Trading without setting stop loss (Risky or Not)?

[Cryptoababe]

Hi All
I've been trading with btc for a while now with 4x leverage and without setting stop loss. But so far, I've been making profit.  Although, I still have plan to reduce to leverage to 2x with time.
Due to current market, I've not been selling but buy. I wait for btc to reach a specific resistance price and then when the price come down, I buy and set take profit to almost the current resistance price.

The only time I set stop loss is when the btc price exceed my order price. So i wont be scared or the price going back and also there won't be chance for lose anymore.
I found that this idea has been working well for me so far . And its a good way to trade for me as I've seen so far.

but I feel like posting about it here to see other people opinion and more experienced traders opinion.
I will really appreciate your opinions and what you think will be better or any better suggestion.

[sheenshane]

If you feel better without a stop-loss setting and still you can make a profit that's good for you. I might think that the profit you have earned lately is the coincidence and bit you're lucky enough.

But for me, this is a critical and crucial step. You should have a plan when you are in trading, you will know when you exit when there is a loss scenario because in trading, not all the time you will always win and earn a profit. Considering the stop loss is One of the Best Weapons in Trading.

It's good if you have certainly a better way to risk manage your downside.

[Wexnident]

Well, my words would be regret is felt a tad bit too late. Even if you win without setting up a stop loss, it doesn't really mean you'd keep winning, and a stop loss could really help in minimizing the losses you would get when that happens, so might as well do it. Sure, you profited for the past few trades you've done, but who says it would continue forever right? It's more like you got lucky for the first half of your trade, never underestimate the chances of you losing when trading.

Stop loss is a necessary weapon whenever you're trading, since traders don't look at maximizing their profits, but rather minimizing the losses they would gain. Profits would come after making sure your losses is at the minimum.

[LUCKMCFLY]

This type of trading is how Jesse Livermore did it, with the exception that he protected his Longs with Shorts, in this case they can be Leveraged Shorts, if the market goes against his Long he is protected by his Leveraged Short, the advantage that It has is that it is always in the market, but the truth is very risky.

[cryptoaddictchie]

The only time I set stop loss is when the btc price exceed my order price. So i wont be scared or the price going back and also there won't be chance for lose anymore.
I found that this idea has been working well for me so far . And its a good way to trade for me as I've seen so far.

Thats the idea of using SL. We have the same tactics and I believe mostly traders are doing so. Once the entry price exceed far you can set the stop loss above this price and its already guaranteed you no loss ( but of course you will bear some fee though). Ive always activate it when I am already at peace with the current movement.

But of course you dont want to lose some chance when your SL has been hit due to minor tick of the market then go up again. It happened to me so many times, I save my position above my entry price and seeing it was hit for a little drop closing my position then gaining again. Thats one thing youve missed maybe a little additional risk is necessary stay on the leverage.


But for some rush hour( market drop and surge fast) you cant aniticipate this and will have no chance to set up a good SL either cut loss or chasing zero losses.

[maydna]

If the stop loss can work well for you, then you can continue to use those features because that can help you if the price is out of your expectations. You don't have to feel scared or worry if somehow the market changes the direction. If we want to use the stop loss features, I think we should have more knowledge about it to use it for our trade. But the risk will always be there because every decision that we make in the trading will risk, so we need to understand how to minimize the risk. Stop loss is one way to minimize that risk, but you should learn more about stop loss.

[DevilSlayer]

If you feel better without a stop-loss setting and still you can make a profit that's good for you. I might think that the profit you have earned lately is the coincidence and bit you're lucky enough.

But for me, this is a critical and crucial step. You should have a plan when you are in trading, you will know when you exit when there is a loss scenario because in trading, not all the time you will always win and earn a profit. Considering the stop loss is One of the Best Weapons in Trading.

It's good if you have certainly a better way to risk manage your downside.

Stop loss is part of risk management and it is really important, I do not know why there are some traders think that stop loss is risky to use. In reality stop loss is the key to manage and lessen the risks, why do we need stop loss? this thread can help a lot of traders who are still do not know what is the purpose and why it is important. The OP have better discussion and interpretation on stop loss and its types and how and where to apply it.
Just visit this thread about stop loss.
https://bitcointalk.org/index.php?topic=5261095.0

[Ridwan Fauzi]

I'm not comfortable when I didn't set the stop lose in my whole trading. I don't know I always remember that the price of bitcoin can fall quickly even in a few second. As you can see right now on the one hour time frame, there is a long candle which is red. It could take my all money if I have a long position if I didn't set the stop lose strategy.

The trading strategy will be different each traders. I can force you to set the stop lose strategy in your entry position. Maybe you are still comportable in doing so and also you have to check the market upon your position, you can't leave it right?

