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Real Fx traders do not use stoploss

  • #421
  • Nov 11, 2014 5:11am Nov 11, 2014 5:11am
in stock market you can dont use SL and TP because the market open from 0800 to 1400 ( in Dubai )
but in Forex Market it is open from Sunday to Friday

you cant know what will happen in between
i think only position trader can trade without SL and TP

SL means that after this price you think there is no way the price will go on your direction again ... so way stay in trade ?

and TP same the the price cant go any more or it is enough prift and you like to go out

also if you think that like us we open 10 to 20 positions on a time so how do you think you will remember what was your strategy on this position

the best way in my view TP and SL

example yesterday i open positions @ 1800 in Dubai time and i put a TP and SL because i have to go to the work 8 hours + i have to sleep when i come back for 8 hours so what can happen in forex in 16 house ?? the price can go 200pip on any direction

i think you get the point
  • #422
  • Nov 11, 2014 5:55am Nov 11, 2014 5:55am
Quoting digagerev
{quote} Excellent said Farah! The most important thing in trading, in my opinion, besides entry and exit, is to control your emotions and NEVER move your SL. If the trade goes your way fine , if not there will be others. The markets are there day and night. Trades will come. You just need not to lose your account from a few trades and make money!
Thanks! Glad you agree! yes there will always be others
  • #423
  • Nov 11, 2014 6:07am Nov 11, 2014 6:07am
Quoting hamedmohd
in stock market you can dont use SL and TP because the market open from 0800 to 1400 ( in Dubai ) but in Forex Market it is open from Sunday to Friday you cant know what will happen in between i think only position trader can trade without SL and TP SL means that after this price you think there is no way the price will go on your direction again ... so way stay in trade ? and TP same the the price cant go any more or it is enough prift and you like to go out also if you think that like us we open 10 to 20 positions on a time so how do you think...


I get your point ! I was referring to SL/TP in Forex positions anyway - not the stock market.. so you are right in that point! good luck with your trade, hope you profited!
  • #424
  • Dec 2, 2014 5:33pm Dec 2, 2014 5:33pm
Entry, for me, is not an issue exits are. Where as entries were the biggest issue when beginning exits now requiring refining. I want to share my thoughts, I'm venting perhaps but also may assist others. (Been several years since a post & have forgotten my old user name & email was linked to - so here I am again).

I trade daily bars, so a position can possibly be open for a couple of weeks. Much can occur with price in that time. I pay no attention to fundamentals only technical (you may agree or not, this is purely a personal preference & another topic).

I have been using an ATR as SL & moving as per ATR each opening of the daily bar. The problem with this is that should a spike occur then price pull back my SL is taken out, only to watch the price continue in the direction my system informed me of, as discovered this morning on the Aussie crosses. While I have profited recently, overall this only seems to maintain a level account balance as it gains then retreats, or retreats then gains. I have learnt not to get emotional about trading over the years instead I focus on doing what my signals tell me to do, the reason I have been reading this topic is to refine my exits. It's funny & kind of difficult to explain but I feel what price will do when in a position & I see SL has taken me out I can't think of a reason to follow price with a SL.

After reading opinions over the past week on various forums, I conclude my exit strategy should be to place an initial SL as per ATR to protect the account then exit as on a MSL (mental stop loss).

I will return in a couple of months with results, good or bad.

Here's to profitable trading .
  • #425
  • Dec 4, 2014 4:18am Dec 4, 2014 4:18am
Quoting humility
Hello Friends, It is possible not to use a stop loss and stay safe on your account. Forex is a business and not a rich-on-demo escapist scheme , neither is it a programme designed to put anyones life into frustration. If you have been trying to trade without a stoploss and failing ,maybe,you have not been doing it rightly. If you are using stoploss ,it can even be a source of more losses,you enter a trade ,it hits your stoploss and reduces your equity ,you enter again it hits your stop loss ,making it look as if your acct is growing and reducing...
Great comment, I gree with you and I'ts been part of my learning process. In a market with too much volatility, patiente is the best resource.
Thanks to share.
  • #426
  • Dec 4, 2014 11:26am Dec 4, 2014 11:26am
I don't know if "pro" traders use o don't use sl but i know that if you are not experienced enough will blow your account in just a bunch of trades, and i'm saying personally 'cause i once thought that i could have traded without sl but i was wrong and i paid for that anyway this is my opinion but as i said i think that non-experienced traders should use sl.
  • #427
  • Dec 4, 2014 11:50am Dec 4, 2014 11:50am
My friend is an institutional trader. He trades for a commercial bank in my country. He manages a total amount of money estimated 5.000.000 USD. He uses reuters platform to enter the trades and researches the market. He doesn't count on MT4.

He also trades at home as well. His own trading account initial balance is 250.000 USD. The rest of his investment source is in stock, hedge funds, and real estate.

