Trading With No Stops And No Targets

wmitzlaff said:
Below is a link to a live micro account that I have been trading for a year now using the no stop strategy.

https://www.myfxbook.com/members/DroneTrading/linked-capital-management/2224910

There is six months of inactivity on this account so therefore only up 18%.
Notice all the data though...especially the pip count...1,758 settled pips, with just 5 months or so of trading.

When I am active in a market I average 5-10% a month...for over two years now, going on three.

All accounts trade like this...it is quite remarkable honestly and this is why I am posting about it.

I am hoping someone will take a chance at something different...after all I am preaching paper trading here...not asking that you stop what you are doing...just open another mt4 demo account and start trading with no stops...you will be amazed, if you have the patience to wait out the turn.

...and the market will rollover my friends, it is a countries currency, do you think it will go to 0?
Well, of course it can...lightning can strike your house too, you could drown in a fishing accident, lots of things can happen...that's why it's called RISK :)

so...you just have to be REAL Patient and tactical scaling in (don't over leverage).

The real kicker here is that this type of trading is extremely slow and...MUST be learned in a demo account. I do not think that you will have the confidence to hang in there if you try this type of trading in a real account, right out of the gate...who does that anyway?

Smallfill said this in an earlier post and I totally agree with him. You must have deep wells of confidence in your trade plan in order to execute in the toughest of times. This is why it is a must that you trade like this for a YEAR IN PAPER and produce an Annual Trade Report...haha I just lost everyone...good buy now...toodaloo :)

I have yet to see ANYONE post an "Annual trade report of ANY kind.

Furthermore, for all the paper haters out there...I would argue that trading an entire year in a demo account takes more focus and dedication than trading with a real money account.

There is nothing on the line except the PURE DATA itself (you better have some nerd in you) so it is too easy to lose inspiration throughout an entire year...especially if your strategy is not producing gains. I think this is the reason I have NEVER see an entire years worth of paper trading data from anyone.

Thanks for the forum and all the comments. :)
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i agree if you see the market the market will always gun for the tight stops that over leveraged players use or are forced to use.

the modern education that says max returns with least risk, makes those that follow this strategy a sitting duck
 
wmitzlaff said:
Below is a link to a live micro account that I have been trading for a year now using the no stop strategy.

https://www.myfxbook.com/members/DroneTrading/linked-capital-management/2224910

There is six months of inactivity on this account so therefore only up 18%.
Notice all the data though...especially the pip count...1,758 settled pips, with just 5 months or so of trading.

When I am active in a market I average 5-10% a month...for over two years now, going on three.

All accounts trade like this...it is quite remarkable honestly and this is why I am posting about it.

I am hoping someone will take a chance at something different...after all I am preaching paper trading here...not asking that you stop what you are doing...just open another mt4 demo account and start trading with no stops...you will be amazed, if you have the patience to wait out the turn.

...and the market will rollover my friends, it is a countries currency, do you think it will go to 0?
Well, of course it can...lightning can strike your house too, you could drown in a fishing accident, lots of things can happen...that's why it's called RISK :)

so...you just have to be REAL Patient and tactical scaling in (don't over leverage).

The real kicker here is that this type of trading is extremely slow and...MUST be learned in a demo account. I do not think that you will have the confidence to hang in there if you try this type of trading in a real account, right out of the gate...who does that anyway?

Smallfill said this in an earlier post and I totally agree with him. You must have deep wells of confidence in your trade plan in order to execute in the toughest of times. This is why it is a must that you trade like this for a YEAR IN PAPER and produce an Annual Trade Report...haha I just lost everyone...good buy now...toodaloo :)

I have yet to see ANYONE post an "Annual trade report of ANY kind.

Furthermore, for all the paper haters out there...I would argue that trading an entire year in a demo account takes more focus and dedication than trading with a real money account.

There is nothing on the line except the PURE DATA itself (you better have some nerd in you) so it is too easy to lose inspiration throughout an entire year...especially if your strategy is not producing gains. I think this is the reason I have NEVER see an entire years worth of paper trading data from anyone.

Thanks for the forum and all the comments. :)
More...

Knowing what I know now about trading stocks and options in all these years trading real monies in the stockmarket, the most important thing that will determine whether you succeed or fail in the markets, be it forex, stocks, options is that you have proper risk management controls in place. That includes stop losses, price targets, position sizing etc. Arrogance and ego are the biggest reasons people fail in the markets. My doctor friend who is a very good doctor but, as a stock options trader, she managed to lose $1,000,000 in the stockmarket. She did not have any stops, did not practice proper position sizing, traded against the trend, allowed arrogance and ego to tell her what to do! Do not be like her! Stop losses, position sizing, price targets are very important if you wish to be successful as a trader. You will find out when you are actually, trading real monies! Paper trading is just make believe! When you have monies on the line, you will trade differently because now, the emotions of fear and greed will be there! You will not think clearly and you will make mistakes!
 
_eug_ said:
What happens when you are in a losing trade and its time to roll the futures contract?
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great question...I no longer employ this strategy on futures for that very reason.

Strictly currency markets now
 
I have a buddy who trades currencies like this as well but he is trading such a small size that psychology does not come into play at all. Also he doesnt exactly live off of his trading either. Its just something he does once in a while. He just doesnt take losses. Will hold a trade for months if need be until it comes back. I personally dont agree with this method but to each their own.
 
_eug_ said:
I have a buddy who trades currencies like this as well but he is trading such a small size that psychology does not come into play at all. Also he doesnt exactly live off of his trading either. Its just something he does once in a while. He just doesnt take losses. Will hold a trade for months if need be until it comes back. I personally dont agree with this method but to each their own.
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Trends last longer than people think. My doctor friend bought call options on VRX (BHC now) and continued to buy more call options and held on. What happened? She lost 90% of her monies in just that one trade. The downtrend on VRX was very strong and I told her to close her call options and buy put options. She refused! That is why you need risk management whatever you trade! If not, all you are going to need is more monies!
 
smallfil said:
Trends last longer than people think.
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I agree...I traded the euro and was down 15 lots, that's 15k... 3 months of red river (what I call a position when under water), seemed like years lol...but, like true market fashion, she rolled over eventually and dumped a large sum of virtual cash into my virtual account.

Now, did I learn from that?...absolutely :)

What did I learn? watch your leverage and scale accordingly
 
wmitzlaff said:
Furthermore, for all the paper haters out there...I would argue that trading an entire year in a demo account takes more focus and dedication than trading with a real money account.
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HOGWASH! Paper trading has merit only to the extent it exposes methodologies that DO NOT WORK!

"Trading without stops" = the most stupid thing a trader can do.

"Trading with targets" = the second most stupid thing a trader can do. You're supposed to "let your profits run, cut your losses short". The percentage of big gainers is small enough... cutting those off with self-imposed "targets" is STUPD!
 
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