Is it good to use stop loss? - page 2

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mladen:
But there is a "trading plan" See the GBPJPY orders opened 3 months ago and he keeps those opened regardless of the accumulated loss they generated so far (judging from the order sizes it is some kind of a martingale system). So the trading plan is : "It will come my way sooner or later".

Yes there are a lot on there using some sort of robot. Manually you just wouldn't keep opening trades like that. And it will come round sooner or later is just trading on hope, he's hoping it will come round, that's not trading. Having blown 2 accounts with the same system you would of thought he'd learnt. Doing the same thing over and over and expecting different results is madness.

 

Yeap, the example you provided is educational in many ways :

  • It shows that the anonymity of the net is not always a good thing (everybody can pretend to be an expert like that guy)
  • It shows that a lot of people think that trading is some kind of a game. And I mean game like kids are playing it, not like in game theory that is trying to explain it. And as such ("kids game") no wonder that such cases happen and they happen a lot
  • It shows that people even when they see what was done in the past rather choose to "believe" instead to know (93 followers is amazing number for account(s) of that kind and is showing that there is a kind of a rule of thumb not an exception when it comes to "systems" like that)
  • And in the end, maybe the most dangerous thing : odds exist that someday, somehow, that silly game (trading all the symbols with the same EA using martingale on a same account is nothing but a silly game of hope that if one symbol loses the other will win) actually at some stage makes some good results, and then what are we going to have? A guy throwing "results" all around and claiming that "he knew all the time that it will work with some clever tweaking". And that is going to get him even more "believers" (followers) that will beg him for "tweaking secrets"

I just hope that among the followers there will be no actual casualties and that they are all just game playing kids, but somehow I don't think that it is the case and frankly I do not know should I feel sorry for people losing something when they have all the necessary facts for a reasonable decision laid out in front of them like in this case and a lot of similar cases.

philt:
Yes there are a lot on there using some sort of robot. Manually you just wouldn't keep opening trades like that. And it will come round sooner or later is just trading on hope, he's hoping it will come round, that's not trading. Having blown 2 accounts with the same system you would of thought he'd learnt. Doing the same thing over and over and expecting different results is madness.
 

please excuse my bad grammar below

think i might be P.C. Dyslexic

 

thanks all you for the advices....No better place to find proper info.

 

Demo accounts are useless try with $10 on micro. much more fun and exp!!!

 

Also expecting a different out come from the same strategy is madness, this is a good example. After blowing over 100k on probably the same EA this account is and will definitely go the same way.

https://www.fxcopy.com/profile/DonLazlo/A/trades

 

If you don't set up the stop S/L for your positions you can lose all your money if the market turns against you. Once you lose all of your money you can not recover, you must take the loses.

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