Trading without setting stop loss (Risky or Not)? - page 10.

cryptoaddictchie

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Quote from: Cryptoababe on August 11, 2020, 07:43:42 PM

The only time I set stop loss is when the btc price exceed my order price. So i wont be scared or the price going back and also there won't be chance for lose anymore.
I found that this idea has been working well for me so far . And its a good way to trade for me as I've seen so far.

Thats the idea of using SL. We have the same tactics and I believe mostly traders are doing so. Once the entry price exceed far you can set the stop loss above this price and its already guaranteed you no loss ( but of course you will bear some fee though). Ive always activate it when I am already at peace with the current movement.

But of course you dont want to lose some chance when your SL has been hit due to minor tick of the market then go up again. It happened to me so many times, I save my position above my entry price and seeing it was hit for a little drop closing my position then gaining again. Thats one thing youve missed maybe a little additional risk is necessary stay on the leverage.

But for some rush hour( market drop and surge fast) you cant aniticipate this and will have no chance to set up a good SL either cut loss or chasing zero losses.

LUCKMCFLY

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This type of trading is how Jesse Livermore did it, with the exception that he protected his Longs with Shorts, in this case they can be Leveraged Shorts, if the market goes against his Long he is protected by his Leveraged Short, the advantage that It has is that it is always in the market, but the truth is very risky.

Wexnident

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Well, my words would be regret is felt a tad bit too late. Even if you win without setting up a stop loss, it doesn't really mean you'd keep winning, and a stop loss could really help in minimizing the losses you would get when that happens, so might as well do it. Sure, you profited for the past few trades you've done, but who says it would continue forever right? It's more like you got lucky for the first half of your trade, never underestimate the chances of you losing when trading.

Stop loss is a necessary weapon whenever you're trading, since traders don't look at maximizing their profits, but rather minimizing the losses they would gain. Profits would come after making sure your losses is at the minimum.

sheenshane

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If you feel better without a stop-loss setting and still you can make a profit that's good for you. I might think that the profit you have earned lately is the coincidence and bit you're lucky enough.

But for me, this is a critical and crucial step. You should have a plan when you are in trading, you will know when you exit when there is a loss scenario because in trading, not all the time you will always win and earn a profit. Considering the stop loss is One of the Best Weapons in Trading.

It's good if you have certainly a better way to risk manage your downside.

Cryptoababe

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Hi All
I've been trading with btc for a while now with 4x leverage and without setting stop loss. But so far, I've been making profit. Although, I still have plan to reduce to leverage to 2x with time.
Due to current market, I've not been selling but buy. I wait for btc to reach a specific resistance price and then when the price come down, I buy and set take profit to almost the current resistance price.

The only time I set stop loss is when the btc price exceed my order price. So i wont be scared or the price going back and also there won't be chance for lose anymore.
I found that this idea has been working well for me so far . And its a good way to trade for me as I've seen so far.

but I feel like posting about it here to see other people opinion and more experienced traders opinion.
I will really appreciate your opinions and what you think will be better or any better suggestion.

Topic: Trading without setting stop loss (Risky or Not)? - page 10. (Read 2171 times)