I Stopped Using Stops

[tar]

I like this exit.
Theres those whoda em all up at 44, either trading out or to a hard stop. This trader held out for another couple o minutes and got out at 56! Whether at market, or limit, this guy turned a 10 yard loss into a 7.5 yard loss.
He reduced his loss by 25%, he sought value.

Good job. Sincerely. :clover:

I do that all the time - soft stop - , but sometimes the market is fast and you just want out especially with a 10-20 sl , its already tight i dont have to wait for a retracement to exit i can re-enter at anytime , 10-20 points are nothing and can be regained easily .

 

[Jell02]

I don't know what happened to the guy that started the thread but if you stop using stops you are doomed. It might work for a bit until one day it stops and you could wave your money goodbye.

 

[darktone]

Ok, clearer now why some folks defend their use of stops.
If you can relate to this kinda trading (buying high , selling low).

Then you will need stops. Why? Because whatever the dominant driver of your decision making process is, it isnt 'seeking value'.
We all like the idea of buying low and selling high, but how many of us actually attempt to do that when we trade? What stops us?
Imo, an easy to understand one word answer could be fear.

 

[tar]

Ok, clearer now why some folks defend their use of stops.
If you can relate to this kinda trading (buying high , selling low).

Then you will need stops. Why? Because whatever the dominant driver of your decision making process is, it isnt 'seeking value'.
We all like the idea of buying low and selling high, but how many of us actually attempt to do that when we trade? What stops us?
Imo, an easy to understand one word answer could be fear.

I do both :

Buy Low Sell High

Buy High Sell Low

 

[Pat Riley]

I don't trade the way you guys do and don't currently plan on doing so, but if I did, using stops would be a no brainer.

The only time you would ever not need to consider using them is if you knew with 100% certainty precisely what the profile of price development was going to be. You'd also need to be totally prescient on the flavour of the market you're operating in and the colour of the broader market (macro). There is significant mega-wattage expended across server farms globally engaged in exactly that task and they barely scratch the surface in terms of providing a commercially viable edge.

Of course, if you already have a buyer/seller for your position prior to acquisition at an advantageous (to you!) price then you don't need to use stops.

Mexcio City pleasantly cool this morning. Too early to get ready for work and too late to go back to sleep. These are the times for which gaming was invented. Adios.

 

[darktone]

I don't trade the way you guys do and don't currently plan on doing so, but if I did, using stops would be a no brainer.

The only time you would ever not need to consider using them is if you knew with 100% certainty precisely what the profile of price development was going to be. You'd also need to be totally prescient on the flavour of the market you're operating in and the colour of the broader market (macro). There is significant mega-wattage expended across server farms globally engaged in exactly that task and they barely scratch the surface in terms of providing a commercially viable edge.

Of course, if you already have a buyer/seller for your position prior to acquisition at an advantageous (to you!) price then you don't need to use stops.

Mexcio City pleasantly cool this morning. Too early to get ready for work and too late to go back to sleep. These are the times for which gaming was invented. Adios.

Long may that happy situation continue for you mate. If / when the phones stop ringing, and you have step over to the other side, thinking as you do.
Gooood luck

 

[darktone]

I do both :

Buy Low Sell High

Buy High Sell Low

Hows that working out for you?

 

[timsk]

. . .I don't trade the way you guys do and don't currently plan on doing so,. . .

Care to expand on this Pat and outline how you do trade - assuming that you do?
Cheers,
Tim.

 

[tar]

Hows that working out for you?

Great mate ...

 

[darktone]

Great mate ...

Thats good to hear man.

Hey I was wondering. You know that fake move up in the dax earlier, Is this current move up a fake to? Ive never been able to tell the difference.

 

[tar]

Thats good to hear man.

Hey I was wondering. You know that fake move up in the dax earlier, Is this current move up a fake to? Ive never been able to tell the difference.

Doesn't matter to me i only look at how many points i have made at the end of the month ...

