Make friends with probability and don’t rely on luck. You are the key to the unique trading system that will help you succeed !
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Volatility on Forex market can be really substantial, especially during fundamental releases. In this sense it would be advisable to use at least SL order as sharp market moves can swipe all trading profits within seconds. You can try to trade without SL on demo account and see if it is ok with you
khann, yes many do until they actually do the math. Even the famed Turtle Trades with had a horrid win-loss ratio killed their losses early and continued the hunt for a runner.
Seems to me I read someplace they made a few bucks.
not a good idea at all, i learnt the hard way 
Personally I would never trade without a stoploss, risk management is number 1
If you are a beginner and you ahve invested some money on the forex market then you are advised to use the stop loss all the time. I would say that it is sin to trade without stop loss in the beginning of your career. My statement means a lot and you ahve to take it serious. Thanks!
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I took out my first buy limit trade today but waited for 6hours but the market came and took support at that level and not activating my trade so I decided to take on a sell limit few hours after and boom I was in profits then suddenly d market rapidly took resistance at my SL
And now am a bit depressed cause my account is left with just $2.19 my question now is how do u senoir traders overcome the loss stress ? And is it possible for me to grow this $2.19 balance? Sincere answers are highly recommended!
Any trade can be a loser. If you have a consistent strategy a loser doesn’t mean you did anything wrong, its just that no strategies produce 100% of winners.
So, treat every trade as if this is going to be a loser. Use your TA to decide where to enter: the same process should int to where to set a stop-loss. Adjust position size so that if this trade loses, the damage to your account is not too great.
Day-trading on NFPR day should be avoided with most strategies. In fact, the market can be subdued for several days before NFPR every month, plus some major interest rate announcements.
Ok, let’s assume your trade was Eur/Usd and since today was NFP your limit trade was set 6 hrs earlier - i.e. EU opening time - all very sensible imo.
Not sure why your buy was not activated if placed at support (up arrow 6 hrs before NFP), perhaps you went below support which is common if trying to squeeze even more out of a trade.
Thing is when looking at the chart to the left side there is an upward trend hr1 - so sell only at a nearest previous top - i.e yesterday’s high, which would also have worked.
All this is left side analysis and so quite easy, think always to the right which you didn’t when angry with the market because your limit was not hit 
Btw, more left side stuff, this time it’s FA.
That up arrow at European opening time, they continued to sell USD - why?
Because yesterday’s services pmi was a miss - if purchase managers are downbeat then hiring will be the same - so EU market was expecting a NFP miss - sell the dollar.
Reality was the miss was not so terrible and as Adam Button of forexlive commented at release -
This is a great report for risk assets and solid for the US dollar. The number was close to expectations but wage data was soft, suggesting slower inflation.
The combination of the headline and revisions shows that the economy is in fine shape and the drop in unemployment is positive.
In other words - buy the rumour, sell the fact.
Yes - have a long term account over 8+ years where I’ve never used a SL.
It’s no different from investing in stocks (not CFDs), but actually buying the underlying stock and waiting several years.
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There is no doubt that trading without a stoploss will give you a good-looking balance chart, but what about your equity chart with big drawdowns? Can you handle a losing trade that keeps moving against your entry and your loss gets bigger and bigger? You may wanted to close it at some point but when you look at the loss now, you are dreadful of closing it. Some people suggest trading without stoploss and some big traders are earning money this way, but isn’t it like having no seat belt while driving in a crazy road where you don’t know what comes next? I strongly suggest that you use a stoploss no matter how big, but use it.
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@Tygralanim Well said.
Every trade must come with a stop loss point figured out before entering into the market. I have my stop loss order but will never place into the market to avoid being whipsawed unnecessary. I will only execute my stop loss order after the market closes for the day, i.e., I will place the order after the market re-opens the next day by market order if the current price goes below my stop loss level.
One may think I might lose more, that is possible & true. However, throughout my trading life, I have been whipsawed left and right for so many times until one day, I realized that I would rather lose more at one occurrence instead of being whipsawed so many times and then the market eventually goes back to my original direction, which not only ended me up incurring unnecessary losses plus the opportunity costs for missing the trend.
And I never use opening an opposite position to hedge against the losses. It is a self-deceit strategy for refusal to accept losses. I have gone thru this when I was young, costing me tons of money lost. The more you are not prepared to lose, the more you’ll lose. Instead, cut your losses and reverse your position if you are on the wrong side of the market force (trend), so you have a clearer mindset instead of worrying about how to save the old position.
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Everytime i use a stop loss i lose way more than i would have gained. I discontinued using it now i lose some and win more holding trades are better for me and then i can go monitor them later. Sometimes i miss good opportunities but had a stop loss been in place there would be no chance in having a good opportunity to gain great profits but using one your sure to get stopped out too early just use lest risk when doing this is what i e been learning so far
This just doesn’t sound right. How were you identifying your stop-losses that were costing you money so often?
I’m like you
I’ve traded without SL. Successfully with my own money. And I’m a “novice”. Yes it can be done.
I don’t trade without a stop loss. But if you desire to you can. For a while I tried coding a number of CTrader CBots. Some of the times I coded without stop loss and just used opposite signal to reverse direction. All of my strategies I tried coding ended up in the red. Those that I didn’t use stop loss ended up blowing up accounts super quick.
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u can trade without a SL as long as u are hedging ur positions. and i don t mean buy and sell in same time same currency. even tho that also can be done if let s say u are long and the trend is in correction mode, then u open a sell to take advantage of that, and when the trend resumes u close the sell and leave the long. it s a broad topic and needs a bit more understanding and looked into then i can explain here in few lines. bottom line is always trade with SL, spcially if ur newer into the trading world
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