Trading without setting stop loss (Risky or Not)?

[thesmallgod]

I will love to know how far you have been trading with this strategy, I don't use stop-loss also especially when I am doing day trading this is because I have learnt a great lesson I used to trade Bull and Bear token. One night, the price went down greatly below the resistance level and almost half of my profit had gone. My advice to you is either you set a stop-loss or do not have active trading especially at night when you want to sleep or anytime you will not have a chance to be checking your trading

[goldade]

Every trader has a strategy that works best for them. With what you wrote, it is evident that trading without setting the stop-loss order works pretty well for you. For others, it might be a disaster.
Since it works well for you, then I do not think it's risky not to set stop-loss. However, it is recommended to always set stop-loss for all trades
Personally, I have always set a stop-loss order to minimize my losses in times when the market is not favorable to me.

[milewilda]

I will love to know how far you have been trading with this strategy, I don't use stop-loss also especially when I am doing day trading this is because I have learnt a great lesson I used to trade Bull and Bear token. One night, the price went down greatly below the resistance level and almost half of my profit had gone. My advice to you is either you set a stop-loss or do not have active trading especially at night when you want to sleep or anytime you will not have a chance to be checking your trading

When it comes to day-trade then i dont see for SL's to be that relevant since you do most likely to check out prices every now and then and also i dont really leave out a position when i do sleep
but if you do decide to sleep or be away from keyboard then its suggested to set up something like SL or even a take profit tool but there are cases which i do much prefer on leaving as it is
without any limits because when price goes down you can still possibly break even since you havent triggered or make use of that sl tool.

Every trader has a strategy that works best for them. With what you wrote, it is evident that trading without setting the stop-loss order works pretty well for you. For others, it might be a disaster.
Since it works well for you, then I do not think it's risky not to set stop-loss. However, it is recommended to always set stop-loss for all trades
Personally, I have always set a stop-loss order to minimize my losses in times when the market is not favorable to me.

This is right! It might be useful for others but this one could be irrelevant to some.

[South Park]

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.

You are playing with fire and you are going to eventually get burned, it is as simple as that, probably the reason why this still has not happened to you is because the leverage that you are using is small compared to what we are used to see in the market, but still if you do not use a stop loss your trading account could be destroyed, and what better example than what has happened recently in the market, if you were not taking a look at your positions a few days ago and you were going long with that kind of leverage it would have been possible for your account to be damaged to the point that no matter what you did you will not recover the money that you lost.

[Freddy11]

I definitely believe it is important to use it if we are going for long term trading, as you can't always be around and it is better to be safe than sorry. I would always and always suggest others to use it like use it myself with FreshForex Broker.

[nelson4lov]

You are playing with fire and you are going to eventually get burned, it is as simple as that, probably the reason why this still has not happened to you is because the leverage that you are using is small.

I'm not sure it would be much of a problem for OP. Like you said, his margin level is quite small and doesn't pose much risk since Bitcoin's price doesn't typically drops several percentages at a goal. Also, from OP's post it's obvious that he usually buys at support levels. Stop loss works but it might not be the same for everyone.  It depends on the individual's strategy and their trading plans. Most people makes trades that gets them faster to their take-profit targets  than to a stop loss. My personal trading experience involves using stop losses because there's only so much loss that I can take. At the end of the day, It all boils down to one's trading plan and strategy.

[wiss19]

It’s always good to take precautions, you might be trading all this while and it’s working out for you and you then think you can’t lose and decide not to be putting stop-loss, the day the loss will occur might be the day you’re going to lose big. So it’s best that you start making use of stop-loss from now to avoid any loss that might happen at a time when you least expect that to happen. Try to be careful.

I have always set a stop-loss order to minimize my losses in times when the market is not favorable to me.

Yes you’re right, for some people, stop-loss can be a disaster lol. I have seen someone complain about stop-loss ruining a trade for them. But I think this can only happen when you don’t know how to set up your stop-loss tool the right way, if you know how to do it right you wouldn’t have to bother much about it.

[Spaffin]

It’s always good to take precautions, you might be trading all this while and it’s working out for you and you then think you can’t lose and decide not to be putting stop-loss, the day the loss will occur might be the day you’re going to lose big. So it’s best that you start making use of stop-loss from now to avoid any loss that might happen at a time when you least expect that to happen. Try to be careful.

I have always set a stop-loss order to minimize my losses in times when the market is not favorable to me.

Yes you’re right, for some people, stop-loss can be a disaster lol. I have seen someone complain about stop-loss ruining a trade for them. But I think this can only happen when you don’t know how to set up your stop-loss tool the right way, if you know how to do it right you wouldn’t have to bother much about it.

If a trader does not have sufficient knowledge to set the correct stop loss settings, then it is better for him not to use this function, since it can only harm him. Nevertheless, this function is provided for the experienced trader in order to minimize the risks, which are very high during a period of unstable market.

[BitTraderCute]

its too desperate if we trade without set trading loss. our trading balance was totally staked , and if market crash or moved againts our position it could be zero. trading plan always needed to manage our trade and it could be journal which is noted mistake we did . and also we must have risk and profit ratio properly, dont ever set bigger risk ratio than profit that we will take.