 

[darktone]

Doesn't matter to me i only look at how many points i have made at the end of the month ...

No probs, its just that you called it a 'fake move', was just wondering why you called it that really.

Have you ever considered what you didnt make at the end of the month? Ie how much you lost.

 

[tar]

No probs, its just that you called it a 'fake move', was just wondering why you called it that really.
I called that after i closed all trades it has nothing to do with my trading decisions , just a forum banter nothing more ...
Have you ever considered what you didnt make at the end of the month? Ie how much you lost.
No

.

 

[darktone]

I called that after i closed all trades it has nothing to do with my trading decisions , just a forum banter nothing more ...

Got you. Bit of a relief for me to be honest. I thought I was missing something.

No

Youve never considered how your losses impact your overall profitability? You dont think it may be important?
how they handle a loser

 

[Pat Riley]

Care to expand on this Pat and outline how you do trade - assuming that you do?
Cheers,
Tim.

I've already done that timsk, in outline in a post a while back, and even suggested ta Sharky I might do a piece (article) for ya, but he said ya's all be bored ta tears.







not sure if the added links edit will take ya to the specific posts or just the threads, but I'll start a competition for all of ya's to find the one word I used to search for the posts which encapsulates me trading style.



http://www.trade2win.com/boards/dis...ading-few-other-things-too-7.html#post2543198

http://www.trade2win.com/boards/general-trading-chat/205542-taking-profits.html#post2535996

http://www.trade2win.com/boards/foyer/192710-anyone-into-emerging-markets.html#post2407314

http://www.trade2win.com/boards/forex/192452-petition-repeal-us-hedging-fifo-rule.html#post2401770

 

[Pat Riley]

Long may that happy situation continue for you mate. If / when the phones stop ringing, and you have step over to the other side, thinking as you do.
Gooood luck

When I have to 'step over to the other side', trading will be the last of me worries.

 

[fxstrategist]

There is no way of knowing if a move is a going to be a fake move until after the fact.

 

[Wicked_Daddy]

Just me, the stupid OP, non professional, inexperienced, no strategy, no plan wannabe trader... checking in on this thread - the argument continues, I see.

So, haven't used a stop since May 25. Haven't lost a penny since then either. 47 straight winners to this point. For the record: I trade EU exclusively, 1.5 to 2 lots per trade, NY/L overlap and sometimes the NY close/Asian open for a quick net of the candle retrace on the close of the day. That's easy money.

 

[Forexmospherian]

Just me, the stupid OP, non professional, inexperienced, no strategy, no plan wannabe trader... checking in on this thread - the argument continues, I see.

So, haven't used a stop since May 25. Haven't lost a penny since then either. 47 straight winners to this point. For the record: I trade EU exclusively, 1.5 to 2 lots per trade, NY/L overlap and sometimes the NY close/Asian open for a quick net of the candle retrace on the close of the day. That's easy money.

Hi WD

Have you closed every trade ?

Also what range have you been playing in for last 3 -4 months - the whole 700 pips approx - or not ?

I know of traders still in buys at over 2500 + ie over 1500 pips away from now and also over 8 months away - they just hope and prey and realise the inefficiency of their actions - with over 25% of their account tied up wasted

if you have always been able to buy and sell in the 950 to 1000 area - then what ever you have done your extreme might only be 300 pips - so not bad compared to 1500 +.

The range will finish one day - it might be in just 3 months or even 9 months - just hope that you don't get to over confident and end of with a group of trades adding up to over 3000+ pips in the red.

If you say - thats no problem - my stakes % of capital is really low - OK no problem - that could mean your winnings are therefore really low unless you are adding etc

Good Luck - but one day or year it will run out - if you can make your money before then and then change your method - you could be OK

Regards

F

 

[tar]

The EU is in a range that's why it was easy , but check long term charts and tell me what you see . Look at the drop from 1.40 to below 1.10 ...

GL