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Trading without stop-losses

  • #321
  • Jan 6, 2016 12:42am Jan 6, 2016 12:42am
Quoting RichFXTrades
{quote} The thing that I have noticed is that virtually all the people who speak with expert authority here and give strong opinions about what others should or should not do, don't share their current trading history. I always wonder why that is... lol And it can't be because someone "doesn't want to divulge what they have in their account for security reasons", because everyone here uses aliases and no one knows who you really are in real life anyway. So what does it matter unless you have another reason why you don't want people to see your actual...
I'm too lazy to worry about a trade explorer (or prefer to focus on my trading) and don't have anything to prove to others. People can accept what I have to offer or not, their choice. I try to not offer strong opinions on what others should or should not do. (I'm not having a go, just letting you know why I don't have TE)
Hope for the best, prepare for the worst.
  • #323
  • Jan 6, 2016 6:03am Jan 6, 2016 6:03am
Quoting dab
{quote} re bolded - some brokers offer guaranteed stop loss for a small premium.
Correct. Tradability do your homework.

p.s. there are some brokers who don't even take premium for stop loss execution.
  • #324
  • Jan 6, 2016 7:33am Jan 6, 2016 7:33am
I think there are many traders who come to FX thinking it's a path to quick riches. From there they lay too much of their account on the line, win a time or two, think it's easy, then do it one more time doing the same thing they did to win and this time, well, they're too close to a top or bottom and trading the wrong direction and it backfires...That's the way the majority here learned that they needed to know more about money and risk management.

I've come to believe that FX is not a means to quick riches...It's a slow and steady train...It's meant to be a market where you put very small amounts at risk so that you can withstand hefty drawdown due to totally unforeseen events.

If you're willing to do the math, you'll see that with a $5,000 acct it is possible to enjoy 5-6000 pips of "room" for a trade to go against you before you have to worry about a margin call. The more I read here on FF the more convinced I become that most don't even look at this possibility and understand it. It's a powerful piece of knowledge for any level/position size of trader. However, as usual, late night tv promises of riches beyond belief with a bountiful sprinkle of laziness and a topping of no willingness to observe the masses and at least check the other direction rule the day.
"Holy Grail" exists - accepting where is the first step.
  • #325
  • Jan 6, 2016 8:26am Jan 6, 2016 8:26am
Quoting VaBikePacker
I think there are many traders who come to FX thinking it's a path to quick riches. From there they lay too much of their account on the line, win a time or two, think it's easy, then do it one more time doing the same thing they did to win and this time, well, they're too close to a top or bottom and trading the wrong direction and it backfires...That's the way the majority here learned that they needed to know more about money and risk management. I've come to believe that FX is not a means to quick riches...It's a slow and steady train...It's...
Excellent post
  • #326
  • Jan 6, 2016 8:50am Jan 6, 2016 8:50am
"Brief" history of not using stop losses

Looks familiar to anyone?

Do not look at "trading system", just want to show what can the absence of stop loss do to a """"""long term investor""""""

