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Originally Posted by raj
I believe Simba mentioned that he does not use a stop loss.
My dad demo traded for 2 months aggressively without a stop loss. He did quite well, winning more than 70 percent of the trades. He told me that stop losses simply lead to losing.
Then he opened a $500 mini account. On the second day of trading his real account, the market suddenly went 200 pips against him and wiped out his account. Luckily it was only $500 and not his retirement fund.
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Thanks raj for sharing yur experience...
its not only yur dad raj...it happen to many people throughout the world in this crazy market...people had used risk/reward/money management approach since years & if this is not important, i bet the people wouldn't mention it.
But for new trader, it seems that they "know" everything rather than listening to the experience trader. Once this market go opposite to their direction, that's time lesson come & it is a bad lesson.
"Wise Man Learn From Other's Mistake"
regards.