Post
Topic
Board Trading Discussion
Re: Trading without setting stop loss (Risky or Not)?
by
Mpamaegbu
on 13/08/2020, 11:43:50 UTC
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.
First off, it's dangerous to trade without a SL. Highly dangerous, I must say. Except you've a high risk appetite.

Now, to the quoted and bolded above: The law of TA stipulates that you sell off Resistance, and not buy. You buying when price bounces off Resistance is risky, even though Bitcoin is bullish at the moment. You're taking unnecessary risk and it's paying off because of the bull market. Soon you will pay for this error of trading. The right thing is to buy from Support, and not Resistance.