Got in a discussion with a friend that recently started learning Technical Analysis and then he said he trades without using stop Loss. I told him no good trader trades without stop Loss. I tried to explain to him about the volatility and how trades can go against you especially as a new newbie and you can lose heavily. He seems adamant and I decided to leave him maybe he will learn from his own mistake if it happens. It seems there are also many traders that trade without stop Loss and I wonder how they do it conveniently.
Please share your views on how important stop Loss is and how convenient it can be to trade without stop Loss.
I think your friend is a very brave person who is ready to lose all his capital in a single trade. Using stop loss is one of the safest thing you could employ to help reduce the risk of losing.
I've been trading for a while now and I can tell you I've been able to save myself from blowing all my capital because I never forget to employ the use of stoploss.
Maybe your friend is so good that he's always accurate with his trades and that have gotten into his head that he no longer set stop loss, I believe there will always be that trade that will go the wrong way and only stop-loss would be able to save him and he won't have used it in the trade and he'll lose all