[cryptomaniac_xxx]

Trial and error mate, definitely there is as big risk of not setting a stop-loss, but if the idea of not setting it has been effective on your part by all means continue it. However, you shouldn't discount that your strategy will continue to be successful. There's no perfect strategy here, that's why we need to learn and evolve and not stick to one particular method. Because sooner or later you will hit a wall. So if I'm in your shoes, you might take a lot at stop loss as well and learn when to use it.

[Harlot]

Stop losses are your safety net just in case something goes bad with your trade so I think stop losses are considered to minimize losses. So yeah having trades without setting any kind of stop loss is riskier compared to having them. I myself even if I'm confident with my trade I set up a price where I have to offload my trade just to cut of my losses, its a good practice especially if you don't want holding crypto in your portfolio at a loss.

[joniboini]

Stop loss are generally good if you don't follow your trade 24/7, or to avoid sudden dump/pump that can change the trend drastically. If you're trading on a coin that is going sideway and there's no indication it will change soon, the risk is lower, but it's still there. You should always use it if you plan on using leverage to prevent getting broke over and over again.

[Cryptoababe]

If you feel better without a stop-loss setting and still you can make a profit that's good for you. I might think that the profit you have earned lately is the coincidence and bit you're lucky enough.

But for me, this is a critical and crucial step. You should have a plan when you are in trading, you will know when you exit when there is a loss scenario because in trading, not all the time you will always win and earn a profit. Considering the stop loss is One of the Best Weapons in Trading.

It's good if you have certainly a better way to risk manage your downside.

So its good to set stop loss to be on the safer side. And you mean I've been at luck all these while. Although, at times, I carry some opened position for more than 2 days because I prefer not to take that loss. By the way, thanks for this good advice.

[Cryptoababe]

Well, my words would be regret is felt a tad bit too late. Even if you win without setting up a stop loss, it doesn't really mean you'd keep winning, and a stop loss could really help in minimizing the losses you would get when that happens, so might as well do it. Sure, you profited for the past few trades you've done, but who says it would continue forever right? It's more like you got lucky for the first half of your trade, never underestimate the chances of you losing when trading.

Stop loss is a necessary weapon whenever you're trading, since traders don't look at maximizing their profits, but rather minimizing the losses they would gain. Profits would come after making sure your losses is at the minimum.

Hmm, you are right. Now with this I think I should keep setting stop loss and follow proper guidance on how to set stop loss to minimise the losses and maximise profits. Seems I've been lucky truly.

[Cryptoababe]

Thanks for all your opinions and advices . Im happy I make this thread and  I'm able to learn from it. With what have know about this stop loss of a thing. I should be able to explain to my friends who follows my logic too.
I really appreciate you all..

[Xinarae*]

When it comes to trading stop loss can be a good way for everyone especially if everything is in order and you are in some kind of stop loss. You should use staples otherwise. you can manage stop loss properly it is possible to get rid of more losses. If you do not have previous trading experience the amount of loss from lever will be much higher.

[tvplus006]

...but I feel like posting about it here to see other people opinion and more experienced traders opinion.
I will really appreciate your opinions and what you think will be better or any better suggestion...

I know that stop loss is often harmful to us in trading and we want to give it up. You can do without a stop loss, but you must accept the risks of such a chosen strategy. But if you use the exchange's leverage and there is such a strong price reduction as in March, then you will simply lose your deposit.

[leyton11]

This strategy is only for the full time traders, they always watch the market every minute to know the situation. To do so, we need to withstand pressure and get used to the work, this has little traders do. So I think having a stop loss is best, we cannot spend all of the day waiting for Bitcoin's price. The stop loss will work properly if you set it right, saving you a lot of time and risk.

[bitgolden]

I would say "trading" without stop loss is too risky and you should not do it, however investing without stop loss sounds smarter. If you want to invest and keep your money in there for a longer period of time, you could do that and you wouldn't need a stop loss since if you are doing it for the long term you do not care about the downs and ups, you care about the long term increase in the end and if you are making profit after certain amount of years.

However if you want to trade and just buy and sell within few days at max, you should definitely have a stop loss because quicker you cut losses quicker you can return to trading and make up for that loss with some good trades, that is if you trust yourself to be able to go back on trading and make a profit next time around.

[bitcoinisbest]

My personal experience has being really bad and also if you have risk taking ability and can monitor it and have a good trading skills then it can work for you, else will suggest that to minimize the loses always to use stop loss as it is very essential else you would not even know how quickly the money gets wipe off as crypto is highly volatile.

[usekevin]

This strategy is only for the full time traders, they always watch the market every minute to know the situation. To do so, we need to withstand pressure and get used to the work, this has little traders do. So I think having a stop loss is best, we cannot spend all of the day waiting for Bitcoin's price. The stop loss will work properly if you set it right, saving you a lot of time and risk.

Full time traders, will do regular buy and sell. They are margin traders and use to buy and sell with minimum profit. This is applicable only for full time traders. They won't stop at any point in trading, it will be done only by the usual traders. They will hold their saving till the next market pump. And they will buy at every dump and don't worry about short term profit.