It’s important to use Stop-losses, as they prevent large and uncontrollable losses in volatile trades. If you’re not using stop-losses, it’s only a matter of time when a large losing position suddenly experiences uncertainties and you loose money.
2 Likes
When you doubt a trade to go bust, take actions immediately and you should always use stop loss in your trading.
1 Like
If you’re struggling mentally to close it, the following options may help
- Close half, that way you’ve taken half the loss, and mentally you’ll be able to close the second half
- If you’re short, go long half the position. Or visa versa. That way you have reduced half your continuing risk, your margin is reduced, and it gives you thinking time to trade your way out of it.
- Next time you trade, try dividing your positional size into sections that you scale in and out of a position. When I trade I scale in, working my way into a position, both sides of the market to reduce risk, increasing my space and the differential. It’s a deal changer for me.
- Man up and close it, and re-assess your risk profile
The only thing hard about trading is taking losses, the rest is easy.
2 Likes
Tbh you’ll have to learn & experiment with that in your trading . Sounds like your Scalping , so if your going trade with no stop I recommend to check your trade often 
or set alerts ,but experiment with different stops / trail and stop ideas & then put that idea into your trading plan so you never go against that rule !
1 Like
Oh, that’s a great option!
Yea, I’ve been trying to do some of the scaling in the last week of trading. It’s just a matter of when! Any tips?
I’m learning this the hard way. With some losses and more time watching the charts. It’s a bit stressful but exciting. Maybe I’ll keep with the scalping but try to run something on a higher time frame too.
1 Like
Hell yea , just do you ! All my friends wanted me to scalp because it made money fast , but my eyes work best for long Timeframes - so I can let my trade cook . You’ll figure it out 
No matter what I did for the last 25 years, whenever I opened a trade, it would always go the other way. If I used a stop loss it would hit it every time and then return to my entry point and even go further just to kick me on the teeth. If I was in a winning trade and I closed it, it would always go further, but if I didn’t take it, it fall back to a losing trade. Then this year I had a brain wave and asked a programmer to code me an EA. Wow! What a difference, I’m actually making money for a change and actually enjoying trading again!
What does the EA do which you didn’t do?
What’s the best way to close a losing trade with no stop loss?
Here’s a thought from a certified mad trader individual. 
Do some research on forex hedging and see what comes up.
1 Like
Will do thanks.
Did the amount of trades you took versus what the EA traded change bigly?
1 Like
So, what I was trying to convey in my post was that every decision I made was wrong and I ended up hating trading. What the EA does is make the decisions for me. When I approached the programmers (two of them), they were very experienced programmers with 1000’s of EA’s under their belt. They admitted to me that they have never had a client ask them to code an EA that uses a particular function that I asked them to use (I also used to code but not in MQL4). Basically it means that the EA literally decides for me ( bit like AI).
One of the programmers was stumped at how to code it and had to go back to the books! The other managed to get it right first time.
Not hugely no.
Thank you. EA’s are something I have not ever looked into so this is all interesting for me.
Two things can be taken from your reply. Firstly, for a trader to invent a unique and new strategy is not going to be easy nor guaranteed to be profitable. Secondly that a well developed plan / strategy is an essential starting point.
I’ve said in the past there are only two basic forex strategies - buy because price has been rising, or buy because price has been falling. Maybe the EA uses both…
1 Like
Agreed. Definitely not proven to be profitable, well not on a long time frame but on a short one, so far, it’s doing well
The other thing is, it’s not FX, it’s on a S&P chart but can just as well be used in FX by just changing the inputs
1 Like
Don’t forget to use stop loss in your trading because stop loss works as a safeguard. Besides stop loss, you should also use TP.
This one is for all the MINDLESS SHEEP who keep repeating what they hear without having an open mind to examine and test what the are told.
How do you like my stop loss now on a REAL ACCOUNT???
lololol.
haha wow! Is this manual trading or an EA? Looks like you have something that works for you.
Yes that is as manual as it gets. It truly is hard getting people to take a few seconds and think things through but I am trying, lol.
When people tell you take only one trade per day do you really take that piece of advice just because they said so?
Rest assured I know the value and reasoning behind a stop loss and I wouldnt suggest traders trade without one but what if that reasoning is actually flawed? Think about it.
I remember this one guy who said something about luck when I posted some similar results some time back. Well here is some more of my lucky trades for him to berate some more.
