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Trading Without a StopLoss

  • #2,581
  • Edited 10:20am Nov 5, 2014 9:31am | Edited 10:20am
Quoting aed71
I think this became "religious discussion" that there is no one truth...
I respectfully disagree. I don't think this is a religious or philosophical issue. I think it's a math problem and it has a deterministic answer. I see no mathematical advantage to hedging at all.

Let me suggest an alterative that does have a mathematical advantage. Trade with a stoploss, but (almost) never hit it.
  • #2,582
  • Nov 5, 2014 12:56pm Nov 5, 2014 12:56pm
Quoting Graviton
{quote} I respectfully disagree. I don't think this is a religious or philosophical issue. I think it's a math problem and it has a deterministic answer. I see no mathematical advantage to hedging at all. Let me suggest an alterative that does have a mathematical advantage. Trade with a stoploss, but (almost) never hit it.
The reason why I've called religious is that, I have not yet managed to build (and I have not heard) a consistent system/method/expert that would work and profit all the time. It's totally related with the extreme non-linearity and chaotic characteristic of the markets. If I could have managed to do so I might able to proof the math work.

What we are testing is valid for some period, could be years or months doesn't matter. The markets change so our all parameters must adapt to the market conditions but it does not. Many of us tries to "optimize" the parameters to adapt the "known past" conditions hoping that markets would not change so much.

Why I am writing this? Because if I prove you that hedging is good for EURUSD between 2010 and 2014-Nov it does not mean anything, you change the parameters or time period everything could change. You can say that but it does not work in 2008? Not easy to proof.

My current approach on hedging is purely statistical approach. Let me explain it briefly again...

If you determine a stoploss level, there are 3 different possibilities if it does not hit you tp (suppose you are long at 1.3000 and stoploss level at 1.2950):

Probability 1-) You hit the stoploss and the price continues to drop (say to 1.2800)
Probability 2-) You hit the stoploss and the price continue to drop a few pips more and price moves back to 1.3000 level and above to your tp level)
Probability 3-) You hit the stoploss and the price continue to drop a few pips more and consolidate between 1.2950 and 1.3000 but again drops 1.2950 and below.

You may increase the cases but these are major possibilities (note that it might continue to stay very long between 1.2950 and 1.3000 but not considered since practically not very possible)

So if you put a stoploss at 1.2950; you will be out. However what ever the probabilities of 3 cases, the amount of effort would help you to completely recover or partially recover your loss.

But if you say that, the probability of 1 is 100%, there is nothing to discuss more. But if you agree that 1 is less than 100% and 2 and 3 is more than 0% then it's likely that you may save some losses.

The probabilities of each case is also related where you have opened the position. Are you a breakout player? or range player? etc.

In my expert I have developed 3 hedge methods. And there is a variable called "hedging", if I set it to 0, it disables hedging and uses standard stoploss. If I set it to 1 it uses hedging method 1 etc etc. I'll try to use these different "risk control" (or whatever you call) mechanisms depending on market conditions and open position. I still need to work on these to find a way to dynamically choose the best method (including stoploss) however I still need to work on it.

Now coming to your proposal or statement; YES improving the win rate without hitting stoploss is very ideal. It would be great! I'm also working on this how to improve it. However, the more you try to improve it, the more you "curve-fit" to existing market conditions. So finding a perfect method for the current conditions could be possible however continuation of this perfect method for tomorrow would not be very easy thing to achieve.

When I look at my profits and losses, It would be better (and easier) for me to move one step a head in both ways, improving hit rate and improving stopped out positions. Much easier as today than finding the "holy grail".

After writing so much (just to share ideas) I can also simply ask you "Can you proof that (mathematically) stoploss is better?"

AED.
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #2,583
  • Nov 5, 2014 7:40pm Nov 5, 2014 7:40pm
Quoting genghistar
This is a no-brainer question. When you are leveraging or gearing in forex trade, you are already hedging your trade and if your trade is wrong or fail, the obvious and logical way is to stop the loss, and hence stop loss. Why would anybody in the world would want to carry on losing despite a failed trade? Why are we deliberating over issue which is so basic and simple really riled my comprehension. GS
It is apparent that my comprehension is misplaced and overrated. I was once colonised by a living motto of 'If you cannot convince them then the next logical step is to confuse them'. But I lucked out, survived and thrive......good nite and good luck.

