I'm sorry to say that, but your strategy was probably NEVER profitable. It only seemed so, but it wasn't.
Systems with the absence of stoploss usually seem profitable for several months, but they are a time bomb just like systems with martingale money management and other insanities.
First off, try to apply a stoploss on your historical data and see if it would remain profitable (I personally doubt that). If yes, bingo, just use a stoploss. If not, you should just start over and find a strategy WITH a stoploss.
you always have a stop loss.. even if you don't put one. The stop loss that is always with you is called.. Margin Called and after October 17 for every trader that trades in USA will only trade 50:1 leverage so there is the stop loss. I think the biggest problem is not having a good strategy that enables you to profit even with out the stop loss.
There are some traders out there with some good strategies but my advice is keep loosing and try some new things until you find what gives you success.
In Forex trading losses will always be there but it is how you manage them. Far too many trades open at the same time for my liking, but may be that works for you. I'd prefer at most two trades open at the same time if I really had to. I always open one trade at a time. I have also noticed that at times you opened some short USDCHF and EURUSD trades at the same time. Interesting to hear what other people think, although they closed in profit I generally tend to avoid that because of the negative correlation between the pairs. Watch the USDPJY and EURJPY, they have nice swings but they can leave you high and dry with poor money management. Sawa sawa mzee?
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Yep! Completely agree with Chikot! Trading without Stop Loss isn’t trading… it’s the “hope I’m lucky today” strategy, more like going to a casino and make a hot chick kiss the dices... It’s like playing Tennis without the net or the court lines… Simply no sense at all!
Trading it’s all about taking decisions, we take decisions based on facts not on hopes, if the price broke a support level and had retested it as a resistance the fact is that the price SHOULD drop once again... that’s the reason why we decide to sell, if the price do not drop and go bullish… then the reason is invalid and so the trade, that’s why we use a stop loss.
And for new traders, a strategy will never make you profitable… It’s like if you ask Michel Jordan for advice on choosing the right basket ball to become a NBA Star. First things first, you need to know the rules of the game (market basics: what moves the price in Fx markets, order flow, support and resistance) then play the game following the rules.
They are a lot of strategies but they all have the same basic concept, price action. Learn the basic concept and you will find the strategy that fits your personal psychology. And that my friend (friends), is the big difference between the 90% of losers and the 10% of winners, 10% knows what they’re doing, 90% don’t have a clue!
The tip is there are no tips. Study and study hard again. If you don't know what you are doing it's very dangerous. No matter if you win or lose when you don't know for sure why that happened, you may have lucky believing that is talent. There are a lot of good books out there, find those that will help you become a better trader. I love Point & Figure, ADX and ATR, that's because I know when they work and why. My library is allways getting bigger, no matter the experience I have. I'm always looking to the past,and to the next future 10 years at least. All that help me trade day by day and keep me on the tracks. Have a nice study.
I Trade You Profit. Forex is suitable for smart and patient people...
I have used Ichimoku Kinko Hyo for about 18-months and it works for me. I combine IKH with Heiken Ashi and MACD, and apply to 1-hour and 4-hour timeframes. My stop-loss is set just below the Kijun Sen (uptrend) or just above (downtrend), and this trails the Kijun Sen. Exit occurs if stop-loss is hit, or Tenkan Sen crosses the Kijun Sen. Heiken Ashi colour helps time my entries, whilst MACD confirms. At first sight IKH appears complex, but it is actually a very simple method to use. Want to learn about IKH? Check the link below:
i have to say : bravo you are holding this account with manual trading for a year now. that is not a thing that every trader could do. and you increase your balance up to 70%. your problem now is that u have a very big DD , you should use hedge and martingale system together for avoid big DD , (if u dont using Stop losses) when you are getting a signal from your manual strategy , instead of SL use sell stop (same Lot) in buy orders or (buy stop) instead of SL (same lot) in sell orders , to hedge your trade , in case of the market goes the opposite direction. hold trading until next signal , and increase your lot size twice , also use hedge order instead of SL. in this method you can always manage your account and avoid losses and DD. for example take look at to my live system which uses the same thing. https://www.myfxbook.com/members/daily_martingle/wallstreet-real-pamm-system/141429
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