Stop losses was indeed created to burn your accounts!
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Login : 200144
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Trading Starts Today!
My Positions are never STOPPED OUT!
Yes but the point is, one day if you ARE stopped out, you're screwed big time dude.
as the guy who came on this site 2 years ago and spoke of my NO S/L policy, my thoughts on the matter are known on just about every forex site in existence.
now this is the way I trade, but i trade WITH the trend at all times, taking only short counter trends unless they are so obvious as to be boring. Continuing, even with counter trend trading, if i make a mistake, I hold till the price returns ---- Now, this can easily take a month but my account size allows for this method, BUT RECENTLY I HAVE FALLEN UPON ANOTHER METHOD from another trend trader whose name I cannot remember at this moment, and that is ------
set a wide stoploss and if stopped out, enter a BUY STOP at the point of exit, and simply forget about it ! This allows you to get on with more profitable trades and still covers you if and when the price reverses !
I use both methods, cause im still stuck on the NO sl workings, and FOR ME and those who use the system, it seems to work well.
I DO NOT think this is good for newbs who cannot accurately asses present and future trends, but appears fine at my experience level at this point.
as far as blowing the bank, theoretically what you say is truly possible, EXCEPT that for every floating hold i have, there is a counter trade in its place, negating the effect of the dreaded margin call !
Now, if i TRULY have given up on a trade, I have faded it out, often at 0.05 pips per trade, so as to maintain the margin and have found, land sakes alive, that the danged thing STILL got taken out (like whats been happening with EUR$ lately.
remembering that the sl is what usually makes a failed trade (how often do you exit a trade only to see the trade finish in the money once youre out ?) I have seen many losing newbs who now are MAKING profit by not using the sl.
But haphazard use of the method, with little to no experience to guide one is as dangerous as you make it out to be, so this is a system best left to those who are either extroadinarily lucky or can tell where the trend is going @
there are most definitely pros and cons to the method, and it is NOT for the faint hearted or those with little experience, but I have found it to be a viable and truly successful form of trading for me.
my opinions based on my experiences, and not an order to go out and emulate my methods of trading !
enjoy and trade well
Trading without stop loss is always harmful for you.. it will give you loss...
Suppose you are long in market and a sudden fall like that one happened in DOW JONES (1100 points lost)occur.. what will be left in your account dude? I feel its better to follow the trend with a SL as weapon, when sudden reversals occur.
instead of hard SL you can also use soft SL
Do not trade without stop loss!
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The key is to set a very wide sl..letting you flow with the market while trading
The Key is to set the correct stop loss. Why on earth would anyone wish to use a stop loss larger than it needs to be ?
For many forex traders trading successful means following an effective money management strategy and that also means the use of stop loss . Stop loss can be used to protect profits that are already on the table . But it is also possible to trade without stoploss and for it to work you need to trade in the direction of the trend by being bullish only on currencies that are fundamentally strong. Though it takes proffessionals who have lots of experience in trading.
The importance can never be over exaggerated but it could easily be overlooked; its importance is best in its absence. It is really nice when you know when your broker is going to buy or sell once the stock reaches a certain price, such that you don't have to heavily supervise your trades so that you could be making good pips even on the toilet seat.