GS.
  • #2,584
  • Nov 5, 2014 10:44pm Nov 5, 2014 10:44pm
Quoting stewrigh
{quote} Still struggling Chicky lol - First off I question your statement that EU cannot go below 0 - I would posit that it can. At the moment you get 1.25 Dollars for 1 euro if that was to go to Euro1 = 25c that is below zero. We also do not and cannot know how high it can go(that also applies on the low side) - there is no reason it could not got to $20= 1 Euro - however unlikely that might be. You state that the limit for the open end is 2.5 - I would suggest it is infinite, also unlikely, but possible. Given your background in bookmaking I think...
Don't remember exactly what I wrote in that post, but think I wrote 0.0000. 25C euro will be 0.2500.

Ok. Give it another try. Where will be euro if usd goes to 0.0000? That is the limit. No doubt, euro can still gain if usd is gone, but the question is against what? It is eur/usd and therefore eur/usd cannot move a pip further if there is no usd ......... in case usd weakens to zero, eur/usd hits 2.500 and then vanishes like a black hole.
The Thief of Wall Street
  • #2,585
  • Edited 11:24pm Nov 5, 2014 11:07pm | Edited 11:24pm
Quoting stewrigh
{quote} This is confusing the hell out of me - Yes, there will be losses, but no trade ends on a loss. How can you have losses if no trade ends in a loss - unless you never close a losing trade of course??? better than this Safety Net? Yes there is, but I don't know if there are. If you don't know if there is how do you know there even is one?
1. Unrealized losses, but no realized loss
2. There are many safety nets I know of, but there is only one tactic I know that is better than a safety net.

I found that while testing a method that I got from a trader who works for a forex billionaire executing his trades under instructions The boss made over one Billion dollars forex money in about 10 years. The trader, while executing the boss' trades tried to infer the method and shared with me claiming that this method worth one billion dollars. Since I got this method not directly from the inventor, had to test and retest it many times over several years. I think the original inventor of this method was smart, he never gave his trader the naked method or very clear instructions. That method had a lot of clutter and covers hiding the actual thing. I cleared that shit and now have a clean method that can be supported by logic, calculation, market behavior, its strength in different market conditions, etc. I think, I have the holy grail that everyone is looking for. I have decided to get rid of my business in the next few months and go pro, but I won't be trading with other people's money (OPM).

ps. I just completed a sensitivity analysis of this method in today's market volatility by taking extreme risk. The results are very encouraging. Looking at the results I now wonder why it took him 10 years to make one billion? Maybe he was cautious with his trades because there was no precedence for him and no one had before made a fortune using this method.
The Thief of Wall Street
  • #2,586
  • Nov 6, 2014 12:50am Nov 6, 2014 12:50am
Quoting Chicky
{quote} 1. Unrealized losses, but no realized loss 2. There are many safety nets I know of, but there is only one tactic I know that is better than a safety net. I found that while testing a method that I got from a trader who works for a forex billionaire executing his trades under instructions The boss made over one Billion dollars forex money in about 10 years. The trader, while executing the boss' trades tried to infer the method and shared with me claiming that this method worth one billion dollars. Since I got this method not directly from...
So lets get this straight - you have found a trader who apparently trades for a billionaire and he has shown you how to trade??

Now after 6 yrs of promoting your holy grail, you think you have finally found it and you are gonna give up the day job and go pro.with a method that you managed to ''deduce'' from a human robot.

So how much is this system gonna cost?

Hows the elite trading method going btw - I thought that was the ''holy grail'' like your other make a million schemes.
  • #2,587
  • Nov 6, 2014 6:57am Nov 6, 2014 6:57am
Quoting stewrigh
{quote} So lets get this straight - you have found a trader who apparently trades for a billionaire and he has shown you how to trade?? Now after 6 yrs of promoting your holy grail, you think you have finally found it and you are gonna give up the day job and go pro.with a method that you managed to ''deduce'' from a human robot. So how much is this system gonna cost? Hows the elite trading method going btw - I thought that was the ''holy grail'' like your other make a million schemes.
That sound like an "Oh, snap ... ."
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,588
  • Nov 6, 2014 7:12am Nov 6, 2014 7:12am
Quoting ZebraSquirl
{quote} That sound like an "Oh, snap ... ."
Yeah took me a while but got there in the end lol.
  • #2,589
  • Edited 9:39am Nov 6, 2014 9:12am | Edited 9:39am
Quoting aed71
{quote} The reason why I've called religious is that, I have not yet managed to build (and I have not heard) a consistent system/method/expert that would work and profit all the time. It's totally related with the extreme non-linearity and chaotic characteristic of the markets. If I could have managed to do so I might able to proof the math work. What we are testing is valid for some period, could be years or months doesn't matter. The markets change so our all parameters must adapt to the market conditions but it does not. Many of us tries to "optimize"...
Thanks for the detailed reply. I consider this an important subject. Most successful traders don't win any more than unsuccessful ones. Successful traders just find a way to lose less than unsuccessful ones, and that's the subject of discussion.



