Trading without a stop ORDER

[robster970]

I couldn't trade without stops. Stop loss orders are what keeps me disciplined. I sometimes exit before stop is hit but without the stop I usually get stupid and end upholding on to a losing position for longer than I should have. Kudos to traders that can trade without them and still keep their discipline!

Peter

I was like that for a while. I found that removing the safety net forced me (a) take responsibility for all aspects of the trade and (b) forced me to evaluate when the trade was going against me. Watching your money evaporate on hope was what I needed and it had a profound effect on my performance. It was the thing that turned my daytrading from loss making to mildly profitable.

I still have flaws in execution, in fact on Tuesday I let one run way too far for me (well, 1.25pts to be precise) but the cumulative improvement over say another 10 losers which now come out about 1-2pt's better off means I can take a failure like this every now and again.

 

[trader_dante]

I still have flaws in execution, in fact on Tuesday I let one run way too far for me (well, 1.25pts to be precise)...

Is this in the ES? lol

I got 7 pts onside yesterday and ended up taking a loss :-(

 

[robster970]

Is this in the ES? lol

I got 7 pts onside yesterday and ended up taking a loss :-(

I just re-read what I wrote - I can see why that sounded a bit melodramatic - LOL.

I try and bail before a 3pt loss and I'm trying to grab 4-6pt winners. I got all flustered and hopeful and bailed at 4.25pts. My winners average about 50mins in duration and vary between 15 and 90mins. Losers average about 70mins in duration and vary between 8 and 160 mins.

I suspect I'm not trading the same timeframe as you TD - just a hunch......

 

[oiltanker]

hotch

I have been looking into turning the trade into a spread rather than using a stop. ever looked into that?

 

[Hotch]

Nope, don't think I trade long enough for that to be worth while, and from first impression I'm not a fan, if it's not going to plan, I get out, that's really what I was saying at the start (as opposed to waiting for it to hit the stop), changing it to a different type of trade is something I'm very wary of.

That's not to say it's not possible, I know some people who do very well out of it.

 

[brettus]

Nope, don't think I trade long enough for that to be worth while, and from first impression I'm not a fan, if it's not going to plan, I get out, that's really what I was saying at the start (as opposed to waiting for it to hit the stop), changing it to a different type of trade is something I'm very wary of.

That's not to say it's not possible, I know some people who do very well out of it.

I was just saying you will lose your money without stops. It might work out sometimes not using stops but eventually you will do your nut. It's simple. If the market moves too fast your stop takes you out, if the market moves slowly against you and you find another resistence or support level, you add to your position. I do the opposite to whatever you do anyway. If you sell, i buy, if you buy, i sell. I'll manage the position if it goes against me. You'll lose, i'll win overall. You live in fear, i don't. You will buy because you think you will miss the boat otherwise.

 

[Hotch]

I highly recommend reading the thread ;-)

 

[doberman]

If it looks good for a buy and has fulfil all the criteria to do so and then goes in the opposite direction
if it looked good at the first price is it not a better buy at the now lower price so why not double up
with the fall as you the first price was good and will come back and above
I have been trading the banks like this for best part of six months and making good pips
I know this is not professional are is it?

 

[Hotch]

It's not how I do it either. Most people when they find a setup, they also have a path in mind as to where price will go to get to their target.

If it's not following my path, I get out, and don't wait for it to hit my stop.

 

[doberman]

Today i am trading usd/cad I am long from 0.9998 not to miss out on what happen for me yesterday 0.9980 / 1.0050
Half hopping for more of a fall to get in heivier
should i have put in an order for the price i fell it is the bottom ( .9975 )
does any of you guys trade like this