I Stopped Using Stops

[Wicked_Daddy]

Trading without stops or without stop loss?

Without a stop loss.

 

[Wicked_Daddy]

Not a good idea, imo. Look what happened to the British Pound just a few hours ago.

BTW, the GBP trend is/was down. I trade in the direction of trend - so you can guess how my GBP trade performed.

 

[darktone]

I posted about what happened to me yesterday. It was not, too, serious and I got my money back afterwards. The reason for that was Windows Update Time. It took 50 minutes when I did not expect it to.

It can be anything. What about the fat fingers GBP, this morning?

My problem is where to put the stop. Because I might not get stopped but price may not go back into profit, in any case. and take all day to do it. So, time is lost, as well.

I do understand the thinking split, but a stop order in that kind of market would be a really bad idea, your execution would likely be awful.
Time lost would only be the case if youre all in on one trade. If you divide your size up into multiple units you have much more flexibility.

 

[darktone]

BTW, the GBP trend is/was down. I trade in the direction of trend - so you can guess how my GBP trade performed.

Woulda done just as well with a rack of limits under the market. youd only run into trouble if you were too big.

 

[mcrlogitech]

The Stop loss is very important in risk management and one should try to follow it strictly.....

 

[arigoldman]

The Stop loss is very important in risk management and one should try to follow it strictly.....

i agree.

 

[dave114a]

You need to trade with an intelligent stop. I've never understood how people can use the same fixed stop on every trade. Unfortunately the market doesn't work that way. Knowing where to place your stop is part of the trading game.

 

[tomorton]

You need to trade with an intelligent stop. I've never understood how people can use the same fixed stop on every trade. Unfortunately the market doesn't work that way. Knowing where to place your stop is part of the trading game.

Absolutely right. Stop should be TA-based or it means nothing.

 

[forker]

Absolutely right. Stop should be TA-based or it means nothing.

Stops can be more than technical based

 

[tomorton]

Stops can be more than technical based

I'd include TA as anything based on price behaviour, so that would include stops derived from e.g. ATR. But I mean I'm against a stop based solely on just how much money the trader wants to lose or a set round number of points.

 

[ph_trader]

its not like we have to choose with or without stop loss, there will be times when we trade without them, and times (mostly) we trade with them. thast how diverse forex trading can be.

 

[csc2009]

I think there is nothing wrong with using stop loss as a guide as long as you understand the true meaning of risk or reward.

 

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[SmartGeek]

There are lots of strategies that you can use it in Trading, but remember that if it doesn't yield enough income, you need to change it.

 

[ralfSchu]

Many traders are having issue of Stop Loss, they thinks that it will cause loss to them. But the reality is much more different. If we use correct SL than we can save are money from being lost.

I couldn't have said it better myself! Stop loss is about capital protection it is your friend not the enemy!

 

[darktone]