[Becky666]

  assume you bought the YAM token when it was on the bullish momentum and never added any stoploss to your trade, what would you think it would have happened as the same token drowned down to it nearest death?, oh-just wake up to see your balance emptied and then left with dead token. The importance of stoploss in trading cannot be over emphasize and should be use while trade.

Personally, I used this management tools to avoid the issue of empty balance which happened to a friend of mine some years ago.

[djmixen]

Since 2017 even until now, I never try to use it honestly speaking. Because so far even without it, I can still able to earn good depending on the flow of the movement in the market or it depends on the coins you trade it then of course. And the risk was there whether we use stop loss or not, that's what I know about it,

[benkhalil3]

I can say yes, it is risky. Several days ago we was using an automatic trading bot , which trades binance futures with 200% ROI in a month. The bot behaves good and we were so happy with results. But sadly, due to BTC drop and market crush we lost all our founds , why ? because the bot did not use any stop loss. So, be car-full and use it always.

[gabbie2010]

Cryptocurrencies price movement are very volatile thus I ensured that all my trades are traded with a wide stop loss, a losing trade can rekt an account without a stop loss, you might have been trading successfully without a stop loss even with a high leverage this is absolutely very risky you might have been a bit lucky that it has been working well for you, may be its due to the present market sentiment that favors your trading methodology, cryptocurrencies can massively dump within a short period of time invariably wiping an account completely especially when price manipulation is taking place, Experienced traders do encourage the use of stop loss to protect an account. 

[aarif123]

 I was in the same situation 6 months ago when I earned more than $400 from blogging and invested into cryptocurrency at that time I had no knowledge of cryptocurrency trading so I started doing trading on binance exchange in the beginning everything was good but after 1-2 months I knew about leverage trading then I thought that I can make huge profit which i am not making in spot trading so I started leverage trading with 5x but unfortunately at that time I did not used to use stop loss i lost all of my money in less than 2 days because market started dumping now I am regretting why I did not used stoploss so I will give advice to everyone to use stoploss

[noormcs5]

Sometimes even in classical trading without leverage I consider stop-loss with moderate bandwidths on the lower side to prevent me selling prematurely. I don't always do this but whether I use the stop-loss feature depends on the market volatility of that coin.

Now, given that you been trading on leverage and without a stop loss the fact that you managed to make profit is great but I personally wouldn't risk these earnings. This is to say that when leveraging stop-loss is almost imperative!

When using a stoploss we need to give a good margin both on the upper and lower level. If we set the stop loss too near, the coin may hit the stoploss more often and if more of our trades are ended in a loss (through stoploss), that's a sign of a immature trader.

[Tipstar]

Setting up a stop loss is necessary specially when you are dealing with leverage. For a normal spot trade or a grid, you can just wait if the prices went too low or start fresh as the loss won't be significant but with leverage trading, you'd need to forfeit the extra loss. But again the stop loss should be low enough to let the market play on its own. In my personal experience, a stop loss is required below $1.5K for the price you start trading in case of bitcoin.

[adaseb]

I used to trade without a stop loss either in the past because I found that whenever I use stops it hits it and ends up reversing. It would sometimes to the $1 hit my stop and reverse. So I found stops were very annoying.

However eventually if you don't use stops, you will get a large loss. Because usually the market is ranging, similar to how almost all the CME gaps fill however eventually it will never return. And if you use leverage it's dangerous because you will quickly end up losing your account. Some people basically use a margin call as a stop loss and it's not smart. The secret is to enter where you would normally put your stops.

[Twentyonepaylots]

Since 2017 even until now, I never try to use it honestly speaking. Because so far even without it, I can still able to earn good depending on the flow of the movement in the market or it depends on the coins you trade it then of course.

So you're manually monitoring it right? well stop loss is not for every one I guess because there are people who can't decide where they  should stop hoping for a good return, and also there are people who knows the value of quitting. Stop loss is obviously one of the useful tool in trading to avoid huge losses, by this they can gather it all up again and start a new trade with learned lesson.
 

And the risk was there whether we use stop loss or not, that's what I know about it,

Having no stop loss mechanics is riskier I think, but good for you coz you can manage it by yourself.

[proscratcher]

Trading without a stop loss can be done if you are well versed in technical analysis. Like if you are a scalper, and if you are doing that for a long time. However, if you are a beginner and do not have much experience in trading. It is a MUST to use a stop loss.

[abel1337]

I used to trade without a stop loss either in the past because I found that whenever I use stops it hits it and ends up reversing. It would sometimes to the $1 hit my stop and reverse. So I found stops were very annoying.

However eventually if you don't use stops, you will get a large loss. Because usually the market is ranging, similar to how almost all the CME gaps fill however eventually it will never return. And if you use leverage it's dangerous because you will quickly end up losing your account. Some people basically use a margin call as a stop loss and it's not smart. The secret is to enter where you would normally put your stops.

Stop loss can be helpful to some traders out there, On where they can analyze the worst possible price and wouldn't bounce back. Well if stop loss doesn't fit you or you can't use it right, It would be better to avoid using it to lessen the capital loss.