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.
It's hard to advise someone who is ambitious about something. I also once had the same friend like that. But the most important thing is that our duty as a friend has been fulfilled. But I'm sure he'll figure it out on his own. Learn from his own experience. if he wants to study.
At the end of the day your duty as a friend is to call out any big mistake that your friends are making, if they don't want to change their behavior then that is on them, at least you tried to help them and now it is up to them to face the consequences of their choices, it is obvious that trading and not using a stop loss is a huge mistake, unfortunately the majority of people do not learn this is the case until it is too late and they have lost a lot money, and it is impossible for them to recover that money since now they will have to take huge risks in order to do so creating more losses in the process.