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Trading Without a StopLoss

  • #1,101
  • Nov 24, 2013 7:24pm Nov 24, 2013 7:24pm
Quoting Slim Buffett
{quote} With all due respect, BJ will end up "managing" losses of 100's, perhaps thousands of pips, while taking a few profits here and there.
I try taking profits here and there. But the banks are not moving anything right now. Maybe I will have better luck tomorrow.
  • #1,102
  • Nov 24, 2013 7:25pm Nov 24, 2013 7:25pm
Quoting BeginnerJoe
{quote} Plan B is always good. I am working on a unified plan A. I am a one plan man.

PS...... A "unified" plan of going short in one account and long in another is simply
(in my mind) a fools game.

It isn't the (half-jokingly) holy grail, BG.
When the Joker is in the deck.. fear not and play it well
  • #1,103
  • Nov 24, 2013 7:28pm Nov 24, 2013 7:28pm
Quoting BeginnerJoe
Maybe I will have better luck tomorrow.
And yet you don't "gamble".
Congratulations ScalaFX for coming out of the closet!
  • #1,104
  • Nov 24, 2013 7:35pm Nov 24, 2013 7:35pm
Quoting BeginnerJoe
{quote} Maybe I will have better luck tomorrow.
Hey Joe............... Do you get what NC said ??

You'll have better "luck" tomorrow but you don't gamble ??

I doubt you do (get it).
When the Joker is in the deck.. fear not and play it well
  • #1,105
  • Edited 7:59pm Nov 24, 2013 7:46pm | Edited 7:59pm
Quoting nubcake
{quote} And yet you don't "gamble".
You don't have to gamble to get luck. I could be driving along and have the lights turn green on me just as I get to the junction. That's luck, no gamble is necessary. Likewise I can be trading long and short, and suddenly pips appear. That's luck and I don't have to gamble.

In fact, I have just taken a bunch of pips on eur/usd long. What a bit of luck. I think luck has a lot to do with being at the right place and the right time. So if you deliberately be at the right place and right time, you will always get luck.
  • #1,106
  • Nov 24, 2013 7:56pm Nov 24, 2013 7:56pm
I have just taken some eur/usd short pips. What a bit of luck. I am beginning to like the banks because they seem to love selling low and buying high.
  • #1,107
  • Nov 24, 2013 8:02pm Nov 24, 2013 8:02pm
Quoting BeginnerJoe
I have just taken some eur/usd short pips. What a bit of luck. I am beginning to like the banks because they seem to love selling low and buying high.
Drag the chart out of the trade history and show us....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #1,108
  • Nov 24, 2013 8:05pm Nov 24, 2013 8:05pm
Quoting realjumper
{quote} Drag the chart out of the trade history and show us....
Use your own chart. I am too busy waiting to get lucky on some long pips.
  • #1,109
  • Nov 24, 2013 8:05pm Nov 24, 2013 8:05pm
Quoting BeginnerJoe
I have just taken some eur/usd short pips. What a bit of luck. I am beginning to like the banks because they seem to love selling low and buying high.
So you took 15 pips or so, maybe. So according to your new and nearly holy grail method you're
in loss on your other account. How has that helped you?

True luck consists not in holding the best of the cards at the table;
luckiest he who knows just when to rise and go home. John Ray (1627-1705)

?
When the Joker is in the deck.. fear not and play it well
  • #1,110
  • Nov 24, 2013 8:06pm Nov 24, 2013 8:06pm
Quoting BeginnerJoe
{quote} Use your own chart. I am too busy waiting to get lucky on some long pips.
My chart won't show your trade.....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #1,111
  • Nov 24, 2013 8:12pm Nov 24, 2013 8:12pm
Quoting Slim Buffett
{quote} So you took 15 pips or so, maybe. So according to your new and nearly holy grail method you're in loss on your other account. How has that helped you? True luck consists not in holding the best of the cards at the table; luckiest he who knows just when to rise and go home. John Ray (1627-1705) ?
Good warning. So nobody else try this at home.

