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Trading without Stoploss, can send you packing
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WorldTrader

Member Since Nov 09, 2010  54 posts WorldTrader Nov 10 2010 at 05:36
seen a lot of traders trading without stoploss, reason they always say is that they fear the market me hit there stoploss and reverse, as for me, i dont trade without stoploss, cos this is how i manage my money, is very helpfull when it comes to niddles that turns against u. Do u use stoploss or not , and please what are ur reasons?

Slow But Steady
Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Nov 10 2010 at 08:12 (edited Nov 10 2010 at 08:13 )
I don't at all, they're very likely to get hit most of the times, but I do control my risk at equity level and rather seeing a single trade as risk bearing entity I look at what the entire portfolio is doing.

Your risk in one trade could be offset by another trade (long eurusd and long usdchf for example), and the real risk to the portfolio is only evident in the speed of change in the NAV.

Chang beer is evil.
alentia

Member Since Oct 13, 2010  2 posts alentia Nov 11 2010 at 02:32
I don't usually use SL. But when I do it is usually getting hit and reverse. I try to manage my risk not going above 50% of the equity. This helps to sustain pull backs and runs, even when they last weeks. I am more fundamental trader than technical and therefore even negative pair eventually coming back to make me a profit.

hwlm

Member Since Jun 25, 2010  58 posts Max (hwlm) Nov 11 2010 at 02:41
Why reveal your positions to enemies by using SL? We all know that brokers will sweep our stop losses. I read and learnt from an ex Tier-1 banker that the pro bank traders never ever use stop losses. Check out the forum thread in ForexFactory - Technical Analysis Fallacy.

I have been trading with indicators + stop loss for about a year, and have been inconsistent. Ever since I started trading only with naked charts and without stop loss 5 weeks ago, i haven lost a trade.

WorldTrader

Member Since Nov 09, 2010  54 posts WorldTrader Nov 12 2010 at 12:28
I mostly use it cos of needles

Slow But Steady
hwlm

Member Since Jun 25, 2010  58 posts Max (hwlm) Nov 12 2010 at 12:36
needles?

pip2cash

Member Since Mar 04, 2010  419 posts SIM (pip2cash) Nov 12 2010 at 12:42

hwlm posted:
    Why reveal your positions to enemies by using SL? We all know that brokers will sweep our stop losses. I read and learnt from an ex Tier-1 banker that the pro bank traders never ever use stop losses. Check out the forum thread in ForexFactory - Technical Analysis Fallacy.

I have been trading with indicators + stop loss for about a year, and have been inconsistent. Ever since I started trading only with naked charts and without stop loss 5 weeks ago, i haven lost a trade.


Hi,

As you said they are tier 1 pro bank traders, they may not need SL.
But are we one of them?

Regards,
SIM

Low risk consistent return! For More Information on Professional Managed Account Service, Kindly visit: http://www.forexmanagedaccounts-fxmac.com/ref/6566136
hwlm

Member Since Jun 25, 2010  58 posts Max (hwlm) Nov 12 2010 at 12:46
No we are not. But I urge you to give it a try before passing judgement. But if you are consistently making money for months or years, then it has little use for you :)

pipdetector

Member Since Oct 28, 2009  78 posts pipdetector Nov 12 2010 at 14:31
Setting stop loss seems not necessary if you are consistent in your strategy and you play with very small lots relative to your account equity eg. if you have $5000 account and you play with 0.01 lots.

WorldTrader

Member Since Nov 09, 2010  54 posts WorldTrader Nov 13 2010 at 08:49 (edited Nov 13 2010 at 08:51 )
hwlm posted:
    No we are not. But I urge you to give it a try before passing judgement. But if you are consistently making money for months or years, then it has little use for you :)

  It can only work when u are trading like with 1million dollars or euros, then u are using only 10 lots, u may not bother to use stoploss

Slow But Steady
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