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Do you use stoploss?

  • #241
  • Aug 6, 2017 12:45pm Aug 6, 2017 12:45pm
I think you should use stops if your not monitoring your trades at all times because anything can happen at anytime. Although i have seen many traders that dont use stops they have a strict discipline system to manage everything though.
Why are you trading?
  • #242
  • Aug 6, 2017 1:47pm Aug 6, 2017 1:47pm
1. Yes
2. If you don't and you are leveraged in your account is basically on a timer.
3. Recent areas of support and resistance, areas of historic S&R (areas where there are buyers and sellers)
  • #243
  • Aug 7, 2017 1:33am Aug 7, 2017 1:33am
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
Yes, I do used stop-loss every time I trade, because my reason behind of it I don't put too much confidence in my trade just to put it to serve as my controlling factor if something wrong happen in my trade.
  • #244
  • Aug 7, 2017 8:14am Aug 7, 2017 8:14am
Quoting Catch-22
1. Yes 2. If you don't and you are leveraged in your account is basically on a timer. 3. Recent areas of support and resistance, areas of historic S&R (areas where there are buyers and sellers)
I completely agree. Also, one never knows when there will be a random spike (outside of scheduled news events, that is) that could cause big losses, so it's better to use stop loss in all cases.
  • #245
  • Aug 7, 2017 9:25am Aug 7, 2017 9:25am
Quoting mlawson71
{quote} I completely agree. Also, one never knows when there will be a random spike (outside of scheduled news events, that is) that could cause big losses, so it's better to use stop loss in all cases.
Exactly it is! No one can guarantee here; even I have lost many trade positions here although I was very near on TP, that’s the reality! So, no way without Stop Loss trading tool.
  • #246
  • Aug 7, 2017 10:13am Aug 7, 2017 10:13am
Quoting JimmyChoo
{quote} Exactly it is! No one can guarantee here; even I have lost many trade positions here although I was very near on TP, thats the reality! So, no way without Stop Loss trading tool.
Great. If it gets close, just close your trade before the T/P if you are there, I know most of the ones you are talking about are when you are asleep.
  • #247
  • Aug 8, 2017 7:51am Aug 8, 2017 7:51am
Quoting JimmyChoo
{quote} Exactly it is! No one can guarantee here; even I have lost many trade positions here although I was very near on TP, thats the reality! So, no way without Stop Loss trading tool.
I confess that I often close my positions manually when they near my TP level exactly out of fear of a last-minute reversal. That is not necessarily a good approach, but I can't help it.
  • #248
  • Aug 8, 2017 10:01am Aug 8, 2017 10:01am
Unless you are able to monitor your open trade all the time.
  • #249
  • Aug 8, 2017 10:44am Aug 8, 2017 10:44am
In its untainted form, a trade represents an indication/judgement about a potential scenario that is based on your strategys guidelines and the chart context. Your stop loss is the place where your idea is recognized as invalid. If you dont have stop loss, you cant size your position and you cant regulate risk.

If you repetitively perceive that your stops get hit specifically before price reverses into your original direction, its probable that you place your stops at levels that other traders also use. Particularly if you trade the obvious price action patterns, its very easy to spot sloppy entries in Forex trading and the professionals know where the stops will be.

When traders are unprepared to take a loss, they often broaden their stop loss orders to allow their trades to turn around for the aim that they assume that their analysis was precise.