I am an old hand at this. So I may have made it look too easy when in fact it isn't. For something easier, follow Slim's method, the 2+2 123 method, or realjumper's method.
  • #1,112
  • Nov 24, 2013 8:38pm Nov 24, 2013 8:38pm
Quoting BeginnerJoe
{quote} Good warning. I am an old hand at this. .
A good hand at what ????? Spouting your never ending line of total bullshit.That's the only thing you seem to be good at Joe.

WHY don't you say something that's even a tiny bit worthwhile. If you have such GRAND knowledge
then share it with us all instead of posting total crap.... time after time.

If you can't post something worthwhile you're going to challenge me as "grand idiot".

HOW could you let that happen
When the Joker is in the deck.. fear not and play it well
  • #1,113
  • Nov 24, 2013 8:58pm Nov 24, 2013 8:58pm
Most retail traders don't lose because they use stop loss orders.

Most retailers lose because they take profits too soon and stop their losses too late. Easy to check facts: just google it, there are plenty articles with stats published. It's easy to understand why this happens too. It's just human nature to seek constant pleasure (taking those small profits frequently) and avoid/delay pain (no SL/widen that SL cause it only becomes a loss after closed ).
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #1,114
  • Nov 24, 2013 9:12pm Nov 24, 2013 9:12pm
"loss aversion refers to people's tendency to strongly prefer avoiding losses to acquiring gains. Some studies suggest that losses are twice as powerful, psychologically, as gains"

People's FEAR of losing money is much stronger than their desire to make money. Not my words
but let it sink in.


Loss aversion

http://en.wikipedia.org/wiki/Loss_aversion

Or at times..... maybe the fear of being wrong is stronger than the desire
to gain financially. idk
When the Joker is in the deck.. fear not and play it well
  • #1,115
  • Nov 25, 2013 2:50am Nov 25, 2013 2:50am
He believes in luck, this just keeps getting better.

Markets are moving so leave it to the weekend people.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,116
  • Nov 25, 2013 4:19am Nov 25, 2013 4:19am
how to exit from the 1000 pips loss ?

Use hedge strategy to trade without SL but need to know better money management,
  • #1,117
  • Nov 25, 2013 5:26am Nov 25, 2013 5:26am
Quoting Turveyd
He believes in luck, this just keeps getting better. Markets are moving so leave it to the weekend people.
Strangely enough if you know enough about luck you can influence it. I have given my insight on how to get luck already. But most people are so down trodden by the market that they just think everything they try will results in bad luck and lost of money or indefinite drawdowns. It is no longer apparent to them that it's highly improbable that they will get an infinite series of bad luck.

Anyway, all my luck is happening with eur/usd. It certainly meets my designed goal of being a cash generator. It's currently outperforming all my other positions. The latest pips on that is coming from the short side.
  • #1,118
  • Nov 25, 2013 5:29am Nov 25, 2013 5:29am
Quoting FX_James
how to exit from the 1000 pips loss ? Use hedge strategy to trade without SL but need to know better money management,
Not entirely sure of your stance. Are you offering a solution or giving a critique ? Do you mean to say to exit a 1000 pip loss, hedge can be used ? Or do you mean to say a 1000 pip loss is due to bad money management ?
  • #1,119
  • Nov 25, 2013 6:32am Nov 25, 2013 6:32am
Quoting BeginnerJoe
{quote} Not entirely sure of your stance. Are you offering a solution or giving a critique ? Do you mean to say to exit a 1000 pip loss, hedge can be used ? Or do you mean to say a 1000 pip loss is due to bad money management ?
Do you know how to make 2000 pips profit while your open trade struggle in -1000 pips by using any hedge strategy ?

"Hedge strategy in forex" google it

1000 pips loss is not bad money management if you have equity wealth
  • #1,120
  • Nov 25, 2013 8:02am Nov 25, 2013 8:02am
Quoting FX_James
{quote} Do you know how to make 2000 pips profit while your open trade struggle in -1000 pips by using any hedge strategy ?
Yes, when something is down, I go make money from something that is up. I see no reason why -1000 pips should bring trading to a halt.




Quoting FX_James
1000 pips loss is not bad money management if you have equity wealth
When the trade is properly sized and properly conducted, even a 5000 pip loss don't need much equity wealth.
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