He told me that the most important rule to become successful in fx market is placing stop loss and money management. The banks always set up the maximum loss for their traders so the banks also place the stop loss not only their traders.
  • #428
  • Dec 4, 2014 7:39pm Dec 4, 2014 7:39pm
My (manual) trading system is base on "no stop lose" strategy. I am combining the Elliott Wave theory + Money Management.
The basic theory is : my [all] trading positions in accumulation will be closed in profit.
Happy Trading
  • #429
  • Dec 6, 2014 8:56am Dec 6, 2014 8:56am
Quoting BinHarnoFX
My (manual) trading system is base on "no stop lose" strategy. I am combining the Elliott Wave theory + Money Management. The basic theory is : my [all] trading positions in accumulation will be closed in profit.

nothing called 100% winning position it you open a position in 1980s on (eurjpy) a buy on price 363.35 till today the price not bounce back to same number and it is (25 years)

you must understand that some thing cant go back like it was .... 1AED (emirates derham ) = 0.5 (irani toman ) in 1985 and today it is (1AED=900 toman)

just cant get the strategy how it will work in this cases
  • #430
  • Dec 6, 2014 9:05am Dec 6, 2014 9:05am
they say there is no right or wrong way to trade as long as you are making money on your account, stop losses are allways recommended because it is the only way you can limit your risk, personally I think it is foolish to trade without a sl, there is no way anyone can be 100% sure the market will not reverse, anything can happen anytime, the market allways does it's thing even if you are 100% sure it will not.
Bulls are stupid Animals!especially when Im short!
  • #431
  • Dec 6, 2014 10:10am Dec 6, 2014 10:10am
Quoting hamedmohd
{quote} nothing called 100% winning position it you open a position in 1980s on (eurjpy) a buy on price 363.35 till today the price not bounce back to same number and it is (25 years) you must understand that some thing cant go back like it was .... 1AED (emirates derham ) = 0.5 (irani toman ) in 1985 and today it is (1AED=900 toman) just cant get the strategy how it will work in this cases
35 years
  • #432
  • Dec 6, 2014 3:12pm Dec 6, 2014 3:12pm
Quoting Vitez
{quote} 35 years


miss calculation
  • #433
  • Dec 9, 2014 5:51pm Dec 9, 2014 5:51pm
Quoting hamedmohd
{quote} nothing called 100% winning position it you open a position in 1980s on (eurjpy) a buy on price 363.35 till today the price not bounce back to same number and it is (25 years) you must understand that some thing cant go back like it was .... 1AED (emirates derham ) = 0.5 (irani toman ) in 1985 and today it is (1AED=900 toman) just cant get the strategy how it will work in this cases
Thanks for your response Senior
It's my clarification, I am playing with 'accumulation scheme'.
The clue of this kind of strategy is money management.
Happy Trading
  • #434
  • Jan 15, 2015 4:34am Jan 15, 2015 4:34am
Where are those fake 'real' traders who trade without stoplosses.I dare you to trade without stoploss again.With EuroChf falling 3000+ pips r.i.p to your forex accounts.i wish swissy rally got you naked with no SL . lol
  • #435
  • Feb 17, 2015 5:31am Feb 17, 2015 5:31am
True!, there are a few PRO traders that i have seen who trade without SL, but their trades hardly last for few minutes. They enter heavily and are constantly glued to their screens when their trades are running, like i said which hardly lasts for few minutes. But still, it is a huge risk trying to trade without SL.
  • #436
  • Feb 17, 2015 10:11pm Feb 17, 2015 10:11pm
Quoting humility
If you are with a very good broker your account is really safe. Now let get practical, With a leverage of 1: 500 ,If you have an account of $100000 and you use a minimum of 1lot or a maximum of 5 lots on that account without stoploss. There is no way the account will get blown out. And you do not add any more trade when you get to that maximum. Even if a trade goes againt you wait for it to recover,even if it will take weeks you wait,
Maybe that's why the big players actually make money in Forex. They don't take out crazy amounts of leverage hoping for a big payday. If a trade goes against them, they are less likely to get whipsawed if they aren't stopped out. Stop losses also cause you to have more trades so you lose more money to the spread.
  • #437
  • Feb 18, 2015 10:22am Feb 18, 2015 10:22am
when I think back to my ups and downs trading...my most successful and most stressful times has been when I traded without stop losses in place.

bp
  • #438
  • Feb 19, 2015 5:24am Feb 19, 2015 5:24am
Each trader to their own.

I know that if I'm away from the computer, I'm definitely entering a stop loss but otherwise it would be fine to trade without one if I can be there and watch the trades.
  • #439
  • Feb 20, 2015 3:00pm Feb 20, 2015 3:00pm
Actually, it should be the other way round. Real FX Traders use stop losses. Personally I use stop loss and yes, I am a real FX trader. The reason behind stop losses is to stop the level of loss from growing before it gets too big, or better still to stop the loss at the level of your liking. That's why they say, when you go into Forex, you must be prepared to lose the money you put in. This why FX trader control the amount they are prepared to lose by using stop losses. Otherwise you would have to watch all your trades 24/7 minute by minute depending on you trading time frame.
  • #440
  • Feb 22, 2015 7:18pm Feb 22, 2015 7:18pm
Asif you wouldn't have a hard stop loss somewhere in your trade just in case it &*$* hits the fan in a tiny amount of time or your power goes out, or your internet dies, or whatever. You can put it well out of the way of your current trade so it doesn't get whipped.
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