I knew a trader who made excellent money on oil but traded without SL. It did not worry him at all, such trading lasted for several years.

To make it even funnier he would sit down to the markets often with a terrible hangover after nightly libations. He had no mental problems, no fear, no wondering, perhaps because hehas a hangover – a killer.

We were all amazed that in the morning he could glance at the market and determine what was going on.

This was a period when it was very common for stop losses to break out at the beginning of the session, and after that the market would take the right direction and move very quickly.

The colleague put the position in the direction of the main market movement. The good streak lasted for several years.

One day something happened that interrupted his career.

He entered a long position. The market started to fall, it lasted 3 days. A colleague, every now and then, said that this situation would turn around.

On the third day he had a margin call. He lost his entire account.

The market fell a little more, then moved up, and in a couple of consecutive days strongly pierced the previous peak. The fellow trader never returned to the market, today he has his own company.


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