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    Thread: moneygrows's trading journal

    1. #2221
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      Quote Originally Posted by ola4real View Post
      Ride on with your work, it is the forex field, we are born to make money from it. I do not make myself to look as if i am the best or the worst in the market, i just do my trading to be best of my capacity, and it is working for me. What i deduced from you is that you are doing well also. You may have the both stop loss and take profits at different cases, but you still keep the hope working for you. That is a good way to think as trader bro, we will do this till we are so happy with the way we trade the market.
      You have expressed yourself kindly my friend, that is what traders have to do, we have to prevail over anything concerning the forex market, that is how we will be happy with out trading. Forex traders have to know how this business is supposed to be traded well before we are taking the trading challenges, when we do not know how the forex business is functioning, we will just jump into it. and that will cause us much pain. Traders have to be ready to trade with good strategy, they should be ready to be using their
      stop loss where it is necessary too.

      The traders who thinks that he knows how to trade well, but he is not using the stop loss is going to be losing money in the big form, such trader can be wasting his trading account for many times of care is not taken. And what we call experience about the market is not what many traders thinks it covers all the aspect of trading which traders should not be taken for granted.


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    3. #2222
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      Quote Originally Posted by whiteliontrader View Post
      You have expressed yourself kindly my friend, that is what traders have to do, we have to prevail over anything concerning the forex market, that is how we will be happy with out trading. Forex traders have to know how this business is supposed to be traded well before we are taking the trading challenges, when we do not know how the forex business is functioning, we will just jump into it. and that will cause us much pain. Traders have to be ready to trade with good strategy, they should be ready to be using their
      stop loss where it is necessary too.

      The traders who thinks that he knows how to trade well, but he is not using the stop loss is going to be losing money in the big form, such trader can be wasting his trading account for many times of care is not taken. And what we call experience about the market is not what many traders thinks it covers all the aspect of trading which traders should not be taken for granted.
      Well said mate, one thing is to know how the business is suppose to be operated and another thing is to be able to run the business the way you know it's suppose to be done. Trust me most traders know the importance of stop loss, take profit, good strategy and money management but emotion control and discipline issues won't allow them put to use what they know and what is suppose to work for them in the market.


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    5. #2223
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      The truth is that we all need to understand that this market has various participants who choose a certain style of trading, I belong to the category that does not use stop loss for any trade because it is a limitations, the market will move and takeoff sl and the moment that happens, it now reverse and goes into the place you wanted, that has happened many times before and I call it quit with SL.


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    7. #2224
      I just can't quit pips!
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      Quote Originally Posted by Neriah View Post
      The truth is that we all need to understand that this market has various participants who choose a certain style of trading, I belong to the category that does not use stop loss for any trade because it is a limitations, the market will move and takeoff sl and the moment that happens, it now reverse and goes into the place you wanted, that has happened many times before and I call it quit with SL.
      I will advice that you think about using stop lose when you trade or better still your money management should be very strong,the reason is simply because you can not determine what will happen in the market the next moment,market can become suddenly volatile and it becomes difficult to even close your trade,i have seen many margin calls as a result of the non use of stop loss.


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    9. #2225
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      Stop loss is very helpful for the forex trader because there are some high volatility that cannot allow us to close a trade manually especially when we the news announcements comes, setting stop loss in the chart is our best measure of keeping ourselves from an unnecessary drawdown which could be psychologically daunting.


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    11. #2226
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      Quote Originally Posted by Neriah View Post
      The truth is that we all need to understand that this market has various participants who choose a certain style of trading, I belong to the category that does not use stop loss for any trade because it is a limitations, the market will move and takeoff sl and the moment that happens, it now reverse and goes into the place you wanted, that has happened many times before and I call it quit with SL.
      Thing is that, if that trading approach works for you then keep on making use of it. After all that is what we are in for in the business to make use of any trading approach and method that works for us. Well, with what I have also learned as well. Using stoploss could be a saviour but then, if you are not using it then you should use cur losses.
      Quote Originally Posted by bigani View Post
      I will advice that you think about using stop lose when you trade or better still your money management should be very strong,the reason is simply because you can not determine what will happen in the market the next moment,market can become suddenly volatile and it becomes difficult to even close your trade,i have seen many margin calls as a result of the non use of stop loss.
      It is not a must, after all I have seen a lot of traders in the forum here doing just fine not making use of stoplos but they are making hell of profits. While others are using stoploss and still they loss a lot in the market. I believe it is much about understanding the way to trade with strong analysing skills and then on the other hand being able to know when to cut the losses.


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    13. #2227
      My charts talk to me!
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      Quote Originally Posted by Oghale View Post
      Stop loss is very helpful for the forex trader because there are some high volatility that cannot allow us to close a trade manually especially when we the news announcements comes, setting stop loss in the chart is our best measure of keeping ourselves from an unnecessary drawdown which could be psychologically daunting.
      Trading with SL and without SL has different views by different traders. I am personally trading with SL despite of fact I am following swing trading method by analysis on daily and weekly charts with low lot size and setting 50 to 60 pips SL and when my trade goes 50 pips positive i set my SL at breakeven.
      SL is very helpful for the new traders like me as they have not so much practicing experience and unable to judge market exactly and sometimes market at small time frames seems bearish but the actual trend was bullish at daily or weekly time frame. So this is advisable to set SL.


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    15. #2228
      It's time to retire!
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      Thing is that, if that trading approach works for you then keep on making use of it. After all that is what we are in for in the business to make use of any trading approach and method that works for us. Well, with what I have also learned as well. Using stoploss could be a saviour but then, if you are not using it then you should use cur losses.

      Ultimately when you are not using your stop loss that means as trader you are open to the biggest threat to your account and if it come then you will lose all of your fuel and left with nothing. Money in this market act like fuel if trader did not prefer to save his money then he will remain unable to stay with it or keep it secure.

      I Trade Structures, not Noise.


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    17. #2229
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      Quote Originally Posted by shahidmehmopd View Post
      Trading with SL and without SL has different views by different traders. I am personally trading with SL despite of fact I am following swing trading method by analysis on daily and weekly charts with low lot size and setting 50 to 60 pips SL and when my trade goes 50 pips positive i set my SL at breakeven.
      SL is very helpful for the new traders like me as they have not so much practicing experience and unable to judge market exactly and sometimes market at small time frames seems bearish but the actual trend was bullish at daily or weekly time frame. So this is advisable to set SL.
      Keep it up with your management because no matter how we plan to play smart, sometimes the market can really be against us and our only savior will be to cut our loss short with proper stop loss. We must learn on how to handle risk and we must be ready to see that we have a better management we need in trading. It's important if we can learn and its good we see the protective means of managing our trade to become a success. Stop loss is helpful and my advice is that we continue to use it.


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    20. #2230
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      Quote Originally Posted by bigani View Post
      I will advice that you think about using stop lose when you trade or better still your money management should be very strong,the reason is simply because you can not determine what will happen in the market the next moment,market can become suddenly volatile and it becomes difficult to even close your trade,i have seen many margin calls as a result of the non use of stop loss.
      I am with you on this one my dear friend because stop loss is a must in Forex, we never know how market will react in the coming time no matter how certain we are about our trade setups so we have to take calculated risks instead of blind risks.


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