Fire And Forget

Hello there, can someone of you Elders answer my question :

Lets say you have a 50.000Eur. account 1:500 leveraged, and the world economy is not at risk or beyond decisions etc…And price is not at Higher Highs,

When the price is in the middle of Support and Resistance, and MACD Says a new trend starts, BUY!, can you open a Buy position of 1Lot with a 10 pip TP but Without SL ?

Since you have 50.000 margin to play , and nothing serious happens in the world, the price will eventually come back after an hour, or a week , or even a month right ?

Why to set a SL ?

Hi

Please read about margin requirements and margin call and stop out level.

you’ll understand what you asking and you’ll get the answer as well.

regards
tradertalent

How can you be sure that price will evenually reach that level? What if drops 1500 pips? How long are you willing to wait? A week? A month? Five years?

all very hypothetical.

Now forget about that.

Open ur EU or GU or maybe some other chart like USDCHF and then open your monthly chart and zoom out.

you can even look at the pip counts if you feel like it.

That should answer your questions.

That would

I do something like that. I open when i think its high enough or low then put large SL. i notice its almost always come back.
I only lose 2 out of 30 trades.

When i lose its big but not bigger than my MANY small wins. I dont win following the common rules :slight_smile:

Thats Right !! For the last 3 months (meaning this summer), I have never Ever Ever Ever had to close an open position, and made REally Great profit from trading 0.01 Lots (did not use SL At all) !!! However the longer I had to wait was a month cuz of stupidity, not looking at indicators combination, but In an average of 6-7 hours i get the profit target wich is no more than 10 pips…
all in all this works for me and its very low - stress method compared to scalping

But I suppose that Ive got to stop this …strategy, until economy will get stabilised, cuz without SL money will fly away.
(And as soon as economy stabilizes we go short on Gold !! hooraayyy !!)