Always use a stop. Always. Just make them wider. You can always stop yourself out before it gets hit, but it should be there in case your quotes freeze, your computer crashes, power goes out or you get distracted by a million other things.
The guy doesn't use stops and praises the martingale approach. Food stamps seems about right. It's funny how some people are so against stops. A lot of times these are the same people who refuse to take a loss. Kind of like that clown who traded Russell Futures on his pay for signal site. He refused to take a loss and did the martingale thing. His up days were 1-2k a day. Then he got caught one day and lost 325k. That's the thing with the martingale approach, it works until it the one time it doesn't. Then you blow your account out never to recover. Like Tudor said..."Losers average Losers".
Trading without stop losses and adding to losing trades is a clear testament that the trader has absolutely no idea on how to determine key areas in the charts and/or how to enter.
In a volatile back and forth mkt â yeah, as much as I loath saying it, no stops will work However once the back and forth subsides â and it will â you will get your ass handed to you Volatility makes up for piss poor trading skill⦠and unfortunately makes many think they can trade Showing disregard for the inherit risk of trading is stupid OT⦠just plain stupid Sir RN
yeah, that was the point, the days of getting away with it must be coming to an end, because even Barcharts are talking about doing it the trend system is much easier you just put it on with an 80 pip stop when the euro bottomed out I correctly surmised that all currencies would chop and since then Martingale has been my best friend all I was saying is, it has been so bad that they are even writing articles about breaking the rules, and for me, that is a warning for those of us that do it regularly, that those days may soon be coming to an end and time to go back to the book. Ghheeeese, you guys sure are uptight and dogmatic find me a rule, any rule, and I will find you a good way and time to break it and make money otherwise read your books and do it by the book like 95% of the traders do and wonder why your results are just like the other 95% of the traders who read the book and follow the rules and all think somehow they are the 5%.
I come down on Opie's side. As a system trader, I exit on signal failure, not on a fixed point stop. Unless I lose my nerve first. ET's god of trading, you-know-who, he-who-cannot-be-criticised lest mods go ball-istic, famously advocated "No stops!"
I still paid taxes, I just overpaid my quarterly estimated taxes, use your refund and take an elementary reading comprehension course, or at least buy the book "Mathmatics for the Commoin Man" btw, there's a forex trader who already has the handle hurricane, why don't you get a new handle so people don't confuse your misguided stupidity with his good name
I would be (or at least I could qualify) if I didnt have a trading account and wasn't profitable the other thread was to illustrate the plight of the poor who I still care about because I may soon be one if this Martingale thing doesn't work out