How to Trade Forex Profitably Without Stoploss

By Ogbonnaya Eme

I know this might really sound bizarre, how can I trade the forex "volatile!!!" market without the use of my stop loss?

As a forex trader for some months now, three months precisely, having traded the currency market and seen lots of draw down and seen some profitable trades also, having applied my emotions to trading, used stop loss and the rest, i have come to the conclusion that to trade forex effectively, you really need to minimize the use of stop loss.

Have you ever entered a trade and you are so conscious of not turning your trade to a lose trade and then as a result of that when your trade gains some few pips, you quickly move your stop loss to break even position and before you realize what is happening, you get caught on your stop loss with little or nothing to show for the hard work you put at that time in trading?

So how then do you trade profitably without the use of your stop loss?

Now this piece is not to say you should not use your stop loss at all, but to be more profitable trading the currency market, you need to minimize its use. Listed below are some of the things I do to ensure I make profitable trades.

1. Believe in your self and in the trading you do as a business to succeed. This is done each and every time I am about to take a trade.

2. Ensure to use leading indicators in your charts as these tell you before hand that the trend is about to change.

3. Always look at price actions after confirming with your leading indicators, because most times they talk to us but only we don't listen or see and we finally get our fingers burnt.

4. Use your stop loss only when you need to be away briefly from your trade. Remember, a shrewd business person keeps everything in place for the success of the business whether around or not.

5. How large is your equity? I sound this as a warning always. Ensure you use strict money management technique. This ensures you last long trading the forex market and are able to break through during even when at a loss.

6. The sole aim of trading the currency market is to make gain, right? Wrong!!! Trading the forex market involves a whole new discovery of yourself. It implores you to look deep within in other to discover the real you. How you trade the market depicts how you really are.

7. To be constantly profitable without the use of stop loss, take note that price actions are constantly fluctuating and these fluctuations are caused by millions of emotional traders around the globe trading the forex market and these traders(including myself) place their long or short trades based on emotions and news from the countries of the currency pairs traded. So what do I mean by this?

Now except for news expectations and how favorable the news came out to the currency pair traded, always look to buy in the oversold region of your chart and look to sell in the overbought region of your chart and you would not require to always protect your trades with stop loss.

Need more information trading the forex market? Click HERE I'm just a start up guy with quite a load of experience and still counting. Forex trading just got better. Learn the trade, Keep the pips.