Can you prove that (mathematically) stoploss is better?

Yes, I think I can. The fact that the end result of exiting the trade, either manually or by stoploss, has the exact same effect on the account (eventually) as hedging makes the two actions equivalent. Delaying taking the loss doesn't improve w/l rate or risk/reward ratio. The only difference is one way ties up margin and delays taking the loss and the other takes the loss and frees up margin, a mathematical advantage.

Most of your other statements, like the market is chaotic and it changes and such, I agree with. But that doesn't change using either a stop loss or a hedge. Same-same.

Now coming to your proposal or statement; YES improving the win rate without hitting stoploss is very ideal. It would be great!

What I am proposing is that we use stop losses, but we set them and exit our trades so we (almost) never hit them. This doesn't improve win rate. It simply reduces the magnitude of the losses. Technically, that improves the r/r ratio. So, as an example, suppose you had decided to set a fixed stop loss at 50 pips:

1) A good trade often goes in our direction right away. Suppose the trade goes against us right away and we see that and exit at -20 pips.
Waiting until the stop loss is hit loses 50 pips. Setting a hedge at -50 pips just locks in a 50 pip loss that is delayed and must be reconciled later, tying up margin. But seeing a bad trade early results in no stop loss hit and we saved 30 pips.

2) Suppose the trade goes in our direction right away and then comes back to the entry point and we exit break even. No harm no foul. We can always re-enter again at no cost from this early exit. If this trade would have continued against us, we risk losing 50 pips, either now or later. So we have saved 50 pips on some % of our entries, say 20% if we are good enough to have an 80/20 w/l ratio, that's an expected value of savings of 10 pips. If it turns back up and goes in our direction, we can re-enter at no cost, perhaps at an even better price. In either case, no stop loss hit.

3) Suppose the trade is a good one and goes in our direction right away. If we use a stoploss to exit this profitable trade, price will need to fall from a peak by at least 50 pips to exit. Instead, we will attempt to take profit on the highest peak price that we can and no stoploss hit. Suppose we are only 50% effective at this endeavor. We save 25 pips of profit give-back on the exit, and no stop loss hit.

This is what I mean by trading with a stop loss, and (almost) never hitting it. Looking at the above cases, I believe we can say it is a superior way to trade. Not that it's easy. But of course, we already knew winning trading would not be easy.

Cheers,
G
  • #2,590
  • Nov 6, 2014 12:06pm Nov 6, 2014 12:06pm
Guys, I don't think there's much mathematics or statistics in this simple question: to use a stoploss or not. In my opinion, no serious forex player trades without using stop orders. I've been working as a forex dealer for 5 years now, and my observations show that people endure sizeable losses because they don't want to admit they are wrong. Instead of limiting their losses by the use of stops, they simply add up to their losing position hoping that some day the market will turn its tide and their losses will turn into profits. However, simple statistics show that this happens in pretty rare cases. Even in range-bound markets stop orders are necessary in case the price breaks out through the trading range.

