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I once read about a trader which did something similar to the below without having to use a stop loss, and claims to have made millions. I could be leaving something out. But to the best I could understand he was doing something like this:
Say the starting price is 1.3000. Buy and sell stop are initially spaced 30 pips apart with a take profit of 25. So if price came to 1.3025 the first order is opened, and there is now a sell stop behind it at 1.3000. If the price continued up a second order is opened at 1.3055 right after the first opened buy hits the take profit at 1.3050, also at the same time when the price reaches 1.3050, that buy stop at 1.3025 which was a buy stop now becomes a sell stop. The process keeps repeating itself so that regardless of which way the trend moves there is always an order in the opposite direction of 25 pips apart directly behind you to keep up with the moving market price so that you can make money when the trend reverses at any given time and in both directions.
Sounds like his broker is making a lot in the spreads (spelled commission). If you were to do the same thing but instead of closeing one order and opening a new one 5 pips up it would be better to move the stop up to were the first order was closed and just continue with the same order in that direction, you pay less in the spread and earn 5 pips more each time you would of closed the position out, you would still have the opersate stop entry order there to take you the other way when the trend truned and the trailing stop to close the profitable position, This would be less trading and more profits that to closed the positions out on ever 25 pips just to reopen them 30 pip incraments, or am I missing the point of the system?
Quote:
Originally Posted by jimer013
I once read about a trader which did something similar to the below without having to use a stop loss, and claims to have made millions. I could be leaving something out. But to the best I could understand he was doing something like this:
Say the starting price is 1.3000. Buy and sell stop are initially spaced 30 pips apart with a take profit of 25. So if price came to 1.3025 the first order is opened, and there is now a sell stop behind it at 1.3000. If the price continued up a second order is opened at 1.3055 right after the first opened buy hits the take profit at 1.3050, also at the same time when the price reaches 1.3050, that buy stop at 1.3025 which was a buy stop now becomes a sell stop. The process keeps repeating itself so that regardless of which way the trend moves there is always an order in the opposite direction of 25 pips apart directly behind you to keep up with the moving market price so that you can make money when the trend reverses at any given time and in both directions.
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I once read about a trader which did something similar to the below without having to use a stop loss, and claims to have made millions.
in my view there is no such thing as "no stoploss trading." each account has limited margin. so not setting SL actually means that SL is just very big and risk per trade is 50-90% depending on account leverage. i.e. the whole account can be lost. so if one makes millions without SL, the he should be prepared to lose millions as well
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