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!