Do you use stoploss? | Page 14 | Metals Mine

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Do you use stoploss?

  • #261
  • Aug 28, 2017 8:13pm Aug 28, 2017 8:13pm
Quoting BenDunk
I am a part time Fx trader and that’s why to trade monitor at all times is quite difficult , for that reason I have to depend on Stop Loss trading strategy , I can’t think trading without SL which always save my equity from huge losses.
I totally agree with you. Many traders are part time trading this time. They have not sufficient time to monitor the trading, so using stop loss can avoid huge unexpected loss.
  • #262
  • Sep 4, 2017 8:57am Sep 4, 2017 8:57am
Quoting peterchen
{quote} I totally agree with you. Many traders are part time trading this time. They have not sufficient time to monitor the trading, so using stop loss can avoid huge unexpected loss.
It also protects traders from losing money should random spikes happen - they often occur too quickly to be able to close one's position manually even if the trader has never left their computer.
  • #263
  • Sep 5, 2017 7:39pm Sep 5, 2017 7:39pm
Quoting ronald_fsm
Dear traders, I want to ask you questions about trading: 1. Do you use stoploss or not? 2. Why do you use stoploss and why you don't? 3. How many pips do you use your stoploss? thanks anyway
if you ok to see drawdown up to 80% then don't need SL
  • #264
  • Sep 6, 2017 6:18am Sep 6, 2017 6:18am
Quoting peterchen
{quote} I totally agree with you. Many traders are part time trading this time. They have not sufficient time to monitor the trading, so using stop loss can avoid huge unexpected loss.
SL supports to avoid unfortunate huge losses for all times. So it is more important to use this trading techniques especially who are not able to pass long term period in here. But full time trader also can’t avoid this approach because market moves at random sometimes and without Stop loss it can causes a great loss in spite of passing full time in here. So, all kinds of traders have to practice on this trading technique.
  • #265
  • Sep 6, 2017 6:38am Sep 6, 2017 6:38am
Quoting BenDunk
{quote} SL supports to avoid unfortunate huge losses for all times. So it is more important to use this trading techniques especially who are not able to pass long term period in here. But full time trader also can’t avoid this approach because market moves at random sometimes and without Stop loss it can causes a great loss in spite of passing full time in here. So, all kinds of traders have to practice on this trading technique.
Importance of SL we can’t avoid at all. its common. But it is more appropriate for the newcomers and part time Fx trader.
  • #266
  • Sep 7, 2017 9:55am Sep 7, 2017 9:55am
Quoting JamesFaulkn
{quote} Importance of SL we can’t avoid at all. its common. But it is more appropriate for the newcomers and part time Fx trader.
Do you think experienced and professional traders don't (or shouldn't?) use a stop loss?
  • #267
  • Sep 7, 2017 10:35am Sep 7, 2017 10:35am
always cut your loss
  • #268
  • Sep 7, 2017 5:46pm Sep 7, 2017 5:46pm
Quoting Datatrading
{quote} if you ok to see drawdown up to 80% then don't need SL
If your DD is 80%, you did something fundamentally wrong and using a SL wouldn't matter anyway
  • #269
  • Sep 7, 2017 6:10pm Sep 7, 2017 6:10pm
Quoting JeremyV
{quote} If your DD is 80%, you did something fundamentally wrong and using a SL wouldn't matter anyway
very good observation!
not having a SL per se doesnt have to equal automaticaly having large drawdowns by itself!!
most members just simple choose to overlook this tiny detail.
there is always, always another trade!!
  • #270
  • Sep 8, 2017 4:56pm Sep 8, 2017 4:56pm
SL isn't important if your leverage is only 1:1 or 2:1 but I don't think that's the case with us retail traders.

Determining my SL is actually easy, I just put it above the high or below the low of the previous daily candle.
  • #271
  • Sep 9, 2017 7:36am Sep 9, 2017 7:36am
Quoting Icycool
Determining my SL is actually easy, I just put it above the high or below the low of the previous daily candle.
Determining SL like that can produce some pretty big differences, depending on the height of the candle. Sometimes that's not very practical.
  • #272
  • Sep 9, 2017 8:52am Sep 9, 2017 8:52am
Quoting Icycool
SL isn't important if your leverage is only 1:1 or 2:1 but I don't think that's the case with us retail traders. Determining my SL is actually easy, I just put it above the high or below the low of the previous daily candle.
Few pips above/bellow previous candle, around round numbers...the most obvious places where most traders were taught to place SLs.
If the "correct way" would be the best practise, most traders would make money.
I hope you do!
there is always, always another trade!!
  • #273
  • Sep 10, 2017 6:26am Sep 10, 2017 6:26am
Quoting mlawson71
{quote} Determining SL like that can produce some pretty big differences, depending on the height of the candle. Sometimes that's not very practical.
I forgot to say that this kind of SL is only for Swing traders.
  • #274
  • Sep 11, 2017 12:20am Sep 11, 2017 12:20am
1 Yes
2 Because trading doesn't mean just making winning trades
3 Depends on where the relative supports and resistances are located
  • #275
  • Sep 11, 2017 1:29am Sep 11, 2017 1:29am
Yes, I also used. It is a safe way to have SL so that we can minimize our risk for trading on the money. The market is risky and you really do not want to loss so much then you must use proper SL.
  • #276
  • Sep 11, 2017 9:56am Sep 11, 2017 9:56am
Quoting Icycool
{quote} I forgot to say that this kind of SL is only for Swing traders.
That makes a lot more sense to me, thank you for clarifying.
  • #277
  • Sep 11, 2017 9:57am Sep 11, 2017 9:57am
I don't use SL nor TP because I'm confident in my capital management (I start very small) and I have time to devote.
Only with true heart one can see rightly
  • #278
  • Sep 12, 2017 8:53am Sep 12, 2017 8:53am
Quoting goodluckh4
I don't use SL nor TP because I'm confident in my capital management (I start very small) and I have time to devote.
Aren't you concerned about losing control over your trades in a case of a power blackout or Internet connection failure? These things happen sometimes.
  • #279
  • Sep 12, 2017 9:38am Sep 12, 2017 9:38am
Quoting mlawson71
{quote} Aren't you concerned about losing control over your trades in a case of a power blackout or Internet connection failure? These things happen sometimes.
I agree with you. I do have a psychological SL which would close my trade if the loss exceeds 3% of my total asset. As for the technical failure, I trade on my phone most of the times. There's but a little possibility for internet failure. Perhaps I seem reckless and petulant, that's because I'm new and am trading with a demo account. I think the time will teach me invaluable lessons.

Thank you.
Only with true heart one can see rightly
  • #280
  • Sep 12, 2017 10:12am Sep 12, 2017 10:12am
Quoting goodluckh4
{quote} I agree with you. I do have a psychological SL which would close my trade if the loss exceeds 3% of my total asset. As for the technical failure, I trade on my phone most of the times. There's but a little possibility for internet failure. Perhaps I seem reckless and petulant, that's because I'm new and am trading with a demo account. I think the time will teach me invaluable lessons. Thank you.
lesson#1:
have a backup internet, and alternative access to your trades.
( but for a demo, who cares, really?!)
there is always, always another trade!!
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