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    Thread: Interlock's trading journal

    1. #1691
      My charts talk to me!
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      Quote Originally Posted by Oghale View Post
      Stop loss is really not necessary because you can do without it, the only thing there is that you need to be watching the chart so that you will know exactly when the price is going against your trade and make plans to leave with a small loss, this is a bit complex though.
      Try to be trading with stop loss at all times, this is necessary for you when you want to be the kind of trader that will be successful in what they do. Forex trading is very risky, we can not be sure that we will make money through the pattern we traded or we will lose money through that pattern. For this reason, i am certain that when we do use stop loss, we will be secured in our trading position, and that is a good move by any trader that can do it well.

      But in the case you are trading and not using the stop loss, you are just calling failure to yourselves. The market is always not easy to be traded at all times, it is the trader that will need to plan well on what to do, that is what will limit the way the trader is risking in the market, And come to think of it, if you are trading without stop loss, what kind of trader will you simply be, and what will be the fate of your trading account if you are doing a bad trading like that? This is what i want you to think about, it is better to use stop loss than not to use it.


    2. The following 4 users say Thank You to whiteliontrader for this useful post.

      Honey Bee (04-16-2018), Interlock (04-16-2018), loveyo (04-16-2018), shahidmehmopd (04-16-2018)

    3. #1692
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      Quote Originally Posted by Oghale View Post
      Stop loss is really not necessary because you can do without it, the only thing there is that you need to be watching the chart so that you will know exactly when the price is going against your trade and make plans to leave with a small loss, this is a bit complex though.
      I don't agree with you on this point regarding stop loss stop loss is mandatory thing in Forex and you would not get a longer term success without if because if market crashes like we see in past then you can't survive in that situation when few years ago CHF strong it give 2500 to 3000 pips move in market in 5 minutes How you survive in that situation?


    4. The following 6 users say Thank You to 786pk for this useful post.

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    5. #1693
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      Quote Originally Posted by Oghale View Post
      Stop loss is really not necessary because you can do without it, the only thing there is that you need to be watching the chart so that you will know exactly when the price is going against your trade and make plans to leave with a small loss, this is a bit complex though.
      I have seen traders saying that stop loss is not good, i have seen countless of them coming back to say that the use of stop loss is good, which one will we have to believe? To me, i can not say that the stop loss is not compulsory since i know the good value of using the stop loss. Maybe you are saying that stop loss is not necessary because you are using the bonus account, you might not really care if you lost it or not. But if it was your real money account, you might not be able to say the same thing that stop loss is of no need.


    6. The following 3 users say Thank You to ola4real for this useful post.

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    7. #1694
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      Stop loss is really not necessary because you can do without it, the only thing there is that you need to be watching the chart so that you will know exactly when the price is going against your trade and make plans to leave with a small loss, this is a bit complex though.
      It's really painful as well as pathetic to spend day after days without trading. I have lost all of my bonuses due to not using stop loss. I request to everyone please avoid taking such kinds of horrible decision. Don't try to get everything from a single trade. The more you trade then the more you can get profit. Now i am using demo account and missing my real trading account. If you don't wanna face such situation then please avoid greed and try to use stop loss in every trade.
      Who Is Your Creator And What Is His Intention? Find It Before It Becomes Too Late. If You Search You Will Realize That Allah Is One. May Allah Bless You.


    8. The following 9 users say Thank You to Interlock for this useful post.

      FlyingShark (04-16-2018), Honey Bee (04-16-2018), loveyo (04-16-2018), MartyFish (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), simisola (04-16-2018), Unregistered (2)

    9. #1695
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      Quote Originally Posted by Interlock View Post
      It's really painful as well as pathetic to spend day after days without trading. I have lost all of my bonuses due to not using stop loss. I request to everyone please avoid taking such kinds of horrible decision. Don't try to get everything from a single trade. The more you trade then the more you can get profit. Now i am using demo account and missing my real trading account. If you don't wanna face such situation then please avoid greed and try to use stop loss in every trade.
      Agree with you dear Interlock and I think we should achieve proper knowledge, proper analysis, follow good money management, follow risk management, use trading tools, discipline and properly follow all Forex rules before open position in Forex market then we may success and we can protect our invest and account both. And we should try to learn our previous mistake. Wish you best of luck. Thank you.


    10. The following 12 users say Thank You to loveyo for this useful post.

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    11. #1696
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      Quote Originally Posted by loveyo View Post
      Agree with you dear Interlock and I think we should achieve proper knowledge, proper analysis, follow good money management, follow risk management, use trading tools, discipline and properly follow all Forex rules before open position in Forex market then we may success and we can protect our invest and account both. And we should try to learn our previous mistake. Wish you best of luck. Thank you.
      Well said these are the good qualities of expert trader they will enter in live market will proper planing and analyses the market chart, facing many ups and down in live market must use Stop loss and Take profit on every trade then we will safe our account from red margin call and success in making daily based profit.


    12. The following 8 users say Thank You to Honey Bee for this useful post.

      Interlock (04-17-2018), Leonvic90 (04-16-2018), Neriah (04-16-2018), Oghale (04-16-2018), shahidmehmopd (04-17-2018), simisola (04-16-2018), Sixteen (04-16-2018), Timon (04-16-2018)

    13. #1697
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      Forex is about luck, practice, patience, discipline, self control and understanding, the issues of whether it is important to use stop loss or not is really not the problem, our greatest challenge is lack of money management which is something that needs to be handled, the forex traders that don't use money management are the ones with the greatest issues.


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    15. #1698
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      If you don't use stop loss for your trading, the essence of this is that you are prepared for whatever outcome happens to your account and we do this especially when we want to be care free about what balance is left for us to trade, I don't believe that should be the best approach for us to adopt because it is an invitation for easy margin call.


    16. The following 7 users say Thank You to Neriah for this useful post.

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    17. #1699
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      One thing most forex traders normally ignore is how convenient is our term of trading to us, in fact this is one of the many factors traders must consider before choosing time frame to trade. Both short and long term trading are good, they also have their shortcomings. A full time trader can maximize profit trading any time frame but larger time frames are better for part time trader


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    20. #1700
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      Interlock I can see that you opened a demo account for trading, I believe that you did the right thing because it is better to stay in touch with the market so that when we have another cash flow for trading we won't be disconnected from the market, but I will also advise that you take it easy this time around with your trading so that margin call won't happen again.


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