Trading Without a StopLoss

Quoting Exodus

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Anyone seen dare123 around here, seems (s)he went very quiet..... {quote} Ok, at the risk of re-lighting a fire here is a consideration for you, and note that I read about 60 or 80 posts before cutting to the end here. Occasionally I use stops, mostly I don't because either a) I hardly ever place them correctly; or more likely b) I make an inefficient trade entry. Also I have had too many SLs placed at the perfect reversal point. To overcome the problem of managing my feelings of failure, paranoia, inadequacy, I cut my leverage right back and traded SL free all this year. I cut back my $15k account to $1k and traded small positions. My leverage was mostly 1:1 and as things go I watched some pretty ugly trades eventually come good. So far I am ahead 50% for the year. Was this good, well I think not. My worst trade ran about 2.5 months, drew down nearly 500 pips and eventually came back to my TP for 75 pips. ___ < pause for applause > Now let us look at why it went down 500 pips. I got in too soon. Yes it was a considered entry at a resistance level that gave way. So I waited to see what happened at the next nearest resistance level, well you know what happened. What did it really cost me? Probably about 400 pips in the opposite direction which I could not take advantage of without swallowing the loss on the current position. Also I did not add to it near the bottom of the drawdown because I had lost the ability to think properly about the trade by that point; so I lost out on 400 pips of retrace also, although I was back in when the drawdown reduced to around 100 pips. What did I gain from this? Well eventually PTJ would have been proud of me. I was comfortable with all my losing positions (except one which I cut) and gained the art of objectively looking at a chart to see where I had screwed up and to see if there was any evidence that my trade would not come back to me. Probably I have evolved a reasonably profitable but ghastly looking technique which makes small slow and steady profits. I can also see all the inefficiencies in this approach. I cannot honestly recommend what I have done, so here is my plan going forwards. Make sure I get in going in the correct direction, I have been doing a lot of watching lately. When I have improved my hit-rate on that aspect move up my trade size and start using SLs. Samer1970, each to his own, you rogue!

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Quoting vox dei

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{quote} i'd say it bluntly, no offense meant, but it needs to be said, you should do a reality check asap, because reality is more like this: Your 2 attackers are actually your 2 friends, and your 4 friends are just clueless like you.

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Quoting BeginnerJoe

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{quote} My guess is you were like a little frog blinded by a bright light and unable to react when you realised you got-in in the wrong direction. What you could have done is traded the other direction as soon as it became apparent. That way you could keep the trade in the wrong direction and continue to make profit in the right direction. As the market goes in cycles, the right direction would eventually became the wrong direction and your incorrect trade would have become profitable. Trading successfully has a lot to do with managing what has...

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Quoting Samer1970

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now the broker gave me the swap for this night. lets see hoe is the example is making profits as i have explained above. do you still remember, the swap ratio to return the loss was nearly 10% look now to my new list after updating it when swap is added to my account, take the same trade new swap is 58 new floating not closed loss is 525 so the new added profit to minimize the loss ratio is 58/525*100% = approx 11 % it is just pure simple math. {image}

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Quoting Samer1970

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here are my recent closed trades only within the last few minutes. most of chf/jpy are closed with good profits my expectation was correct {image}

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Quoting gefx

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{quote} i think the attached chart is a perfect example of why it is smart to trade with stops. On your two aud trades, you are down over 650 pips. The pair has been trading down a channel for some time now. Perhaps you traded it south to have some positive sell trades to help offset the decision to hold the two buys. Beware of a break below 9280, but maybe you're planning to trade a bounce off that level. I am in the uncomfortable position of agreeing with nubcake. Saying your trading behavior is risky is an understatement. It would be foolish...

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Quoting Slim Buffett

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Take your vehicle out for a drive. Push it a little; take it to the limit. At some point you must put on the brakes or you're going to crash and burn.

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Quoting turveyd

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{quote} errrmmmm, so your trading with no sl's and m30 but your tp's are like 20pips away and your exits are generally 3 - 6 pips away. And why did you ramp up the lot size of the last 2 ?? Somethings not right here, i smell a new guru trying to entice people for him to help for a moderate fee ofcourse.

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Quoting Samer1970

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{quote} IF I DRIVE ON SPEED OF 0.01 KM PER HOUR, EVEN IF I HIT A ROCKY MOUNTAIN FACE TO FACE, I WILL HAVE ONLY MINOR PAINT SCRATCHES ON THE OUTER SURFACE OF THE FRONT OUTSIDE PUMPER,

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Quoting Samer1970

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{quote} the equity now is -9.8%, i think it will reply to your wise night talks. {image}

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