Hey it’s me again, nubee, the failed forex trader, taking a beating on GBPUSD since 13 august 2019
I don’t use stop losses because they ALWAYS get hit. On very rare occasions, I get lucky and my TP gets hit or I see a trade with 3 to 4 pips profit and I take it. This usually happens after floating a trade for weeks and my winners come in 1 out of every 9 trades.
Roast me 
I’m assuming you’re a swing trader? I’m not sure how you analyze the pairs, but you need to use a SL always
where you entered it was no trend at all. it was not trending, it was going nowhere. you entered short. the chances were 50/50 to win/lose
bad chances.
you need to make sure to enter on occasions where your chances are +90%
this is where you should have entered a short trade
You said it’s a downtrend, how do you define a downtrend?
You dont use a stop loss.
Have you done the babypips course?
It looks so easy to analyze in retrospect doesn’t it?
I know a downtrend when I see one, it does not mean the market will not reverse.
What’s the point using stop loss when price ALWAYS hits it, then goes the other way? Sometimes exceeding your initial target.
You could always wait it and see if the trend will happen!
If price always hits it, you either have bad entries, too tight stops, or a combination of those.
Both “problems” are fixable.
You’ve already lost because you’re calling yourself the failed Forex trader.
I rarely use stop losses as well. I’ve got several positions open without stops.
I’m down 120+ pips on one pair. I know I have sloppy entries. But I know I’m headed in the right direction.
There are many ways to get away with not using stops.
Think about it, smart money always goes against the majority of retail traders.
The majority of educators all sing from the same hymn sheet and insist on using a stop loss.
this thread is a waste of time, he just is looking for ears to cry. whatever you tell him he will says “yes i know that” but its pretty obvious he doesnt know it, as he fails at applying it.
This is not true
How do you know a downtrend when you see one?! People have studied and analysed 1000s of charts to understand trends and you know when you see one. The H1 made a higher low so you dont know a downtrend when you see one. Seeing as you have no stop loss you can sit on it forever until market goes back into a ‘downtrend’.
Therein lies the key - looking left first then deciding what’s likely to the right side of the chart - that’s the wrong way round.
First analyse what’s likely up ahead - the incoming week perhaps.
Your trade was on cable - so this week ahead check the market calendar - is there anything USD that could move price?
Then figure GBP - numbers are playing second fiddle to Brexit news - anything there upcoming?
Then having thought about where possible direction could go, have a look at the daily for a sense of the left side. But since GBP is involved then perhaps check Eur/Gbp which has been the Brexit indicator - check what happened the day after your trade on that chart.
August 12th was a Monday, previous day UK Tory newspapers were running a positive spin on Brexit - it was enough to turn price.
Edit: One of the headlines Aug 11th:
Boris Johnson accepted an offer from Irish premier Leo Varadkar to meet to try to break the Brexit deadlock
