no stops huh...??? hah hah. he probably hates it because he keeps getting stopped and not doing very well in the market. if he doesn't like stops let's leave him alone it's he's money anyway. To each he's own...
in my own experience, i've found that i've done my best trading by utilizing this simple psychological premise: if i'm long.. i will only close out the trade when i think i should short. if i'm short.. i should only really cover when i'm ready to go long. now, i've not always reversed and maintained an "always in the market" tone, but what the original poster said is in essence what i sometimes do to really extend my winners and get the most possible reward out of my trades. its the best form of trading imo. i think when he says "don't use stops", this is what he means. i always keep a "death spike" stoploss in the event of disaster hehe.
One of the, if not the most successful trader, trades exclusively with stops according to his wizards interview. If he identifies an uptrend he will place a buy stop above the market. Once filled he places a sell stop and trails it until finally stoped out.
chewbacca and surf, I am more than happy that you two don't manage my money OR trade for me. If ignorance is bliss then you two are fine candidates. pneuma
He just does it for the pleasure of gambling (trading) skillfully. Thanks for the link, there's a lot more there than meets the eye.
wareco!! So we can infer from this that you donât like the use of stops, right chewie? Oh!!!!!!! Goddamn the goddamn search function, huh? Very nice catch, wareco.
You know, surf... the more of your stuff I read, the more convinced I become that you have never placed a trade in your life. I mean, how do we go about responding to the idea that stops aren't necessary because all that is needed is to make your entry correct? I defy anyone who is actually a trader to explain this one. Seriously surf... I mean that whole thing a few weeks back about claiming that TA is useless and then disappearing when challenged to refute the proof, that was one thing. I can understand that since 'TA is useless' is an old canard. But 'You don't need stops, just make sure your entry is correct'... I mean seriously, surf. Seriously, man. Get a grip. I'm sorry, but you need to get a grip on things before you press 'Submit'. You should try writing things out in Word and then leaving the computer for a while then coming back and reading them over before posting.
I have always hard disaster stop. If it gets hit (rarely), it is painfull, but not real disaster. But I try avoid that stop touched and have a tight(er) mental stop about 3/4 closer to market. If it is touched by price and runs quickly, I am selling it manually as quick as possible. If it is only "wick", stop run, I stay in position. If it moves slowly, I recalculate trade again but mostly I am selling the position on next wave top. Not leaving hard stops costs me once in time (but regularly, every month there is something) a lot (internet, power, hardware failures, health problems, etc). This works +- OK for me. To have tight hard stop is veeeeery difficult because the standard market behavior can be described like stop run mode. Btw, I try set my entries at those stop runs - not easy but if succesful...
Sure, I see stop running activities all the time. Obviously you don't put your stops where you think they're going to get run. That means that you have to trade small enough that you can have a wide enough stop. I read one guy on here, I can't recall who it was but I knew that he was one of the real traders, not a wannabe (sorry surf, I really don't mean to pick on you, but seriously...), and this guy said that he traded 'by hand'. I assumed that to mean that he didn't put stops up in obvious places. He did not say, however, that he traded without stops. To me, that's ridiculous, whether you're a position trader or scalper. It implies that you can get your entries down to the point where you are never wrong. Again, it is hard to know how to describe how ridiculous that concept is. If you have ever closed a position out at a loss, you had a stop.
spoken by someone who has never traded the HSI. trade the HSI for a while without stops and you'll be starting a new thread about the merits of stops. your absolute statements are simplistic and naive to the point of stupid.