Hedging orders? NO! Why would you "hedge" your position if you believe it is winning? On the other hand, why would you use a hedging order instead of simply taking the loss and chosing some other instrument to trade, or alternatively changing your direction on the same instrument? MT4 is a platform based on hedging orders. Metaquotes have exploited exactly this weakness of human mind - why admit you are wrong, when you can simply "hedge" your position. And to be honest with you, it's the perfect platform! The perfect one for the market maker, though, not for traders...cuz "the house always wins"
  • #2,591
  • Nov 6, 2014 2:59pm Nov 6, 2014 2:59pm
Quoting Graviton
{quote} Thanks for the detailed reply. I consider this an important subject. Most successful traders don't win any more than unsuccessful ones. Successful traders just find a way to lose less than unsuccessful ones, and that's the subject of discussion. Can you prove that (mathematically) stoploss is better? Yes, I think I can. The fact that the end result of exiting the trade, either manually or by stoploss, has the exact same effect on the account (eventually) as hedging makes the two actions equivalent. Delaying taking the loss doesn't improve...
I think we are not in the same page. I've doubts if you understood my "3 probability case" in my last post. I'm not proposing to put a hedge order instead of stoploss only, this will of course delay the result. However if the price hits back, you could have chance to close hedge (sometimes in breakeven and sometimes with a small loss) and continue your initial order. And this algorithm is a bit complex and not very suitable for manual trading as I've mentioned...

Related with your win case, if you put your stop to 50pips and you close your order at 20pips then your real stop is at 20pips. And 20 pips is "too" close for the normal volatility of the market. You would be easily stopped out (or close). You can of course re-enter always but believe me I have performed hundreds of test about these scenarios; stopping at 20pips and re-enter might blow your account. Because re-entering also does not necessarily mean that you will catch the "wave"!

Besides these, that makes every thing more complicated is this: Even win rate is not very important. Why?:

Because the major issue is to have more win pips (as magnitude) than loss pips. You can put your tp to 5pips and stop to 15 pips. Then you need to perform 75% win rate. If you put your stoploss to 50pips and have win rate of 90% this case you are at loss. You may say that I can increase my tp to 30pips. Then you decrease the probability of tp. This is really not easy stuff. You can test your case in your pc for a period of time sucessfully, but code it to as program and run it for 5 years you will see the real result and probably you would not like it very much.

Regards
AED
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #2,592
  • Nov 6, 2014 9:25pm Nov 6, 2014 9:25pm
Quoting aed71
{quote} ...if you put your stop to 50pips and you close your order at 20pips then your real stop is at 20pips. And 20 pips is "too" close for the normal volatility of the market...
In the end I close my trade when I see it's not working. It may be at only -5 pips, or it may be at -49 pips with a 50 pip stop, depending on the trade. If I can see a trade isn't working at -10 pips and not wait until it hits -50, I've saved 40 pips. I might never see that it isn't working and close just to avoid hitting a stop, but that would be a particularly thick-headed day. But even if I let the trade run against me 49 pips and close, I've still saved one pip and I haven't hit a stop. The trick is to always trade with a stop and very rarely hit one. Like I said, it isn't easy. I've done some programming, but I don't think it can be programmed. It's probably not for everyone.
  • #2,593
  • Nov 7, 2014 2:25am Nov 7, 2014 2:25am
Quoting Graviton
{quote} In the end I close my trade when I see it's not working. It may be at only -5 pips, or it may be at -49 pips with a 50 pip stop, depending on the trade. If I can see a trade isn't working at -10 pips and not wait until it hits -50, I've saved 40 pips. I might never see that it isn't working and close just to avoid hitting a stop, but that would be a particularly thick-headed day. But even if I let the trade run against me 49 pips and close, I've still saved one pip and I haven't hit a stop. The trick is to always trade with a stop and very...
I'm also closing trades when the system logic says close it! However:

1-) In some cases when the price turns back very sharply (say 40pip bar or 60pip bar), your indicator/method might not "catch" it on time!!! But stop level does not look at anything but just price.

2-) In general it's not very common that an indicator/method would tell us that it's a "no-go" point after -20pips. It usually first goes up some pips like 20,30 and then hits back and system says let's close it at -20pips. This should be valid for you if you don't have a super indicator, which I have not seen before.

In fact this case-2 is also a very common issue in many systems that you ask your self "should I move the stop point to +5pips when the price is above 20/30pips? But this also brings another issue that you start trading in a very narrow band and you could be easily stopped out. Re-entering the position at +20pips again is possible but does not solve the issue "when you should close it" or "at what point you should put the stop".

I'm mainly a breakout trader and I've tested many times that re-entering does not guarantee that you will catch the wave. You may try to re-enter at "highest high value" or "highest high value" + some pips, but sometimes it works but sometimes it does not (in long run). I don't have a strong evidence that in those times re-entering is more profitable.

Trading is a real "trade-off" mechanism and not very easy to handle at least in long run.

