how to maximize profit without TP and SL? | Forex Factory

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how to maximize profit without TP and SL?

  • #1
  • First Post: Apr 15, 2014 8:21am Apr 15, 2014 8:21am
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?
  • #2
  • Apr 19, 2014 8:09am Apr 19, 2014 8:09am
Although I like to think I "Maximize profit", personally I don't focus on it too much, I take what I get given. Say I make 50 pips on a trade I was 80% sure about, however it 'could' rise another 30 pips, but I'm 40% sure, I'll just take my 50 pip profit and move onto another trade. Trade setups happen over and over again, so why increase risk if you are unsure.

Why not just use a trailing stop loss once it's reached your target profit?
  • #3
  • Apr 21, 2014 5:01pm Apr 21, 2014 5:01pm
Quoting blesssing23
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?
simple before making your question complicated.
let's say you trade an account with XXX equity.
you trade 1 position at once or 33, it doesn't matter, as long as you feel comfortable and know for sure you ain't going bankrupt.
what you're gonna do?
let's say you trade everything under the sun, swing trade baby, and you come up with 33 positions as mentioned above.
with a $3000 account, let's say you'll be fine getting as much as 0.01/position into the market.
if you're fucking awesome and grow the thing 100% up, you'll bet 0.02/position.
you get the point. it's an anti-martingale system (bet more if equity grows, decelerate betting size if losing).
it's the safest way to try crazy stuff if you're just beginning.
otherwise it's quite difficult to crunch all the numbers (profitability. average win/loss, worst drawback, etc) and figure out the optimum size (with or without a s/l)/.
yet to talk straight to you, you shouldn't skip the s/l & t/p class. It's useful, oh yeah.

cheers!
  • #4
  • Apr 21, 2014 8:26pm Apr 21, 2014 8:26pm
I really would not recommend trading without TP or SL, especially if you are a newbie. That said, can I ask why you would prefer to trade without TP and SL?
  • #5
  • Apr 23, 2014 3:40am Apr 23, 2014 3:40am
Quoting blesssing23
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?

They are not intended for increasing profit, but for limiting your trading risks and hence limiting profit.
  • #6
  • Apr 23, 2014 1:42pm Apr 23, 2014 1:42pm
No SL = recipe for a margin call sooner or later
Trade what you see, not what you think.
  • #7
  • Apr 24, 2014 3:26am Apr 24, 2014 3:26am
Never trade with out SL unless you own a crystal ball that 100 percent accurate with its fortune telling. I mean no SL is like maximizing your loses and that not good at all. In forex IMO break even is a form of winning, as long as you do not lose, its better to focus on minimizing loses than maximizing gains, smaller gains are better, contentment is the key, with enough effort you will see the GOOD results in time. best of luck!
  • #8
  • Apr 24, 2014 2:27pm Apr 24, 2014 2:27pm
Quoting karmostaji
No SL = recipe for a margin call sooner or later
Definitely, no sl will lead to a margin call, that's for sure..
  • #9
  • Apr 24, 2014 2:46pm Apr 24, 2014 2:46pm
Trading without a stop loss is a recipe for disaster. Moreover, how will you calculate your risk and position size?
The trader IS the holy grail.
  • #10
  • Apr 25, 2014 3:41am Apr 25, 2014 3:41am
Quoting blesssing23
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?
Don't ever think about to play without a stop loss. You will get a margin call anytime.
Also there are positive results if you use a TP.
  • #11
  • Apr 25, 2014 6:10am Apr 25, 2014 6:10am
Plan your trade and then trade your plan. What this means is that you need to have set SL, TP and just let the trade ride out itself.

When you don't have any of these, you will buy and sell based on emotion, which is not good as it can cloud your judgement. When this happens, you can have lots of bad trades, and then lose money, therefore missing out on profit and losing more money than you should.

To maximise profit and minimise losses, make sure you have a trade plan and stick to it. When price is moving in favorable direction, move your SL to break even to prevent losing money. Another example is to open two positions on the same trade - use on with TP and the other with a trailing stop. This way you can also maximise your profits.
  • #12
  • Apr 25, 2014 8:46am Apr 25, 2014 8:46am
You need a trading plan, and then you have certain rules that are applied, depending on the situation. If the price seems to go over the TP, just move them in the profit direction, the TP and SL.
  • #13
  • Apr 25, 2014 3:05pm Apr 25, 2014 3:05pm
Quoting sosorel
You need a trading plan, and then you have certain rules that are applied, depending on the situation. If the price seems to go over the TP, just move them in the profit direction, the TP and SL.
This is usually where the trailing stop kicks in..
  • #14
  • Apr 29, 2014 1:10am Apr 29, 2014 1:10am
in this chart . may i face to margin call or not
Attached Image (click to enlarge)
Click to Enlarge Name: TesterGraph1.gif Size: 10 KB
  • #15
  • Apr 29, 2014 1:20am Apr 29, 2014 1:20am
Quoting blesssing23
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?
There is no such thing. At some point, you will have to decide about the level for either one. :nerd:
  • #16
  • Apr 29, 2014 2:08am Apr 29, 2014 2:08am
Hi,
i know that is important to use at least a stop loss to dont loose too much but what is the best technic to know where to put it...everytime i put it too close and my position is closed immediately... do u have some advice to know how to use it better!
thx
  • #17
  • Apr 29, 2014 6:46am Apr 29, 2014 6:46am
Quoting blesssing23
Hello newbie here,how can I maximize my profit in forex trading without using the stop loss and take profit?
By looking at the charts NON-STOP without blinking... I'm joking of course.. I always use SL and TP (SL especially) but I am a beginner.. maybe experienced traders don't use them!
  • #18
  • Apr 29, 2014 1:49pm Apr 29, 2014 1:49pm
Quoting nence
{quote} By looking at the charts NON-STOP without blinking... I'm joking of course.. I always use SL and TP (SL especially) but I am a beginner.. maybe experienced traders don't use them!
SL and TP are like briefs..no one wants to go commando, irrespective of how er..experienced they are, for we all know the burn factor that usually kicks in when one goes commando..
  • #19
  • Apr 29, 2014 2:30pm Apr 29, 2014 2:30pm
You don't have to use a TP or SL. Simply exit your orders manually (or use an EA).

@blesssing23: there is no simple formula to winning at trading. If there was, everybody would use it, and be a trading millionaire. But markets are zero sum, which means that for one trader to win, another must lose.

The only way to become successful, that I'm aware of, is to learn how and why price moves the way that it does. Then devise and apply a system of entries and exits to exploit proven inefficiencies.

Forex is an activity where the elite few, who have the expertise, the information and the capital, eventually take all of the money of the gullible masses, who don't. There is no free lunch, and no MM-based shortcuts.
  • #20
  • Apr 29, 2014 3:07pm Apr 29, 2014 3:07pm
Quoting hanover
You don't have to use a TP or SL. Simply exit your orders manually (or use an EA). @blesssing23: there is no simple formula to winning at trading. If there was, everybody would use it, and be a trading millionaire. But markets are zero sum, which means that for one trader to win, another must lose. The only way to become successful, that I'm aware of, is to learn how and why price moves the way that it does. Then devise and apply a system of entries and exits to exploit proven inefficiencies. Forex is an activity where the elite few, who have the...

What does the individual trader know/know better than the professional trader who work at firms?
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