Trading without Stoploss, can send you packing

WorldTrader posted:
    

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

It works with any amount. But you're missing the point. Not using stop loss is not the strategy. The strategy is here.

https://www.forexfactory.com/showthread.php?t=57639

Usually you have to use Stop Losses except you hedge your positions. If you don't set it in the system you has to close the orders manually your loss taget was hit. Else your account get burned sooner or later.

I set stop losses in my system which are far away like 30-100 pips, but when I see than my position does not this what I like to see, I close it earlier manually. Once my position goes in profit for more than x pips I set my SL to break even or lock in some profit.

I'm a scalp trader.

I learnd from a pro how to trade without stop loss, I have to say yes u can be sucessfull trader trading without stop loss with good money managment allready its been mentioned in prevouse postes how to do that. If u still want to take more risk then learn to do hedging if your initial trade is wrong your hedging trade will make money wait till market turn around and close your hedging with profit and now u will start making money with your initial trade now your overall profit will be the gap between the hedging trade and initial trade close u can close the initial trade with negative and still make profit.

If u prefer hedging make sure to do when u have over 50% equity dont wait till last minuite. I know if brokers read this thread they will not like traders trading without stop loss I am taking my time to write this becouse I lost lot of my money for the stoploss I know how it feels when u keep on losing money.

I don't do hedging because it's just confusing. If you believe that your initial position is with the major trend, then you should stick with it because sooner or later, price will do a quick snap back towards the direction of the major trend. however, I have also experienced cases where price can go against you for some time even though your trade is with the major trend.

What I do is averaging my trade. For example, if I am caught in a change of major trend, and price is going against me without an opportunity to reverse, I will wait for an opportunity (at possible retracement points) to open a new contract that is 3-5x the size of the initial contract. I will wait for the price to perform the retracement I was expecting, and get out at BE.


eg. Long EURO. Down by 40pips. Enter 3-5x contract, wait for minor retracement (upwards) to take place. Get out with BE.

ForexScan posted:
    I learnd from a pro how to trade without stop loss, I have to say yes u can be sucessfull trader trading without stop loss with good money managment allready its been mentioned in prevouse postes how to do that. If u still want to take more risk then learn to do hedging if your initial trade is wrong your hedging trade will make money wait till market turn around and close your hedging with profit and now u will start making money with your initial trade now your overall profit will be the gap between the hedging trade and initial trade close u can close the initial trade with negative and still make profit.

If u prefer hedging make sure to do when u have over 50% equity dont wait till last minuite. I know if brokers read this thread they will not like traders trading without stop loss I am taking my time to write this becouse I lost lot of my money for the stoploss I know how it feels when u keep on losing money.

That is what u get when u trade under a broker that is stoploss hunter

I don`t use stops. because I trade long term and as long the trend has not changed it is all about money monagement. But for shorter term I do use them. Or if I take additional risk(trading long term) than my account allows I would move my SL to BE for the exstra positions and it is ok to risk more then.

Interesting to see more people admitting to not using stop losses than people who do use them. It's such a taboo subject in some circles. I don't use stops but I trade low leverage most of the time.

hwlm posted:
    I don't do hedging because it's just confusing. If you believe that your initial position is with the major trend, then you should stick with it because sooner or later, price will do a quick snap back towards the direction of the major trend. however, I have also experienced cases where price can go against you for some time even though your trade is with the major trend.

What I do is averaghing my trade. For example, if I am caught in a change of major trend, and price is going against me without an opportunity to reverse, I will wait for an opportunity (at possible retracement points) to open a new contract that is 3-5x the size of the initial contract. I will wait for the price to perform the retracement I was expecting, and get out at BE.


eg. Long EURO. Down by 40pips. Enter 3-5x contract, wait for minor retracement (upwards) to take place. Get out with BE.

I only lost money doing that, before or after you find yourself with a huge position that doesn't stop going against you, and adieu. hedging, absolutely. it's a wonderful tool.

Yeah i lost money doing that too. But it was not because of the method. it was human emotions that caused me to lose.

The method works only upon finding your own style