For those who are testing their systems/indicators in year 2014 , I would ask them to test it in year 2008 2nd half and 2009 as well, you would see how volatility would kill many systems especially if you are using tight stoploss or tight closing mechanisms...

Regards
AED
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #2,594
  • Nov 7, 2014 5:26am Nov 7, 2014 5:26am
if you dont place a Stop Loss .... market itself will place it for you at your equity stop
  • #2,595
  • Nov 7, 2014 10:52am Nov 7, 2014 10:52am
Quoting filthy
if you dont place a Stop Loss .... market itself will place it for you at your equity stop
I recommend you first to read very good stuff about trading methods "without stoploss".

I think the main problem is here: Using a stoploss, using hedging or not using a stoploss is NOT something that is independent from the trading method.

if you have 1000USD and trade 1 lot, of course if you don't use a stoploss, you are likely to loose all your money soon. Besides if you have 10K and use 0.025 lot this might change. This is all about what kind of trading method you want to use. I fully respect those who does not use "market stoploss" but close the position depending on their method and trade with very low leverage. It's not for me but as soon as it makes money on long run it's fine.

Many of us when heard about not using a stoploss or hedging, they just take this and put in to their method and immediately ignore them. I fully recommend you to take some time on stoploss, look at your history an analyse your losses and wins accordingly. Don't look what others say just analyse.

And if you have a system that is all-time winning by using stoploss, I would like to know about it.

Regards
AED.
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #2,596
  • Nov 7, 2014 11:34am Nov 7, 2014 11:34am
Quoting aed71
{quote} I'm also closing trades when the system logic says close it! However: 1-) In some cases when the price turns back very sharply (say 40pip bar or 60pip bar), your indicator/method might not "catch" it on time!!! But stop level does not look at anything but just price. 2-) In general it's not very common that an indicator/method would tell us that it's a "no-go" point after -20pips. It usually first goes up some pips like 20,30 and then hits back and system says let's close it at -20pips...
Yes, that's true. In my own humble opinion, Trading without a stoploss, the title of this discussion should be amended to "Trading without (hardly ever hitting) a stoploss. Think of how rich we would all be if we were almost never stopped out of a good trade, or never stayed in a bad one until it hit the stop. Usually, stops take us out of the trade at the absolute worst point, a point of minimum profit. I think we can agree on that. Although I will always trade with a stop, my exit points vary with market and trading conditions and my goal is to never be taken out of a good or bad trade with a stop.

I'll try to give a brief example. Even though I might put a wide 100 pip stop on an initial trade entry, right after entry I'm really looking for a good trade to immediately go in my favor, that is to go above the entry point and not quickly retrace back down over it for a losing position. If it doesn't go positive right away, one of two things has happened. Either natural market volatility has moved price against me, in which case it would be wise to stay in the trade and give it time to work out, or I made a bad entry, in which case I should exit taking as small a loss as possible. There is no way for me to know for sure which of the above two possibilities are true. No indicator that I am aware of can distinguish between natural volatility or random motion of price and a legitimate bad entry this early in a trade. But, in slightly more cases than not, it is a bad entry.

So, in something like 47 out of 100 cases, price will turn around and the trade will ultimately work out, and in 53 out of 100 cases price will continue on down and eventually hit my stop. I don't worry over which case this is, I just take a quick exit, maybe -5 to -20 pips, depending on many factors like the general volatility of the market, etc. If my other entry criteria are still met and price turns back up, I'm looking to re-enter and a re-entry at an even better price than before is perfect. Perfection is rarely reached, but we always strive for it. If my entry criteria is no longer met, I must stay out until it is. Typically, if it is a good trade I will get in in one or two tries. Three tries is my limit but I rarely hit my limit since after a try or two and price is usually moving against me my entry criteria is usually no longer met.

The point of that discussion is if I made a bad entry, I did not hit a stop, and I only took a very small loss, usually like 10 to 15 pips to get out. If it was a good entry but random volatility took me out, I will probably get in on the next try. This is a game of probabilities. Of course, if the entry does turn out to be good, so that it goes in my favor and does not retrace back over the entry point, the goal is to let my profit ride as long as possible. This produces trading that matches the oldest saying in the markets, cut your losses (very) short and let your profits ride (a very long time). This is also one simple component of how I try to trade using a stop loss but almost never hitting a stop loss. After practicing it 1000 times or so, it gets easier, but it is never easy and although I've done some programming, I wouldn't even begin to know how to program it into an EA.

