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Trading Without a StopLoss

  • #2,081
  • Jul 16, 2014 7:56am Jul 16, 2014 7:56am
forex factory should be renamed "bizarre assumptions traders make with little or no evidence" - of course retail traders can trade without a fixed stop loss... If you think otherwise then you need to remember that the market cares nothing of your opinion.
tradewith60
  • #2,082
  • Jul 17, 2014 1:52am Jul 17, 2014 1:52am
Quoting MisterSpread
{quote} Hey Danny, check my history and see what you think about my "antitrading act"
Hey Mister Spread-

Congratulations on your progress.

let me get this right; the account is two months old.

you call that history?

See you in 5 years
  • #2,083
  • Jul 17, 2014 2:10am Jul 17, 2014 2:10am
Quoting Danny Maina
{quote} Hey Mister Spread- Congratulations on your progress. let me get this right; the account is two months old. you call that history? See you in 5 years
It's a deal , will be a pleasure to share information with you fellas here and grow step by step, let me say this out loud I didn't invent the hot water or the wheel, I just found a trading style that suits my needs and touches my targets. I'm human and I'm far from being a very successful trader, I have a lot to learn but until then I will stick to what works and what makes the green flow .


Cheers and green pips,
VladG
  • #2,084
  • Edited 4:29pm Jul 20, 2014 3:51pm | Edited 4:29pm
Quoting EugeneCooper
On my opinion stop loss is one of the best tools on Forex. It is extremely important to control your risks and not to let the market destroy your deposit. Of course it's pretty tempting to wait until the price returns to the point when you've entered the trade. And it might even work for some period of time. But finally a trend against you will ruin all your previous successful trades.
Ugh. Don't mean to bang on you, Eugene, but really? You want the little guys to set stop losses for commercial guys like you to hunt? Pass.

What's next? You want me to turn over my money to you so that you can "manage" it for an exorbitant fee and then burn it up and tell me that the market is "risky"? Again, pass.

Excuse me for not having much patience or tolerance for "commercial" guys; all they've done in the past is take my money, give me bad advice, and then lose my money for me. I can do that quite well for myself, thank you.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,085
  • Jul 20, 2014 4:23pm Jul 20, 2014 4:23pm
Quoting ZebraSquirl
{quote} Ugh. Don't mean to bang on you, Eugene, but really? You want the little guys to set stop losses for commercial guys like you to hunt? Pass. What's next? You want me to turn over my money to you so that you can "manage" it for an exorbitant fee and then burn it up and tell me that the market is "risky"? Again, pass.
Oh, and another thing ... .

Your post assumes that I would be totally oblivious to a change in trend and that I would let an open trade blow out my account ... . I can assure that would never occur. Like any conscientious trader, I religiously adhere to rules-of-thumb regarding position and totally equity exposure and am acutely aware of and constantly monitor my open trades, as well as other market conditions that might adversely affect my positions.

I just don't choose to put my stop losses out there for stop hunting quants to see ... .

(Also, I understand that my two-bit lot size is unlikely to be individually visible to a quant who wants to hunt it; however, it may be at a level along with other trades that is of interest to the stop hunter ... .)
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,086
  • Jul 20, 2014 4:26pm Jul 20, 2014 4:26pm
Quoting 60minuteman
forex factory should be renamed "bizarre assumptions traders make with little or no evidence" - of course retail traders can trade without a fixed stop loss... If you think otherwise then you need to remember that the market cares nothing of your opinion.
It is also possible to trade naked with a funny hat and mismatched socks ... .

Again, the market doesn't care how you're dressed.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,087
  • Jul 21, 2014 1:46am Jul 21, 2014 1:46am
Quoting ZebraSquirl
{quote} It is also possible to trade naked with a funny hat and mismatched socks ... . Again, the market doesn't care how you're dressed.
bloody good job, I always do London open in my jim jam's
tradewith60
  • #2,088
  • Jul 22, 2014 5:17am Jul 22, 2014 5:17am
Too many inflated egos on this thread. Adiós peanut scalpers and good luck..
  • #2,089
  • Jul 22, 2014 6:47am Jul 22, 2014 6:47am
Quoting Philt
Too many inflated egos on this thread. Adiós peanut scalpers and good luck..
Um, which thread doesn't have inflated egos?
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,090
  • Jul 22, 2014 6:48am Jul 22, 2014 6:48am
Quoting Philt
Too many inflated egos on this thread. Adiós peanut scalpers and good luck..
that's an uneducated post, there are many position and swing traders, very successful too, that don't require a stop loss to trade.