My favorite sentence from that period is by far "WTF this FED, how can they print money like that, they will destroy world's economy, this will backfire VERY SOON"
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  • #327
  • Jan 6, 2016 9:06am Jan 6, 2016 9:06am
i see some people are having real difficulty distinguishing the difference between USING STOP LOSS (an order placed with a broker to sell a security when it reaches a certain price) and TAKING THE LOSS (closing a losing position when risk gets hotter)
i see no reason why these people are in forex at all???
As Above, So Below
  • #328
  • Jan 6, 2016 9:20am Jan 6, 2016 9:20am
I've just started trading today and rarely use stop losses unless I'm away from my PC. I just stop the trade manually when it's going too low. I often set limits though to stop myself becoming greedy and waiting, hoping for the price to go higher and ultimately losing out all together.
  • #329
  • Jan 6, 2016 9:05pm Jan 6, 2016 9:05pm
placing stop loss is up to how good ur analysis skill, before u do ur forex trading u should do some analysis that can help u to predict the price movement, so whenever ur analysis is good u can place ur stop loss at the right place, just make sure u always improve ur analysis for anytime u do ur forex trading, thats my opinion.
  • #330
  • Jan 21, 2016 8:33pm Jan 21, 2016 8:33pm
trading without a stop loss, I think it's very dangerous. Forex is a business that has a high risk so as to be successful in this business, then we need to have good risk management. By using stop loss will allow us to minimize the risk of forex properly because we will not know where the market will move
  • #331
  • Jan 22, 2016 2:35am Jan 22, 2016 2:35am
Quoting dab
{quote} re bolded - some brokers offer guaranteed stop loss for a small premium.
yeap, one of my broker does (ib) , very cool
  • #332
  • Jan 23, 2016 5:47pm Jan 23, 2016 5:47pm
If anyone knows what a DOM is (What professional traders use), i've never used a stoploss, I simply click 'Flatten'. People have no idea how stop losses are used against them everyday and the extent to which there are algorithmic stop hunting scripts that do nothing but try to stop you out. Meh
  • #333
  • Jan 29, 2016 3:08am Jan 29, 2016 3:08am
Quoting RichFXTrades
{quote} The thing that I have noticed is that virtually all the people who speak with expert authority here and give strong opinions about what others should or should not do, don't share their current trading history.
I guess sharing your trading isn't a guarantee of great results either... so I wouldn't necessarily discount that advice

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It takes a lot for me to IGNORE you, but you can try.
  • #334
  • Jan 29, 2016 2:49pm Jan 29, 2016 2:49pm
Quoting Erebus
I guess sharing your trading isn't a guarantee of great results either... so I wouldn't necessarily discount that advice
Yes indeed. This is yet another example of how the most 'perfect' looking equity curves inevitably end with the most spectacular crashes.
As the saying goes, if it looks too good to be true........ there is usually some kind of dodgy risk management involved.

People demand proof of performance, this thread was a good example (even if it got binned). But what most rookies don't understand is that trade explorers, myfxbooks, etc really aren't that meaningful, unless the reader knows what to look for (here is a possible starting point). Just my 2c.
  • #335
  • Edited 6:25pm Jan 29, 2016 3:14pm | Edited 6:25pm
Quoting Erebus
{quote} I guess sharing your trading isn't a guarantee of great results either... so I wouldn't necessarily discount that advice {image}
good job rub it in, Erebus.

Did you even asked for permission to publicly post someone's trade history just to humiliate them?
At least he has the balls to show the histories. Where is your history? Is that why you hide yours, so people don't see what a coward you are?

Quoting hanover
{quote} Yes indeed. This is yet another example of how the most 'perfect' looking equity curves inevitably end with the most spectacular crashes. As the saying goes, if it looks too good to be true........ there is usually some kind of dodgy risk management involved. People demand proof of performance, this thread was a good example (even if it got binned). But what most rookies don't understand is that trade explorers, myfxbooks, etc really aren't that meaningful, unless the reader...
Couple months hard work killed in 1 wipe. I am sure a good trader go through such experience once or twice in their trading ages. They have to. They have to go through these stages to learn to be better. Someone who cannot even build up the consistency the first place would never understand how he feels like after his good system wiped over one psychology error. I'd like to believe we should be all aware what the problem lies and sighed when we see another so-close system failed right in front of our very eyes AGAIN. Aren't we all here to try to build the perfect system that would profit consistently over time? It's a bless just to see a consistent growth system to keep our hope up (in developing our own) even it is NOT ours, YET.

Besides, this is the thread we talk about SL, not how to spot a good trader explorer.

Although I haven't read your thread yet and I am sure there are gold in it since I notice tons effort was put, but still, I think it's a bit TOO SOON to promote your thread based off someone's fresh failure. That almost saddens me.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #336
  • Jan 29, 2016 5:08pm Jan 29, 2016 5:08pm
Quoting FXSayWhat
{quote} good job rub it in, Erebus. Did you even asked for permission to publicly post someone's trade history just to humiliate them? At least he has the balls to show the histories. Where is your history? Is that why you hide yours, so people don't see what a coward you are?
What? Wait a minute; can't you see that trade report is published right here on ForexFactory?

