pips but i am very lucky to not have even have a loss not to mention made a profit. This would never have happened if i had put in a SL cos nobody puts a SL more than 100 pips. OK some ppl do and most trading systems, teachers etc teach you to put your SL like 2 or 3 times smaller than the distance from your TP so you risk a smaller amount for a bigger tp but when i was more than 100 pips in the red i did consider cutting it and just hoping to do so during a retracment didn't expect it to swing back downwards. I study charts like futures of each currency and check various currency pairs of the base currency before making the trade it's not as if i trade blindly but i have not put in any SL for the last couple of trades just the TP. Perhaps it's due to my experience of price going in the red hitting my sl and then going back again back to entry and hitting my tp and i have forgotten the number of times that occured when my loss could have become a profit. I suppose for me i just have a feel to know that price often goes back again.
  • #158
  • Aug 25, 2013 3:20am Aug 25, 2013 3:20am
hi guys,

the best ever system I read about trading without a stop loss is on Oanda.
this guy made 20% per month for many months.

I gave a short outline of this system in the Trading Journal section in the Cinderella threat.
  • #159
  • Edited 10:48am Sep 1, 2013 9:51am | Edited 10:48am
Quoting KecoaKecil
{quote} As today, i open my first trade without stop loss, and this one is the first to gain. Have been trade for 8 months and all got hit at the SL.. I just relate my experience, i agree it was stupid, but seems i always put wrong SL level. About your questions, they are very interesting. I go the whole weekend to think about them. Thanks.
Here is the key to it all. Look on a 1 hour chart. Zoom out a bit. Scroll back in time about 3-4 weeks, get a pen and paper and do the following.

1) In 'realtime'-as in you can't see the next bar, pick the major highs and lows as they occur. When price next reaches these next highs and lows, pretend that you are going short when price reaches EXACTLY a previous major high, and going long when price hits EXACTLY a major low on the hourly chart. Forget about risk reward and stop losses. How many times will you be stopped out for a loss if the price moves against you (e.g. keeps on going higher if you're short at a major high), and you just close out your position at 0, or maybe a small profit, when price eventually comes back down to your entry level. Can you see why Resistance becomes support now? [edit] It is because the big boys aren't trading with stop losses, and when price reverts back down to their entry levels, then they are buying or selling TO CLOSE THEIR POSITIONS-THAT IS WHY PRICE BOUNCES AND SUPPORT BECOMES RESISTANCE etcetcetc.

I think the greatest disservice is the idea of having an exact 2:1 or 3:1 risk reward scenario, that it can be exact, and that it can be managed to such a high degree of discipline. The times that you're right about a 15 pip stop loss will make you forget about all the other times, and we know that they are many, when you've been wrong and have been stopped out. I did it last week-entered trade with an SL-stopped out, then price continued as I expected. Result-1 losing trade as opposed to a winning trade that would have been many times greater than the original SL. Then I reverted back to no SL-result? A winning trade, but one that also reversed before it went my way, and would have stopped me out if I had bothered having one.

Fx is not exact, you can get stopped out many times on either a 1 minute or daily chart, it doesn't matter which timeframe.

The next step in all this is to always have a long term (daily/12 hour chart) to make sure you're not buying after an extended run higher etc as the chances for a big turn around against you are higher.
  • #160
  • Sep 1, 2013 6:43pm Sep 1, 2013 6:43pm
Quoting dare123
Good-day All, I choose to stop trading with stoploss. I now trade without stoploss. What do you think about trading without stoploss? and if you are currently trading this way or you have traded this way before, kindly share your expirience.
Trading Without a StopLoss !
that's what I'm doing now, position open at 11:00 pm and closed position at 8 am the next day , <h.k. time > ,win or lose
automatically apply =R;R = 1:1
if there is something you should keep secret,simply just save it,, so, just
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