If you can blow an entire account in a week one of two things is happening: (1) You're trading way bigger than you can afford to. (2) You don't have enough money to be trading. There's nothing inherently wrong with using a stop loss but setting all ...

Trading Without a StopLoss

I got into equities with my brother years ago. We did well - trading penny stocks, no less - for a bit before everything went to hell. A few years later, I got into currencies. To be honest, looking back at it, I actually don't remember how I came ...

Scars Of Truth - Share Your Trading Story

You also didn't bother reading the thread. You're assuming that those of us who trade without stop losses do so by means of hedging. As I'm in the US, I can't hedge in the same pair. While I hold a basket of inventory at any given day, I'm not ...

Trading Without a StopLoss

Oh, I was referring to the 0% and 100% correlation examples you were laying out. I know that out of all the pairs I trade, some are correlated and others aren't to varying degrees. But let's assume, for argument's sake, all 28 pairs were completely ...

Trading Without a StopLoss

I buy or sell all 28 pairs at one time, yeah.

Trading Without a StopLoss

I may be interpreting your example(s) incorrectly, if so, forgive me and feel free to correct me. But this is why I prefer to be predominantly buy-side or sell-side with my inventory. In my eyes (I simplify stuff, sorry), buying and selling the 28 ...

Trading Without a StopLoss

I've never really put effort into hedging. While I'm sure I accidentally create "synthetic hedges" via positive and negative correlations, I'm not allowed to "nedge" in my account so I don't have much of a viewpoint on it. Though Hanover's examples ...

Trading Without a StopLoss

Hi GEfx, I wouldn't necessarily consider it a "better" way to trade nor would I consider trading without a stop loss to give you any sort of advantage. I think it just depends on the type of person you are. Personally, I prefer managing trades like ...

Trading Without a StopLoss

I feel it's worth mentioning again to avoid any confusion. Letting losers run forever is irresponsible and "hopeful" at best. I don't personally put too much stock in hope, never have. Floating losses have a 3-day expiration date on my end. I cycle ...

Trading Without a StopLoss

It depends. I do my fair share of analysis but I focus mainly on the big 00 levels and every 250 point mark in between as levels of support and/or resistance. If I book a loss, I'll switch sides on the trade if my analysis (the best of my ability to ...

Trading Without a StopLoss

First off, Hanover it's a pleasure to speak with you! You bring up excellent points, as I mentioned, trading this way definitely isn't for everyone. But I'd be denying the fact that it works for me if I didn't step up and at least attest to it being ...

Trading Without a StopLoss

Personally, I don't understand why people have such a hard time wrapping their heads around trading this way. I get the fact that the lion's share of retail traders won't want to trade like this, I really do. But just because you don't understand it ...

Trading Without a StopLoss

If a bad trade with no stop loss can wipe out your balance, then you don't have enough money.

Trading Without a StopLoss

I book all profits, yes. The only way I've ever booked all my losses is if my gains for the day offset my losses by at least 2-to-1. That doesn't happen very often though sometimes, you get lucky. Every day I'll book a at least a single loss and ...

Trading Without a StopLoss

You do have to trade smaller lot sizes. But "smaller" is relative to how much capital you have. For some, "smaller" may mean 1K lots all the way up to 100K+ lots. That's why under-capitalized traders can't trade without stop losses. Personally, I've ...

Trading Without a StopLoss

It isn't that trading without stop losses is the only way to trade, just that it is definitely possible to make money doing it. I think well capitalized traders and experienced around here are more the kinda guys who are picking highs and lows, ...

Trading Without a StopLoss

Yes there is.

Trading Without a StopLoss

Yeah, it is a relatively laid back way to do it. To me, the real fun part about trading this way is how deeply you can customize the method. There's so many different ways to manage the risk, and the inventory. You can do it on just about every time ...

Trading Without a StopLoss

I close any trades that are profitable by the end of the day. Although, sometimes I get impatient and do it earlier (around 5PM), I try to book gains at 8PM EST. That's when a new daily candle opens for me (on my side of the planet) so I typically ...

Trading Without a StopLoss

I use a time and percentage of equity model to book losses. If a trade doesn't turn positive in 3 days or it turns into a loss equivalent to 0.07% of equity, I book the loss and re-enter in the same direction. I also tie my total "debt load" to 1% ...

Trading Without a StopLoss