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Anyone Trade without SL ?

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  • reaper_unique
    replied
    I've learned the hard way that even placing a stop loss isn't a security against major losses. I had a good limit stop loss before I went to the bed the night before the British referendum. To what do I wake up to? Not a hit stop loss but a stop loss that got triggered but not executed due to the fact the market was so volatile that my stop order didn't reach the market in time to get executed. Result? 20K loss on a 28K account.
    I now place a stop depending on the situation. But most of the time I still place a tight one because I trade breakouts on H4 and daily and either you are correct and it shoots out or you are wrong and it goes the other way or stays side way for a bit longer.

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  • Eliza Abrams
    replied
    Originally posted by arbtrader View Post
    What about some world event like terrorist attack or tsunami that might wipe out an account while sleeping?
    Hahaha, aah, I lost internet connection - and consequently couldn't control of my account - due to a lightning strike once. It was a very panicky half an hour until I finally, finally managed to call my broker and tell them what to do with it over the phone.

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

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  • Eliza Abrams
    replied
    I can't do it without a stop loss. I'm too afraid of losing control over my trading for technical reasons at least,

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  • kaito kid
    replied
    Originally posted by forexbonus100 View Post
    Trading without Stop loss is very Risky
    Stop loss is one of the best tool for Forex trade which protect the capital money from maximum loss and controls the emotional trade also . Trader must use stop loss before opening trading position to make trade safe and risk free . Trade should automatically close when reaches at certain price

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  • Steven454
    replied
    It's quite risky for me... I always trade with SL and usually set it about 10 pips, but amount always depends.

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  • forexbonuslab
    replied
    Originally posted by Ahmer View Post
    Generally speaking. Both kind of traders can be successful and failed. Once you become successful trading with SL then you can go outside and enjoy life.
    Once you fail in trading without SL you can go outside and enjoy your life as well

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  • Ahmer
    replied
    Generally speaking. Both kind of traders can be successful and failed. Once you become successful trading with SL then you can go outside and enjoy life.

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  • forexbonuslab
    replied
    Originally posted by Razumovska
    I have read the idea that trading without stop loss is possible if you use a low leverage. I guess this discussion took place on forexfactory. What do you think about that?
    The basic difference is the amount of money you expose to risk, but main question in trading without SL is are you able to rely only on your own set of skills and decisions. So, from my point of view, there is no difference in leverage

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  • forexbonus100
    replied
    Trading without Stop loss is very Risky

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  • forexbonuslab
    replied
    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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  • nwboater
    replied
    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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  • fazalksa2
    replied
    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.

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  • fos4x
    replied
    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

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  • Price Action Trader
    replied
    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.

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