That was one simple case. There are two other entry cases, 2) price initially goes in my favor only to retrace back over the entry point (about the same method as above), and 3) price goes in my favor and continues without retracing back over my entry point, which is a good trade entry. In all cases, I am attempting to trade without hitting stop losses. Regardless of our methods, I think we can all agree that hitting a minimum number of stop losses in our trading is a worthy goal.
  • #2,597
  • Nov 7, 2014 12:55pm Nov 7, 2014 12:55pm
Hi Graviton,

I think now we are in the same page.

The reason why I'm dealing with hedging mechanisms is that; I would like to hit the "stoploss" as minimum as possible. The possibility of "recovering the loss trade" encourages you to have a wider hedge/stoploss point. Just this could be a life-saver itself. Let's say if you want to put stoploss to 40pips you may choose to put it to 60pips by using hedge.

More important than this, you may put 1.5 times more lots in to the hedge so you might have chance to come to breakeven at -120pips. So you would not care if it goes totally against you. Of course every system has it's own "trade offs". Besides the hedging mechanisms are not very simple. You need to close the hedge in appropriate point and closing the hedge would trigger to open another hedge some more pips away from the market.

This may be of course considered as lowering the probabilities but increasing the risk magnitude. The question is do you prefer to hit the 40pips stop and loss it or take the chance of recovering it totally x% but you loose 60pips now.

Then it totally depends on x%. if it's 50% it's worth to try. You accept to loose 20pips more to recover 40pips (you will loose 40pips anyway if you don't take the chance). If you could find a way to calculate the x depending on market conditions (shouldn't be perfect) then you could able to choose different mechanisms to handle your "loosing trade". Is it easy? Of course not but I'll continue to work on that before throwing it to the bin! At the end we have three major possibilities, trade with stoploss, trade without stoploss or trade with hedge. Nothing more as far as I know

Regards
AED
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #2,598
  • Nov 9, 2014 5:29pm Nov 9, 2014 5:29pm
Quoting nanningbob
{quote} You dont have to go microscopic you just dont play your full position out of the box. Lets say you like to play 1.00 lot sizes. You dont have to enter the trade at a 1.00 lot but go in with quarters. You can add to a winning trade by .25 a position or a losing trade by .25 a 2nd, 3rd, or 4th position. After a while you can see if the trade is bad or good against you. If it truly is bad and you really did misread the market you are not taking the full hit when you close a losing trade versus and person who tries to go one in one out with...


For most traders I've looked at (Trade Explorers and such), I'd describe my legs (which are about the same size as yours -- 1/4 of what I want to devote to an entire position) as "microscopic." Most folks are going in far bigger; my rule-of-thumb is <.5 times equity per leg with max exposure for the entire position (i.e., all of the legs) of 2 x equity ... . Naturally, some times I go bigger for the whole position, but the legs are pretty much always .5 x equity or less ... .

P.S. -- Yes, I was that weird guy in the gym looking at your "legs" ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #2,599
  • Nov 10, 2014 1:56am Nov 10, 2014 1:56am
Quoting ZebraSquirl
{quote} For most traders I've looked at (Trade Explorers and such), I'd describe my legs (which are about the same size as yours -- 1/4 of what I want to devote to an entire position) as "microscopic." Most folks are going in far bigger; my rule-of-thumb is <.5 times equity per leg with max exposure for the entire position (i.e., all of the legs) of 2 x equity ... . Naturally, some times I go bigger for the whole position, but the legs are pretty much always .5 x equity or less ... . P.S. -- Yes, I was that weird guy in the gym looking...
From hard experience that is the best way to trade. Gives you room to bail or add depending on how you read the market. No account killers when you finally close out a losing trade and multiply the winning move. I really cant see anyway better to trade Forex.
  • #2,600
  • Nov 10, 2014 10:30am Nov 10, 2014 10:30am
Quoting nanningbob
{quote} From hard experience that is the best way to trade. Gives you room to bail or add depending on how you read the market. No account killers when you finally close out a losing trade and multiply the winning move. I really cant see anyway better to trade Forex.
Most traders have difficulty with their entries ... . I try to choose entries that look good, but it's not an accurate endeavor ... . This way, to use a billiard/pool term, I get to play "slop."
Fireworks are fun ... as long as you don't blow your fingers off.
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