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Anyone Trade without SL ?

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  • Anyone Trade without SL ?

    Can anyone get long term success trading FX without using predefined Stop Loss levels. We know market moves back and forth and take sharper moves with fundamentals. FX Viper on this forum is a live example of trader who trade without SL.
    Do you guys trade without SL?

  • #2
    Originally posted by Ahmer View Post
    Can anyone get long term success trading FX without using predefined Stop Loss levels. We know market moves back and forth and take sharper moves with fundamentals. FX Viper on this forum is a live example of trader who trade without SL.
    Do you guys trade without SL?
    Do you just make this crap up as you go along. Have another read of how Viper manages hes trades. He was quite clear on when he would decide to close down a negative trade.

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    • #3
      Originally posted by p3t3rjj View Post
      Do you just make this crap up as you go along. Have another read of how Viper manages hes trades. He was quite clear on when he would decide to close down a negative trade.
      Not only viper but many of the signal provider don't use fixed SL.

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      • #4
        Originally posted by Ahmer View Post
        Not only viper but many of the signal provider don't use fixed SL.
        Trading without SL, and trading without a fixed SL is quite a different thing.
        By fixed you could mean percentage of equity or just plain pip count.
        Without fixed SL, but still using a SL would indicate the trader judges each trade setup or basket of trades individually and would apply a stop loss accordingly.
        No little red line behind the entry does not mean no stop loss.

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        • #5
          I agree but those who have fixed trade setup does not need to look at screen all the times. Trading without SL leads you to believe something should happen as per your Analysis. That is why most seasonal traders gone away with a change of wind.

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          • #6
            Hello Ahmer ,

            Here is an article i once read that talks about a little market fact about traders who use fixed stops and those who don't and more . May be of help.

            http://www.dailyfx.com/forex/educati...ders_Make.html
            LBC Forex Room
            Daily Currency Value Analysis

            Following a great mind slavishly merely creates new religions, and religions are bad, because they destroy what is most important to us, which is individual thought, 'Roger M'

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            • #7
              Lord Benj: Thats a quite good article and i m sure most of the traders are aware of this.
              The reason most traders do not fixed their stops is that market reverses in their favor most of the time. There is always an 80:20 Rule that ruins the traders account.

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              • #8
                Hi guys,

                I can understand that professional traders do not necessarily need to set a pre-defined stop loss set.

                What about some world event like terrorist attack or tsunami that might wipe out an account while sleeping?

                Is this something that people think about?

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                • #9
                  It is not safe to trade without SL. traders mustbuse this stop loss. if you can take little amount of lot. then you canan trade without SL. Sometimes i use this strategy for trade without SL. for this you have to trade with the trend.
                  100% Free Forex Signals with weekly Analysis | Free high Profitable Forex Trading Strategy.

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                  • #10
                    This is my view on stop losses. http://www.priceactionforextrading.c...essful-trader/
                    Last edited by Price Action Trader; 01-01-2015, 01:08 PM.
                    I trade, I teach, I sometimes sleep. I sow the seeds of knowledge deep. They grow, they fruit, and then we reap.

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                    • #11
                      People might have their own opinion regarding stop loss. I only use it for 1 reason, to protect my account. We never know something can happen around the world that can effect the market. Market isnt always predictable. I wonder how many traders that didnt use SL lost their account after what happened to CHF currency recently
                      Deleted

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                      • #12
                        I checked other team traders... One team trader still in -2% since last 12 months I custom the myfxbook history.. didn't make any money and that guy using different SL strategy. So use SL when is required don't use SL just bcoz of people are saying.
                        http://www.myfxbook.com/members/type...orncom/1211759
                        http://www.myfxbook.com/members/type...orncom/1210332
                        http://www.myfxbook.com/members/type...ds-for/1173830
                        http://www.myfxbook.com/members/type...t-100k/1146476
                        http://www.myfxbook.com/members/type...orncom/1121482

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                        • #13
                          After the recent SNB fiasco I think having a SL on every position is essential. This is a Skype I had with a very respected broker shortly after SNB.

                          Me: Do you think having a SL added to every trade might help me in a black Swan type event?

                          Broker: yes for sure it will.. out of the 10 accounts that went negative 9 of them didn't have SL attached to the CHF trades.

                          Broker: Clients with SL still got slipped to next available price after the market gapped past the SL but it closed them out at that level before the next big gap

                          Broker: So it definitely helps but even more important is to not overleverage an account.

                          Cheers,
                          Rod

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                          • #14
                            When I observe only 1 pair and I am deeply concentrated I use to trade without SL. Most of the time I close my orders before they hit SL level, so there is no reason to put it if you are concentrated and ready to react

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                            • #15
                              Trading without Stop loss is very Risky

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