Here is his profile page, be sure to scroll down

http://www.forexfactory.com/richfxtrades

So, I don't get it, he publishes it and I need to ask permission to share it? Please explain if you can

Just FYI information, I actually saw it on Facebook first, you better go there and vent on those people too

My history? Yes, I am a coward, like 99% of members that don't show, you got me there, happy now?
It takes a lot for me to IGNORE you, but you can try.
  • #337
  • Edited 6:21pm Jan 29, 2016 6:10pm | Edited 6:21pm
Quoting Erebus
{quote} What? Wait a minute; can't you see that trade report is published right here on ForexFactory? Here is his profile page, be sure to scroll down http://www.forexfactory.com/richfxtrades So, I don't get it, he publishes it and I need to ask permission to share it?
yes, his trade report is public. I am asking you to leave the poor guy alone who had his 3-month good work earned money, over $5500 real dollar vaporized overnight.

You are from Greek, right? How much you guys are making monthly on average? 750 bucks?

How does it make you feel when your last 7 months salary go missing from your account in a matter of 3 minutes? How does it feel make you feel if it was your fully committed system wiped in 3 minutes? and how about having someone rub it in your face in the public couple hours after you lost your account?

Quoting Erebus
{quote} I guess sharing your trading isn't a guarantee of great results either... so I wouldn't necessarily discount that advice {image}
You pulled his name out to the opening without permission only couple hours after his account gets wiped for what? just to humiliate him? You judge someone through their history when you have nothing to show for under your own profile page?

Quoting Erebus
{quote}Yes, I am a coward, like 99% of members that don't show
how dare you bring out the entire FF on this one, no one has said anything or pulled any names in the public for humiliation but yourself.

They all know better NOT to laugh a wounded solider.

Shame on you.

just to be clear,
I am not a friend to this person, but i do respect anyone who have the balls to show their history, transparency and speak boldly backs by reasons.
Only cowards would kick them when they are down.
If u luv happiness, start w/ discomfort, make friends w/ pain and failure.
100 Hits 0 Miss All Time Return: 35.8%
  • #338
  • Jan 29, 2016 6:16pm Jan 29, 2016 6:16pm
Anyway. I haven't read the thread but, yes you need a stop loss. Hard , mental, %loss, hedging out of a bad position , whatever you choose, but yes . You do need a stop loss.
  • #339
  • Jan 29, 2016 6:52pm Jan 29, 2016 6:52pm
Quoting FXSayWhat
I'd like to believe we should be all aware what the problem lies and sighed when we see another so-close system failed right in front of our very eyes AGAIN. Aren't we all here to try to build the perfect system that would profit consistently over time?
Well, I wasn't trying to pick on anybody in particular. That kind of result is typical of poor risk management, I've seen it plenty of times elsewhere on sites like myfxbook and zulutrade. In my view "don't close your trades until they return to profit" is not really a system, it's a recipe for disaster, because eventually the trend will turn around and it only takes one trade to run away from you. Especially with JPY based pairs whose behavior is fuelled significantly by sudden changes in risk on/off sentiment.

Cut your losses, and risk 1% equity per trade -- that way, at least you give yourself a chance.

Quote
I think it's a bit TOO SOON to promote your thread based off someone's fresh failure. That almost saddens me.
Um, I'm not trying to promote anything, or make anybody feel sad. I'm merely posting my opinion, just like everybody else. If I'm wrong, just ignore me and read the next member's post.
  • #340
  • Jan 29, 2016 7:36pm Jan 29, 2016 7:36pm
Quoting hanover
{quote}Well, I wasn't trying to pick on anybody in particular. That kind of result is typical of poor risk management, I've seen it plenty of times elsewhere on sites like myfxbook and zulutrade. In my view "don't close your trades until they return to profit" is not really a system, it's a recipe for disaster, because eventually the trend will turn around and it only takes one trade to run away from you. Especially with JPY based pairs whose behavior is fuelled significantly by sudden changes in risk on/off sentiment. Cut your losses, and risk...
well said
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