you need to have a really good market knowledge to survive here but trading with no stops will finish your account at the first mistake you make. using very wide stops is a must
not a question... not a negative or positive statement...so then what was your point?.. maybe you can help me see that.
Well at least you are pondering it...When you learn more about chart reading it will come to you. The character of buyers and sellers sure would change with your model.
read a chart?...guy..are you serious? the only thing i am pondering now is...what are you smoking up in Colorado haha
I'd like to see the promoters of wide stops (or none) try their luck with the HSI futures. You'll be wiped out in no time. Everyone is a big talker with either little or no money on the line [seems to come from the Forex pikers mostly]. Just wait until it's decent size, you score a couple of big wins and see what your endorphines can drive you to do next. You can't possibly know what's going to happen to your mental and emotional stability until the swings in wealth gain and loss grow large by any real job standards. smallfil has posted excellent advice. Take it! You should ALWAYS be in fear that, by continuing to trade, you recognize that your biggest moment of failure is lurking somewhere in your future.
I always use stop losses and target prices while trading as I think they are the most amazing precautionary tools for staying away from huge losses. It is mandatory for the newbies to utilize them properly as the margin of mistake is quite high in the beginning of career. Am I right?
If this works for you then I say awesome. For me, using stops has never worked over the long term, like say maybe an annual trade report. I attempted this for six years. I earned a trading contract with Topstep Trader back in 2013 using a typical trade model with a 3/1 reward to risk ratio and traded crude oil (/CL) for 13 months for the Patak firm. I never really got off the ground using stops. I was up then down, then up then down...I slowly dwindled my savings paying my bills until I closed the account with approx. $160 and went back to work laying brick. I began building a trade model in simulation over the next two years with no stops and a funny thing happened as I put in my due diligence...I started producing the same numbers, month after month, quite remarkable really...I now have an Annual Trade Report, not just a weekly or monthly. I challenge anybody reading this to produce an annual trade report where their trade model used stops, hell just an annual trade report would be nice...do not see this much anyhow, I digress.. My stop is a combination of three things. 1) Account Size 2) Leverage 3) The logical assumption that a currency market such as the EUR/USD is not going to go to 0 and stay there...nor is price going vertical to some ungodly number, that would make it a dysfunctional market and there is way too much invested in the euro market for it to be dysfunctional...this is my logical stop. Therefore, I trade with an all in mentality...I call the bluff of the market so to speak...I only buy more when she is going down and sell more when she is going up with assumption that she will return to the mean. 53 trades, not a single stop used on these trades. Notice the open markets with no stops or targets. https://www.myfxbook.com/portfolio/linked-capital-management/2224910 1898.5 pips settled in just over a year 94% profitability so ya, don't think you have to use stops...just have to know what you are doing...don't get overleveraged is what I like to say.
Couldn't agree more..my trade model starts in a 1K micro account grows to a 10k mini account then ends in a 100K standard account in approx six years time (with 50% roi, compounding and 5k savings added each year for tax purposes)...point being I will have taken over 1,000 trades growing ever so slowly into the standard size lot.