A Word of Caution on trading without stop loss and take profits

Trading without TP and SL isn’t for everyone. It requires a deep understanding of the market, a solid trading plan, and the ability to manage risk effectively. If you choose to adopt this approach, consider the following tips:

Have a Clear Exit Strategy: Even without TP and SL orders, know when and why you’ll exit a trade. This could be based on technical indicators, price action, or market sentiment.

Monitor Your Trades Actively: Without automated orders, you’ll need to keep a close eye on your positions to avoid unexpected losses.

Set Mental Limits: While you might not use physical stop loss orders, establish mental thresholds for acceptable losses and stick to them.

Start Small: If you’re new to this approach, begin with smaller positions to minimize risk while you gain experience.

Conclusion

Trading without take profits and stop losses isn’t about recklessness—it’s about flexibility and control. By staying engaged with your trades and adapting to the market, you may unlock opportunities that rigid rules often miss. However, always ensure that you have a solid risk management plan in place to protect your capital. Experiment with this approach cautiously and see if it aligns with your trading style and goals.