Just because some traders are unable to close out a losing trade is more an example of a trader that needs to learn more discipline than the fact you must trade with a fixed stop loss.

Traders who believe their way is the only can not truly understand trading and in my mind are more likely to fail long term.

Lastly, I know two very wealthy men who trade nuts, so don't knock it until you've tried it.
tradewith60
  • #2,091
  • Jul 22, 2014 6:57am Jul 22, 2014 6:57am
Quoting 60minuteman
{quote} that's an uneducated post, there are many position and swing traders, very successful too, that don't require a stop loss to trade. Just because some traders are unable to close out a losing trade is more an example of a trader that needs to learn more discipline than the fact you must trade with a fixed stop loss. Traders who believe their way is the only can not truly understand trading and in my mind are more likely to fail long term. Lastly, I know two very wealthy men who trade nuts, so don't knock it until you've tried it.
Didn't really mean to knock swing and position traders, it's just that it's not my cup of tea, bottle of coke, can of Red Bull ... . Virtually endless ways to skin a cat ... .

I've also got a couple of nuts I'd like to trade in, so can you put me in touch with your guys?
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,092
  • Jul 22, 2014 8:43am Jul 22, 2014 8:43am
Quoting ZebraSquirl
{quote} Didn't really mean to knock swing and position traders, it's just that it's not my cup of tea, bottle of coke, can of Red Bull ... . Virtually endless ways to skin a cat ... . I've also got a couple of nuts I'd like to trade in, so can you put me in touch with your guys?
they roast their nuts, might regret it mate
tradewith60
  • #2,093
  • Jul 22, 2014 2:52pm Jul 22, 2014 2:52pm
Quoting 60minuteman
{quote} they roast their nuts, might regret it mate
My wife would probably prefer roasted nuts over ... well ... these ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,094
  • Jul 22, 2014 2:57pm Jul 22, 2014 2:57pm
Here's a good example, of why you actually should set your boundaries by using a sl. a sl is not a bad thing.
Attached Image
  • #2,095
  • Jul 22, 2014 3:13pm Jul 22, 2014 3:13pm
Quoting Mr Hatch
Here's a good example, of why you actually should set your boundaries by using a sl. a sl is not a bad thing. {image}
Ouch! That's a nasty gash. Might want to have a doctor look at that ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,096
  • Jul 22, 2014 3:13pm Jul 22, 2014 3:13pm
If you do day trading on futures of indexes it's ok to trade w/ out sl. If you do it on shares or multiday, not using sl will make u lose all your money. Indexes swing less than shares so it's fairly safe not to use sl but shares swing a lot and traders know other traders use sl so they do contrarian moves just to make u catch the sl if it's too close. If you have enough money u can use wide sl like price + or - 3 atr but i dont like it.....too much loss.
  • #2,097
  • Jul 22, 2014 3:51pm Jul 22, 2014 3:51pm
Quoting Mr Hatch
Here's a good example, of why you actually should set your boundaries by using a sl. a sl is not a bad thing. {image}
maybe time to stop entering never mind stop loss
tradewith60
  • #2,098
  • Jul 22, 2014 3:55pm Jul 22, 2014 3:55pm
Quoting 60minuteman
{quote} maybe time to stop entering never mind stop loss
Stop loss is good to have in mind not to declare to the broker
  • #2,099
  • Jul 22, 2014 5:00pm Jul 22, 2014 5:00pm
Still waiting for that no SL trade that "obliterates" this month's gains:

Attached Image (click to enlarge)
Click to Enlarge Name: MTD Gains.jpg Size: 141 KB


I have been told that "it's only a matter of time" ... and that my equity only has "a few weeks to live."

(Breaks down sobbing).
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,100
  • Jul 24, 2014 8:31pm Jul 24, 2014 8:31pm
All goofing around aside, it is really only a matter of time before I make a mistake that leaves a dent ... .

Quite frankly, I am amazed that I have been able to get through three weeks (nearly four, if this week ends well) without a loss on a net position in a pair (naturally that doesn't mean I didn't lose on a leg of a position ... .).
Fireworks are fun ... as long as you don't blow your fingers off.
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