Although stop trailing comes with good intents initially, its very easy to ruin a potentially good trading strategy by erroneously trailing stop loss orders. The notion of a trailing stop is it to guard your position and also to remain in trades longer when you catch a momentum wave. The ins and outs of why trailing stops typically dont work is because traders trail their stops based on fear and greed. They move stops excessively fast since they want to fashion a risk-free trade and avoid giving back profits.
  • #250
  • Aug 18, 2017 11:19am Aug 18, 2017 11:19am
Quoting nextwong
Unless you are able to monitor your open trade all the time.
I got what you mean actually! But you may see, requotes is a common problem here, during volatile market it occurs! So, sometimes no why for the live traders! That’s way, stop loss is obvious here!
  • #251
  • Aug 25, 2017 8:31am Aug 25, 2017 8:31am
Quoting DarrenLehma
{quote} I got what you mean actually! But you may see, requotes is a common problem here, during volatile market it occurs! So, sometimes no why for the live traders! That’s way, stop loss is obvious here!
If one has a frequent problem with requotes I'd recommend that they change their broker, to be honest.
  • #252
  • Aug 25, 2017 9:33am Aug 25, 2017 9:33am
Quoting SoreLoser1
I think you should use stops if your not monitoring your trades at all times because anything can happen at anytime. Although i have seen many traders that dont use stops they have a strict discipline system to manage everything though.
You are right, even sometimes you can’t close your trades because of requotes problem! So, trading without stop loss trading tool is very risky! I use my SL’s according to the market demand!
  • #253
  • Aug 25, 2017 9:53am Aug 25, 2017 9:53am
Quoting DarrenLehma
{quote} You are right, even sometimes you can’t close your trades because of requotes problem! So, trading without stop loss trading tool is very risky! I use my SL’s according to the market demand!
This is true friend I believe we all have been victims thus far of a trade gone bad because of improper stop management. Just as long as we learn from mistakes.
Why are you trading?
  • #254
  • Aug 25, 2017 2:30pm Aug 25, 2017 2:30pm
Quoting DarrenLehma
{quote} You are right, even sometimes you can’t close your trades because of requotes problem! So, trading without stop loss trading tool is very risky! I use my SL’s according to the market demand!
alternative idea:
if any of your single trade makes you feel worried, fearful of loss, that you must have a SL...might as well mean you trade too big, and should consider smaller positions?
if a single trade would mean very small loss to your account, ie. 0.1-0.2% ( not 2-5% like many suggest with use of SL, most probably a loser but read somewhere!)...then you would have plenty cool to re-evaluate where you are, adjust your plan, and manage that trade.
vs. when you find yourself in -4% on a single trade, probably all bells and alarms go off, and already looking for prayers to save the day.

now multiply this scenario with 3-5 open trades, all in the same situation, and you see why neither SL nor panic will do good for the longer run, cos losing 5x5% on SL a single day ( yes, can happen!) also eats equity away at lightning speed!
vs. 1-2% open drawdown on 3-5 open trades still wont make one nervous, really!

think of it, if you have an open mind! or just forget what i wrote. your choice!
there is always, always another trade!!
  • #255
  • Aug 25, 2017 4:08pm Aug 25, 2017 4:08pm
Stop losses should be used as they are a part of trading business, they enable us to cut our losses before it become too late and all of the money flush out.
  • #256
  • Aug 26, 2017 7:18am Aug 26, 2017 7:18am
Quoting jollypk
Stop losses should be used as they are a part of trading business, they enable us to cut our losses before it become too late and all of the money flush out.
How do you determine where to put your stop loss? I usually put it below or above the closest support or resistance levels.
  • #257
  • Aug 26, 2017 11:02am Aug 26, 2017 11:02am
Quoting SoreLoser1
{quote} This is true friend I believe we all have been victims thus far of a trade gone bad because of improper stop management. Just as long as we learn from mistakes.
Yes friends, I have also very bad experience on it! That’s way, now I never open any trade without selecting the perfect zone of stop loss!
  • #258
  • Aug 26, 2017 8:04pm Aug 26, 2017 8:04pm
1 and 2. I use stoploss and I think that's a pretty useful way if the trader cannot monitor the trade consistently when trade short term.
3. It depends. Usually is 1:1 Risk:Reward.
  • #259
  • Aug 27, 2017 1:07am Aug 27, 2017 1:07am
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.
  • #260
  • Aug 27, 2017 1:23am Aug 27, 2017 1:23am
We have to practice using Stop Loss from demo account as a New forex trader. But beginner don’t like to use SL when demo and trade at random. As a result they fall a great loss in live trading due to not using this approach.
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