I have lost all my profits this year for not using a stop-loss
A stop loss order is supposed to protect you from the price of an asset going against you.
If you buy an asset for $100 and put a stop order at $99 the maximum loss you are going to take is $1 (considering your stop is not skipped, which may happen during a period of high volatility and low liquidity).
If the price goes to $110 and you move the stop to $105 the minimum profit you are going to take is $5 (if your stop is not skipped)
I was doing extremely well during January and February, but recently I was getting angry because my stops were getting caught and I was taking small losses in sequence, so I emotionally started trading without stop losses! That is always a huge mistake!
At the beginning this massively increased my profits, but eventually I lost all those profits, and more, because when you trade without a stop your emotional response is irrational, the price was going against me and I did not stop out.
I had learned this lesson in the past, but once in a while I get greedy and this happens again.
Always use stop losses, even for swing trades.
Yeah, big difference between trading and gambling and if you are trying to force a trade into profits, it's usually gambling.
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The stop is the difference between gambling and not gambling. It is valid both for trading and for Las Vegas, met the loss limit then just quit.
Sorry about that. Hope you’ve learned from the mistakes
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