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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Anyone Trade without SL ?
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Originally posted by arbtrader View PostWhat about some world event like terrorist attack or tsunami that might wipe out an account while sleeping?
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What about some world event like terrorist attack or tsunami that might wipe out an account while sleeping?
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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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Originally posted by forexbonus100 View PostTrading without Stop loss is very Risky
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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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Originally posted by Ahmer View PostGenerally 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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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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Originally posted by RazumovskaI 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?
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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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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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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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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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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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