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Trading without SL: your profound experience

  • #61
  • Nov 22, 2015 3:09pm Nov 22, 2015 3:09pm
Quoting Myrmica
Hello all, I am trying at the moment a strategy that actually uses no SL. Negative trades I try to average out or maritingale either to BE or a smaller loss. My experience so far (3 months. 130 trades, dailys) is split: I have serious gains, more than I ever had before with any other strategy, in fact it is the first time I ever win, but at the same time I also had serious drawdowns which almost wiped out my account. It was pure luck that they did not. So for the future I will take smaller lots. My question now: Is there anyone of you who trades...

The reason why there are traders who seem to be trading this method successfully over years is simple: Survivorship bias. How many fail for every one that succeeds for a little while? Even those that get lucky for a few months or even years are bound to blow up. The risk profile of this approach is similar to selling naked options: You collect steady profits for a while until you take a big loss. This happens in the hedge fund industry all the time and all the while the fund managers are celebrated as geniuses until the big crash comes.
  • #62
  • Nov 22, 2015 11:54pm Nov 22, 2015 11:54pm
Quoting beastwork
{quote} I still don't understand why you didn't use a stop. Why not put on a very wide stop just in case you have a power failure, or your internet goes out, or some crazy news comes out that could wipe out your account? I just don't understand the philosophy of not using a stop, even for catastrophic circumstances.
Usually I always use a stop loss. And just as you think is very dangerous not to use it. That's why I wrote that this case was an exception to the rules. So I just took a chance once, had the confidence that I see correctly. 1 pair, 1 risk. News not expected. Indeed chart moved exactly as I put TP. That kind of experience.
  • #63
  • Nov 23, 2015 2:58am Nov 23, 2015 2:58am
Quoting beastwork
{quote} I still don't understand why you didn't use a stop. Why not put on a very wide stop just in case you have a power failure, or your internet goes out, or some crazy news comes out that could wipe out your account? I just don't understand the philosophy of not using a stop, even for catastrophic circumstances.
Absolutely! You should always set a SL and TP, even if it's only to protect your capital in the event of an internet or power outage.

I always control my SL and TP dynamically with an EA but will always have a broker side safety SL and TP set a distance away just in case of outages or computer crash etc.
A lion doesn't concern itself with the opinion of sheep.
  • #64
  • Nov 23, 2015 3:25am Nov 23, 2015 3:25am
i had a miserable memories about no SL, it teach me that even a falling lift with no brakes will stop, on the lowest floor of course...
  • #65
  • Nov 23, 2015 4:34am Nov 23, 2015 4:34am
trading without stoploss well what will happen if Captain America starts to fight without his shield .Well Am captain America and s/l is my shield
  • #66
  • Last Post: Apr 25, 2019 2:46am Apr 25, 2019 2:46am
Quoting dimmerpixel
i had a miserable memories about no SL, it teach me that even a falling lift with no brakes will stop, on the lowest floor of course...
I agree with you i more like use hedging or sl to avoid loss all capital but i can use RR like 1:3 etc for trade. But i try to set SL and until know i can't use it
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